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Annuity Markets
Edmund Cannon and Ian Tonks
320 pages
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numerous tables and figures
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234x156mm
978-0-19-921699-4
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Hardback
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02 October 2008
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- Looks at a key issue in pensions policy
- Examines annuity pricing from the perspective of the supplier and consumer
- Analyses the evidence of annuity demand
- Provides an international comparison of annuity markets
- Considers the issue of annuity regulation
The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Governments around the world are responding to this impending crisis by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. These savings need to be converted into a pension at retirement, and annuities provide this function. This book is a comprehensive study of annuity markets.
The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK which has the largest annuity
market in the world. It examines how annuities are priced, and describes the techniques of mortality measurement. As a background, it provides a history of annuities, and the experience of annuity markets in a number of other countries. The book outlines the economic theory behind annuities, and explains how annuities insure consumers against longevity risks. It goes on to describes how annuities markets function: how they work, and whether they are efficient, leading onto a discussion of the annuity puzzle. The book concludes by discussing the regulatory framework, assets available to back annuity liabilities, and recent developments in annuity markets.Readership: Academics, researchers, and advanced students of
economics, actuarial science, public and social administration concerned with pensions and pension policy; Pension Policy Researchers; Actuaries and others in the pensions industry.
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Edmund Cannon, Senior Lecturer in Economics, University of Bristol, and Ian Tonks, Professor of Finance, University of Exeter
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"The shift from defined benefit to defined contribution pension plans, in both the public and private sectors and around the world, has drawn new attention to the long-standing problem of insuring against longevity risk in retirement. This volume provides a superb introduction to the operation of current annuity markets and the economic analysis of these markets." - James Poterba, Mitsui Professor of Economics, MIT and President, National Bureau of Economic Research
"Converting savings into sustainable spending is fast becoming the major challenge for the baby boomers. This book provides a great source of information on annuities from both an actuarial science and behavioural economics perspective and on how we can help meet this need." - Tom Boardman, Director of Retirement Strategy, Prudential
"As the baby boomers begin to retire from 2010, an understanding of the role and importance of annuities has never been more needed. This is because they are the only financial instrument ever devised that can hedge longevity risk. More than half the world's life annuities are sold in the UK, and two of the UK's leading experts have written this timely book on annuities. It will become a standard reference." - David Blake, Professor of Pension Economics at Cass Business School
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1: Introduction
2: Annuity Market Products
3: Pricing Annuity Products
4: Annuity Markets around the World
5: History of Annuity Markets
6: Economic Theory of Annuities
7: Evidence on Selection Effects in Annuity Markets
8: The Annuity Puzzle
9: Supply of Annuities and Regulation of Annuity Providers
10: Annuity Policies and Conclusions
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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