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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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Annuities and their Derivatives: The Recent Canadian Experience

Annuities and their Derivatives: The Recent Canadian Experience

Chapter:
(p.50) Chapter 4 Annuities and their Derivatives: The Recent Canadian Experience
Source:
Securing Lifelong Retirement Income
Author(s):

Moshe A. Milevsky

Ling-wu Shao

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199594849.003.0004

This chapter surveys recent developments within the Canadian ‘income annuity’ marketplace. The chapter starts by computing the Money's worth ratio (MWR) using a unique dataset which includes a decade of Canadian annuity payouts. It then moves on to discuss the Guaranteed Lifetime Withdrawal Benefit (GLWB) product which has recently become available in Canada. This important innovation is extremely popular and shares many characteristics with a conventional income annuity. Finally, it concludes with thoughts on the optimal product allocation within the context of the Canadian retirement portfolio.

Keywords:   Canada, single premium immediate annuity, guaranteed living withdrawal benefit, taxation, money's worth ratio, mortality, financial crisis, variable annuity, systematic withdrawal plan, pensions

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