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Securing Lifelong Retirement IncomeGlobal Annuity Markets and Policy$
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Olivia S. Mitchell, John Piggott, and Noriyuki Takayama

Print publication date: 2011

Print ISBN-13: 9780199594849

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199594849.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 15 October 2019

Compulsory and Voluntary Annuity Markets in the United Kingdom

Compulsory and Voluntary Annuity Markets in the United Kingdom

Chapter:
(p.171) Chapter 10 Compulsory and Voluntary Annuity Markets in the United Kingdom
Source:
Securing Lifelong Retirement Income
Author(s):

Edmund Cannon

Ian Tonks

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199594849.003.0010

This chapter describes the operation of both the compulsory pension annuity and voluntary annuity markets in the United Kingdom, and evaluates prices using a money's worth approach. This chapter finds that the money's worth was about 0.90 in 2004 but it then fell to about 0.80, although there is uncertainty about the appropriate mortality table. The chapter suggests that the level of the money's worth is comparable to that of other financial products and it considers possible reasons for the recent fall.

Keywords:   annuity markets, money's worth, mortality, compulsory annuities, voluntary annuities, United Kingdom, pensions

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