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Individuals' Demand for Retirement Plans
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Who Chooses Which Retirement Income? A CPT-Based Analysis
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A Note on Financial Fairness in Tontines With Mixed Cohorts
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Correction to: Current developments in German pension schemes: What are the benefits of the new target pension?
In: European actuarial journal, Band 12, Heft 1, S. 433-433
ISSN: 2190-9741
Bequest-Embedded Annuities and Tontines
In: Asia-Pacific journal of risk and insurance: APJRI, Band 16, Heft 1, S. 1-46
ISSN: 2153-3792
Abstract
In the present paper, we propose death benefits be directly embedded in retirement products to promote their attractiveness, where annuities and tontines are used as representative retirement products. As we assume that the death benefits will be passed on to the heirs of policyholders, these benefits can be considered as bequests. We find that both from the policyholders' and insurers' perspective, embedding bequests directly in the retirement products can increase the attractiveness of the retirement products and promote their sale. From the insurers' perspective, without including death benefits, the insurers play purely an administrative role in a tontine product, while adding the bequest benefits makes the tontines real insurance products and incentivizes the insurers to actively provide these innovative retirement products. Further, adding the bequest benefits upon the death of the policyholder, some natural hedging is incorporated in the survival payments, which reduces the solvency capital the insurers are required to set aside.
Current developments in German pension schemes: What are the benefits of the new target pension?
In: European actuarial journal, Band 11, Heft 1, S. 21-47
ISSN: 2190-9741
AbstractWe analyze the newly introduced German occupational pension scheme called target pension ("Zielrente"), which links the beneficiaries' benefits during the retirement phase to the mortality experienced among the pension beneficiaries and the performance of the financial market, from a pension beneficiary's perspective. We model the contract payoffs related to the target pension according to the new enhancement law on German occupational law. Specifically, we include two parameters in the plan design, one to control the surplus participation and one to control the loss participation. These parameters are chosen in such a way that the initial wealth of the retiree equals the initial value of the target pension. With the help of expected lifetime utility and wealth equivalent, we find that the target pension provides a meaningful supplement to the first and third pillar. Further, we find some comparative advantages of the target pension over the traditional pure defined benefit and some defined contribution plans from a policyholder's point of view. Our analysis with reasonable parameter choices shows that target pension plans can be outperformed by defined contribution plans with variable annuities, while the latter are accompanied by a considerably higher ruin probability.
Bequest-embedded annuities and tontines
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Working paper
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Working paper
Demand for Retirement Products: An Analysis of Individual Welfare
In: JPUBE-D-21-01327
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Dynamic Tonuity: Adapting Retirement Benefits to a Changing Environment
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Comparing retirement plans with almost stochastic dominance
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Time Consistency in Optimal Retirement Planning
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Working paper
Optimal Retirement Products under Subjective Mortality Beliefs
In: Insurance: Mathematics and Economics, Band 101, S. 55-69
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Working paper