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Working Papers

Elderly couple researching pension options

Cagri S. Kumru, John Piggott and Athanasios C. Thanopoulos

Data analysis

Yang Shen, Michael Sherris and Jonathan Ziveyi

We present a numerical approach to the pricing of guaranteed minimum maturity benefits embedded in variable annuity contracts in the case where the guarantees can be surrendered at any time prior to maturity that improves on current approaches.

Financial growth

Cagri Kumru and John Piggott

This paper studies the interaction between capital income taxation and a means tested age pension in the context of an overlapping generations model, calibrated to the UK economy.

Data graphs

Rafal Chomik, John Piggott, Alan Woodland, George Kudrna and Cagri Kumru

Means testing can balance the need for adequate incomes in retirement with economic efficiency objectives to an extent that is seldom appreciated by policymakers. It is an inexpensive way of ensuring a minimum level of retirement income.

Researcher examining data

Jennifer Alonso-Garcia and Pierre Devolder

The notional defined contribution pension scheme combines pay-as-you-go financing and a defined contribution pension formula. The return on contributions is based on an index set by law, such as the growth rate of GDP, average wages, or contribution payments.

Female colleagues collaborating

Bei Lu, Zhenzhen Yang, John Piggott and Hong Mi

Understanding subjective life expectancy (SLE) is critical for pension design and longevity insurance markets. Yet there are very few studies that focus on this question.

Mother and daughter

Bei Lu, Xiaoting Liu and John Piggott

Long-term care (LTC) policy in China is in its infancy, and it is highly decentralised. Where policy structures exist, they are poorly resourced.

Male researcher on his laptop

Robert Holzmann

While the portability of pensions and other social benefits has received some analytical attention over the recent decade, limited analytical guidance currently exists on the taxation of retirement provisions within a country, and none for the taxation of internationally portable pensions.

Retired couple

Bernd Genser

In the last decades all over the world pension policy reforms have tried to account for the changing demographic and socio-economic framework. An excellent starting point for economic analyses of reform strategies is the Mirrlees Review which argues that pension policy should simultaneously address pension benefit design and the taxation of pensions.