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3 results on '"INDEXED ANNUITY"'

1. Tail index-linked annuity: A longevity risk sharing retirement plan.

Author

Chen, An, Li, Hong, and Schultze, Mark B.

Subjects
*RISK sharing, *PENSIONS, *LONGEVITY, *RETIREMENT age, *EXPECTED utility, *INDIVIDUAL retirement accounts, *RETIREMENT planning
Abstract

This paper proposes an innovative retirement product focusing on longevity risk sharing, a contract we refer to as tail index-linked annuity (TILA). Specifically, the proposed TILA pays out variable annual payments, which will be equal to a regular nominal amount when a reference survival index is lower than a predetermined threshold (i.e. normal evolution of longevity risk), and a reduced, index-dependent payment when the threshold is passed (i.e. highly unfavorable evolution of longevity risk). The proposed TILA aims at not only improving the benefits of the policyholders, which has been the focus in recent literature on innovative retirement products, but also reducing the longevity risk exposure of the insurer, particularly for advanced retirement ages. Using real-world mortality data and a stochastic multi-population mortality model, we find that the proposed TILA leads to higher expected lifetime utility than regular annuities for policyholders with different degrees of risk aversions. Meanwhile, numerical analysis shows that the proposed TILA could greatly mitigate the solvency risk of the insurer, leading to a substantially lower loss probability and expected (tail-) loss than regular annuities in the presence of a longevity shock, and therefore could reduce the insurer's required solvency capital under the latest solvency regulations. [ABSTRACT FROM AUTHOR]

Published
2022
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2. Pension Patterns in Sub-Saharan Africa

Author

Dorfman, Mark

Subjects
CIVIL SERVICE PENSIONS, SOCIAL INSURANCE FUND, LONG-TERM PROJECTIONS, PENSION FUNDS, PENSION ENTITLEMENT, TAX PURPOSES, PENSIONABLE EARNINGS, SOCIAL PENSION, PENSION FUND MANAGERS, SOCIAL SECURITY AGENCY, RETIREMENT AGES, INFORMAL SECTOR, PENSION COSTS, LONGEVITY INSURANCE, TAX TREATMENT, PENSION, PENSION ADMINISTRATION, PENSION FUND MANAGEMENT, PENSION REGULATOR, MORAL HAZARD, RETIREMENT SAVINGS, PENSION INVESTMENT, SOCIAL CONTRIBUTION, RETIREMENT FUNDS, SOCIAL SECURITY BENEFITS, PENSION PROVISION, PENSIONS, PENSIONABLE AGE, OCCUPATIONAL SCHEME, FORMAL PENSION, SOCIAL SECURITY SYSTEMS, PENSION COVERAGE, PENSION LIABILITIES, FERTILITY, RETIREMENT, ELDERLY, PENSION SAVINGS, EARNINGS REPLACEMENT, CONTINGENT LIABILITIES, PENSION BENEFIT, PENSION PLANS, PENSION REFORM, OCCUPATIONAL SCHEMES, PENSION REGULATION, PENSION PROVIDER, VOLUNTARY PENSIONS, PENSION PROGRAM, REPLACEMENT RATE, SOCIAL SECURITY SYSTEM, RETIREMENT INCOME SECURITY, BENEFIT SCHEMES, PRIVATE PENSION FUND, EMPLOYEE, INDIVIDUAL ACCOUNT, AGING POPULATION, LIFE EXPECTANCY, PENSION BENEFICIARIES, ANNUITY FACTOR, PENSION FUND MEMBER, DEFINED-BENEFIT SCHEME, PENSION PLAN, OLDER PERSONS, PENSION ASSETS, RETIREE, PENSION PROVISIONS, PUBLIC PENSION, PERSONAL PENSION PLANS, DEFINED-BENEFIT SCHEMES, MANDATORY SCHEME, RETIREMENT AGE, PROVIDENT FUNDS, SOCIAL SAFETY NETS, PAYROLL TAX, ACCOUNTING METHODS, PENSION LAW, PENSION INCOME, RETIREMENT BENEFIT, SOCIAL ASSISTANCE, LIFE EXPECTANCIES, PENSION ENTITLEMENTS, DEPENDENCY RATIO, PENSION SCHEMES, SOCIAL PENSIONS, INFLATION RISKS, PENSION CONTRIBUTIONS, BENEFIT LEVEL, TAX TREATMENTS, PENSION ARRANGEMENTS, PENSION AGENCY, SUPERVISORY FRAMEWORK, RETIREMENT PLANNING, FAMILY SUPPORT, ACCRUAL RATE, PRIVATE PENSIONS, FUTURE PENSION, NATIONAL PENSION, PENSION ACCOUNTS, OCCUPATIONAL RETIREMENT, PENSION SYSTEM, SOCIAL INSURANCE, PENSION EXPENDITURE, REPLACEMENT RATES, INVESTMENT RETURN, AGE SUPPORT, SOCIAL SAFETY NET, PRICE INDEXATION, PENSION FUND ASSETS, MANDATORY SCHEMES, PERSONAL PENSION, BENEFIT FORMULAS, FUNDED SCHEME, SOCIAL WELFARE, PENSION SERVICE, NATIONAL PENSIONS, CONTRIBUTION RATES, PENSION FUND, INSURANCE COMPANIES, VOLUNTARY PENSION, PENSION SPENDING, PENSION BENEFITS, SAFETY NETS, LONGEVITY RISKS, INDIVIDUAL ACCOUNTS, WORKER CONTRIBUTION, PENSION PROGRAMS, WAGE TAX, DEFINED-CONTRIBUTION PENSION, MINIMUM BENEFIT, PRIVATE PENSION, SUPERVISORY AUTHORITY, PORTFOLIO CHOICE, PENSION RESERVES, INFLATION RISK, HEALTH, PENSION INVESTMENTS, PENSION SCHEME, INVESTMENT MANAGEMENT, PENSION DEBT, CONTRIBUTION BASE, PENSIONER, PENSION CONTRIBUTION, WAGE GROWTH, PENSIONERS, DEFERRED ANNUITY, DEFINED- CONTRIBUTION PENSION, DEFINED CONTRIBUTION PENSION, WELFARE, RETIREMENT INCOME SYSTEM, INDEXED ANNUITY, SAFETY NET, MORTALITY, RETIREMENT PENSION, INVESTMENT RETURNS, DEPENDENCY RATIOS, TAX ADVANTAGES, VOLUNTARY PENSION SCHEMES, RETIREMENT SYSTEMS, SOCIAL SECURITY, RETIREMENT BENEFITS, CONTRIBUTION RATE, DEFINED BENEFIT SCHEME, SUPERVISORY AGENCY, NORMAL RETIREMENT AGE, ANNUITIES, OCCUPATIONAL PENSION PLANS, PUBLIC SYSTEM, SOCIAL POLICY, PENSION POLICIES, LABOR INCOME, OLD-AGE PENSION, RETIREMENT INCOME, SUPPLEMENTAL BENEFIT, DEFINED BENEFIT, PENSION PAYMENT, ANNUITY, INITIAL REPLACEMENT RATES, ACCRUAL RATES, PENSION EXPENDITURES, EMPLOYEES, AGING POPULATIONS, DEFINED- BENEFIT SCHEME, LIFE INSURANCE, PENSION SYSTEMS, PUBLIC SCHEMES, SOCIAL PROTECTION, PENSION REFORMS, INDIVIDUAL BENEFITS, RETIREMENT ACCOUNT, FUNDED SCHEMES, FUNDED ACCOUNTS, BENEFIT FORMULA, CIVIL SERVICE PENSION, LEGAL FRAMEWORK, CONTRIBUTION RECORDS, PENSION RIGHTS, LABOR FORCE, LONGEVITY RISK, RETIREES, RETIREMENT ELIGIBILITY, PROVIDENT FUND, BENEFIT SCHEME, DEFINED BENEFIT SCHEMES, BENEFIT LEVELS
Abstract

This report provides an initial stocktaking of the characteristics, environment and performance of public and private pensions and elderly assistance programs in Sub-Saharan Africa. It identifies key challenges and suggests reform options for consideration. Considerations for future work and principles for pension policies are also suggested. Two major challenges noted in the report are the need to increase coverage of the labor force by pensions and social insurance schemes, and to increase the proportion of poor elderly covered by social assistance. The report suggests that improving coverage will require a number of parametric reforms to existing contributory schemes, strengthening institutions to serve informal sector workers, and piloting new design options. The report also proposes other parametric reforms, including the harmonization or merger of civil service and national pension schemes. Finally, the report recommends principles to consider for reform, including measures to improve coverage, protect the elderly poor, and better align pension design with needs and enabling conditions, including the needs of rural and informal sector workers.

Published
2015

3. Gender Effects of Social Security Reform in Chile

Author

Alejandra Cox Edwards

Subjects
GENDER GAP, TAX RATES, CONTRIBUTION SYSTEM, DEFINED CONTRIBUTION SYSTEM, PENSION FUNDS, RETIREMENT INCOMES, CONTRIBUTION RATES, PENSION FUND, HEALTH INSURANCE, INSURANCE COMPANIES, FAMILIES, ELDERLY MEN, INSURANCE COMPANY, Economics, JOINT ANNUITY, PENSION BENEFITS, media_common, RETIREMENT AGES, Extended family, GENDER IMPACT, URBAN WOMEN, ELDERLY POPULATION, FEMALE WORK, FAMILY PLAN, FEMALE, PENSION, MINIMUM BENEFIT, WIDOWS, SOCIAL SECURITY BENEFITS, OLD AGE, PENSIONABLE AGE, PENSIONS, media_common.quotation_subject, LIVING STANDARDS, PENSION INSURANCE, PAYROLL TAXES, PENSIONER, Development, GENDER DIFFERENCE, MARRIED COUPLE, SOCIAL SECURITY SYSTEMS, EXTENDED FAMILY, RURAL AREAS, SECONDARY EDUCATION, MARRIED WOMEN, RETIREMENT, INDIVIDUAL INCOMES, Minimum wage, GENDERS, INDEXED ANNUITY, LABOR MARKET, SAFETY NET, VULNERABILITY, ELDERLY, MARRIAGE AGE, MARRIED MAN, GENDER DISPARITY, MULTIPILLAR SYSTEM, DISABILITY, WIDOW, MINIMUM INCOME, COMPENSATION, CULTURAL CHANGE, RETIREMENT BENEFITS, SINGLE MEN, SOCIAL SECURITY, OLDER WOMEN, PENSION REFORM, LEVEL OF EDUCATION, PAY-AS-YOU-GO SYSTEM, ELDERLY WOMEN, HUSBAND, Welfare, FEMALES, PREMATURE DEATH, PENSION PROGRAM, Economic growth, REPLACEMENT RATE, TAX RATE, JOINT ANNUITIES, SOCIAL SECURITY SYSTEM, CONTRIBUTIONS OF WOMEN, LABOR FORCE PARTICIPATION, PENSION AGES, MARRIED COUPLES, Standard of living, PUBLIC PILLAR, DISABILITY PENSIONS, MINIMUM INCOMES, RETIREMENT INCOME, OLD-AGE, PARENTS, SECONDARY SCHOOL EDUCATION, WIVES, YOUNG WOMEN, LIFE EXPECTANCY, BENEFITS FOR WOMEN, LONGER LIFE, OLD-AGE PENSIONS, PENSION AGE, WILL, ANNUITY, INDIVIDUAL RETIREMENT ACCOUNTS, SECONDARY SCHOOLING, GENDER DIFFERENCES, NATIONAL HEALTH SYSTEM, RETIREE, HEALTH CARE, HUMAN CAPITAL, HIGHLY EDUCATED WOMEN, Financial crisis, INSURANCE, Payroll tax, GENDER BIAS, RETIREMENT AGE, SEX, RESPECT, PAYROLL TAX, SECONDARY SCHOOL, Economics and Econometrics, RETIREMENT BENEFIT, LIFE EXPECTANCIES, EARLY DEATH, WORKING WOMEN, OLD SYSTEM, POLICY RESEARCH, Human capital, Accounting, INDIVIDUAL BENEFITS, RETIREMENT PLAN, LABOR MARKETS, MARRIED WOMAN, INCOME-GENERATING ACTIVITIES, SOCIAL SECURITY REFORM, WIFE, SINGLE WOMEN, MARITAL STATUS, MARRIED MEN, FUTURE PENSION, PRIMARY SCHOOLING, LABOR FORCE, LAWS, PENSION SYSTEM, Social security, URBAN AREAS, PENSION AT RETIREMENT, WORKING-AGE POPULATION, GENDER, REPLACEMENT RATES, HUSBANDS, EDUCATED WOMEN, Finance, STATE UNIVERSITY
Abstract

In 1981 Chile replaced a mature government-run social security system that operated on a pay-as-you-go basis with a privately managed system based on individual retirement accounts. The new system is more fiscally sustainable because pension benefits are defined by contributions. The minimum pension guaranteed to beneficiaries with at least 20 years is funded from general taxes, preserving the tight matching between contributions and benefits. The new system also eliminates several cross-subsidies. Men and women with less than secondary education gain under the new system, but single women with more education lose. Comparison of the old and the new systems reveals a complex set of factors that cause gender effects given constant behavior or change behavior across genders.

Published
2002

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