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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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The Private Life Annuity Market in Germany: Products and Money's Worth Ratios

The Private Life Annuity Market in Germany: Products and Money's Worth Ratios

(p.131) Chapter 8 The Private Life Annuity Market in Germany: Products and Money's Worth Ratios
Securing Lifelong Retirement Income

Barbara Kaschützke

Raimond Maurer

Oxford University Press

This chapter explores the workings of the German private annuity market to evaluate whether annuities are delivering an adequate value for money by measuring their money's worth. This chapter examines key features of the German private annuity market and give a comprehensive description of the main product groups, taking into consideration the statutory obligation to distribute substantial parts of insurer's annual profits to the annuitant. Relying on a large dataset covering about 90 percent of the German market, it calculates money's worth ratios for private payout annuities and trace long-term developments.

Keywords:   Germany, annuity market, money's worth, mortality, voluntary annuity market, gender differences, profit participation, interest rates, pensions

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