Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines

We compare the concepts underlying modern actuarial solutions to pension insurance and present two recently developed pension products-pooled annuity overlay funds (based on actuarial fairness) and equitable income tontines (based on equitability). These two products adopt specific approaches to the...

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Autores: Bräutigam, Marcel, Guillén, Montserrat, Nielsen, Jens Perch
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2017
País:España
Institución:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repositorio:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:2445/120691
Acceso en línea:https://hdl.handle.net/2445/120691
Access Level:acceso abierto
Palabra clave:Longevitat
Pensions a la vellesa
Equitat (Dret)
Matemàtica actuarial
Longevity
Old age pensions
Equity
Actuarial mathematics
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spelling Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income TontinesBräutigam, MarcelGuillén, MontserratNielsen, Jens PerchLongevitatPensions a la vellesaEquitat (Dret)Matemàtica actuarialLongevityOld age pensionsEquityActuarial mathematicsWe compare the concepts underlying modern actuarial solutions to pension insurance and present two recently developed pension products-pooled annuity overlay funds (based on actuarial fairness) and equitable income tontines (based on equitability). These two products adopt specific approaches to the management of longevity risk by mutualising it among participants rather than transferring it completely to the insurer. As the market would appear to be ready for such innovations, our study seeks to establish a general framework for their introduction. We stress that the notion of actuarial fairness, which characterises pooled annuity overlay funds, enables participants to join and exit the fund at any time. Such freedom of action is a quite remarkable feature and one that cannot be matched by lifelong contracts.Palgrave Macmillan2018201820172018info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersion17 p.application/pdfapplication/pdfhttps://hdl.handle.net/2445/120691Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésVersió postprint del document publicat a: https://doi.org/10.1057/s41288-017-0056-1The Geneva Papers on Risk and Insurance-Issues and Practice, 2017, vol. 42, num. 3, p. 406-422https://doi.org/10.1057/s41288-017-0056-1(c) The International Association for the Study of Insurance Economics, 2017info:eu-repo/semantics/openAccessoai:recercat.cat:2445/1206912026-05-29T05:05:01Z
dc.title.none.fl_str_mv Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
title Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
spellingShingle Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
Bräutigam, Marcel
Longevitat
Pensions a la vellesa
Equitat (Dret)
Matemàtica actuarial
Longevity
Old age pensions
Equity
Actuarial mathematics
title_short Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
title_full Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
title_fullStr Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
title_full_unstemmed Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
title_sort Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines
dc.creator.none.fl_str_mv Bräutigam, Marcel
Guillén, Montserrat
Nielsen, Jens Perch
author Bräutigam, Marcel
author_facet Bräutigam, Marcel
Guillén, Montserrat
Nielsen, Jens Perch
author_role author
author2 Guillén, Montserrat
Nielsen, Jens Perch
author2_role author
author
dc.subject.none.fl_str_mv Longevitat
Pensions a la vellesa
Equitat (Dret)
Matemàtica actuarial
Longevity
Old age pensions
Equity
Actuarial mathematics
topic Longevitat
Pensions a la vellesa
Equitat (Dret)
Matemàtica actuarial
Longevity
Old age pensions
Equity
Actuarial mathematics
description We compare the concepts underlying modern actuarial solutions to pension insurance and present two recently developed pension products-pooled annuity overlay funds (based on actuarial fairness) and equitable income tontines (based on equitability). These two products adopt specific approaches to the management of longevity risk by mutualising it among participants rather than transferring it completely to the insurer. As the market would appear to be ready for such innovations, our study seeks to establish a general framework for their introduction. We stress that the notion of actuarial fairness, which characterises pooled annuity overlay funds, enables participants to join and exit the fund at any time. Such freedom of action is a quite remarkable feature and one that cannot be matched by lifelong contracts.
publishDate 2017
dc.date.none.fl_str_mv 2017
2018
2018
2018
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/120691
url https://hdl.handle.net/2445/120691
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Versió postprint del document publicat a: https://doi.org/10.1057/s41288-017-0056-1
The Geneva Papers on Risk and Insurance-Issues and Practice, 2017, vol. 42, num. 3, p. 406-422
https://doi.org/10.1057/s41288-017-0056-1
dc.rights.none.fl_str_mv (c) The International Association for the Study of Insurance Economics, 2017
info:eu-repo/semantics/openAccess
rights_invalid_str_mv (c) The International Association for the Study of Insurance Economics, 2017
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 17 p.
application/pdf
application/pdf
dc.publisher.none.fl_str_mv Palgrave Macmillan
publisher.none.fl_str_mv Palgrave Macmillan
dc.source.none.fl_str_mv Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)
reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,812429

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