Bringing cost transparency to the life annuity market

被引：46

作者：

Donnelly, Catherine ^{[1
]}

Guillen, Montserrat ^{[2
]}

Nielsen, Jens Perch ^{[3
]}

机构：

[1] Heriot Watt Univ, Dept Actuarial Math & Stat, Edinburgh EH14 4AS, Midlothian, Scotland

[2] Univ Barcelona, Dept Econometr, Riskctr IREA, Barcelona 08034, Spain

[3] City Univ London, Cass Business Sch, London EC1Y 8TZ, England

来源：

INSURANCE MATHEMATICS & ECONOMICS | 2014年 / 56卷

关键词：

Investment; Pensions; Pooled annuity fund; Lifetime savings; Mutual risk-sharing; MUTUAL FUND INDUSTRY; CONSUMPTION; INVESTORS; MORTALITY; PERFORMANCE; BROKERS; OPTION; WEALTH; PRICE;

D O I：

10.1016/j.insmatheco.2014.02.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The financial industry has recently seen a push away from structured products and towards transparency. The trend is to decompose products, such that customers understand each component as well as its price. Yet the enormous annuity market combining investment and longevity has been almost untouched by this development. We suggest a simple decomposed annuity structure that enables cost transparency and could be linked to any investment fund. It has several attractive features: (i) it works for any heterogeneous group; (ii) participants can leave before death without financial penalty; and (iii) participants have complete freedom over their own investment strategy. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：14 / 27

页数：14

共 47 条

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