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The Pension ChallengeRisk Transfers and Retirement Income Security$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2003

Print ISBN-13: 9780199266913

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199266913.001.0001

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Credit Implications of the Payout Annuity Market

Credit Implications of the Payout Annuity Market

Chapter:
(p.309) Chapter 14 Credit Implications of the Payout Annuity Market
Source:
The Pension Challenge
Author(s):

Olivia S. Mitchell (Contributor Webpage)

Kent Smetters (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199266913.003.0014

This chapter examines the credit implications of various guarantees made insurers offering payout annuity products in the retirement income market. A pricing model is used to analyse the risks to profitability from unexpected increases in longevity. It is shown that future mortality improvements can have a material impact on companies with significant exposure to payout annuities.

Keywords:   payout annuity, retirement income, insurance companies, risk management, guarantees

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