Mengyi Xu, Michael Sherris and Ramona Meyricke
Insurers and pension funds provide life annuities and pensions that are impacted by both aggregate mortality improvement and individual mortality heterogeneity. Aggregate population mortality trends have shown significant improvement over long periods of time.
Erik Hernæs, Simen Markussen, John Piggott, Knut Røed
We exploit a comprehensive restructuring of the early retirement system in Norway in 2011 to examine labor supply responses to pension reform strategies that rely on changes in work incentives (flexibility) or access ages (prescription), respectively.
Cagri S. Kumru, John Piggott and Athanasios C. Thanopoulos
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.
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.
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.
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.
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.
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.
