Annuity Markets and Pension Reform by George A. (Sandy) Mackenzie

By George A. (Sandy) Mackenzie

This e-book treats important yet ignored public coverage matters: how should still distributions from person money owed be regulated, and the way can the marketplace for deepest annuities functionality greater? It presents a accomplished survey of the problems that come up while participants to person debts develop into eligible for distributions. It additionally addresses the questions of no matter if annuitization or different regulations on distributions could be necessary, and if this is the case, can the availability of annuities be privatized? Its analytical framework is appropriate to a huge diversity of nations. Given the diminishing significance of public pensions worldwide, the growing to be variety of the aged, and the expanding significance of outlined contribution plans, the voluntary call for for personal annuities goes to develop. it is crucial that annuities be cost-effective and that the annuity industry be successfully regulated. The ebook investigates either concerns, and proposes reforms to reinforce the potency of the annuity marketplace.

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The single premium immediate life annuity (SPIA) tells us by its name the timing and number of premium payments, the timing of the start of annuity payments, and the period over which they are paid. In addition, the SPIA is fixed in nominal terms, and may or may not have rights of survivorship. The life annuity is not the only form of annuity À nor are annuities the only financial instrument À that can provide or contribute to a secure retirement. However, it is unique in providing insurance against the consequences of living an unexpectedly long life and either exhausting one’s savings before life ends, or being obliged to live in privation to forestall that contingency.

Public sector provision of annuities implies that some part of the funds that accumulate in individual accounts would be used to acquire Chapter Outline 17 an annuity from the government, which could be combined with what was left of the public pension. The book has two appendices. Appendix 1 provides a formal and mathematical treatment of the economics of annuities and the funding practices of insurance companies that serves to underpin the more informal arguments that the chapters of part one will present.

S. reverse mortgage, interest is not paid, but accrues (FSA, 2005). S. market for reverse mortgages appears to be growing rapidly, albeit from a very small base. As of 2000, there were only 60,000 reverse mortgages outstanding, or less than 1 percent of the estimated market (Eschtruth and Tran, 2001). More recently, a trade association report shows that new federally insured reverse mortgages amounted to 18,000 in the twelve months ending in September 2003, which suggests that market penetration has increased somewhat, even if it remains very low in comparison with that for conventional mortgages.

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