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• W2945194556 abstract "No AccessOct 2019Annuities in (N)DC Pension Schemes: Design, Heterogeneity, and Estimation IssuesAuthors/Editors: Edward Palmer, Yuwei Zhao de Gosson de VarennesEdward PalmerSearch for more papers by this author, Yuwei Zhao de Gosson de VarennesSearch for more papers by this authorhttps://doi.org/10.1596/978-1-4648-1453-2_ch13AboutView ChaptersFull TextPDF (0.6 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract: Discusses issues regarding policy choices determining the construction of nonfinancial defined contribution (NDC) annuities in (1) construction of the annuity and options for inclusion of the rate of return; (2) the estimation of cohort life expectancy; (3) the consequences of variable annuities; and (4) socioeconomic determinants of life expectancy. All involve the criteria of a good universal pension scheme and the backbone of NDC schemes—affordability, financial sustainability, and intra- and intergenerational fairness. In the mid-1990s, NDC schemes constituted a new way of thinking about the construction of the benefit in a universal public pension scheme. Individuals pay contributions registered on personal accounts throughout a lifetime working career until the individual claims a benefit after reaching the minimum pension age. The yearly rate of return equals the rate of growth of the wage base. The benefit received equals the individual’s account balance divided by the average life expectancy of the individual’s birth cohort. ReferencesAlho, Juha, Jorge Bravo, and Edward Palmer. 2013. “Annuities and Life Expectancy in NDC.” In NDC Pension Schemes: Progress and Frontiers in a Changing Pension World: Volume 2 Gender, Politics, and Financial Stability, edited by Holzmann, Robert, Edward Palmer, and David Robalino, 395–436. World Bank: Washington, DC. Google ScholarAlho, Juha, Edward Palmer, and Yuwei Zhao de Gosson de Varennes. 2019. “Projecting Cohort Life Expectancy from the Changing Relationship between Period and Cohort Mortalities.” Unpublished. Google ScholarAyuso, Mercedes, Jorge Bravo, and Robert Holzmann. 2017a. “Addressing Longevity Heterogeneity in Pension Scheme Design.” Journal of Finance and Economics 6 (10): 1–21. Google ScholarAyuso, Mercedes, Jorge Bravo, and Robert Holzmann. 2017b. “On the Heterogeneity in Longevity among Socioeconomic Groups: Scope, Trends, and Implications for Earnings-Related Pension Schemes.” Global Journal of Human Social Sciences-Economics 17 (1): 33–58. Google ScholarBengtsson, Tommy, Nico Keilman, Juha Alho, Kaare Christensen, Edward Palmer, and James W Vaupel. 2018. “Introduction.” In Old and New Perspectives on Mortality Forecasting, edited by Bengtsson, Tommy and Nico Keilman, 1–22. Max Planck Institute of Demography. Basel, Switzerland: Springer International Publishing. Google ScholarBommier, Antoine, Marie-Louise Lerous, and Jean-Marie Lozachmeur. 2011. “Differential Mortality and Social Security.” Canadian Journal of Economics 44 (1): 273–89. CrossrefGoogle ScholarBooth, Heather, John Maindonald, and Len Smith. 2002. “Applying Lee-Carter under Conditions of Variable Mortality Decline.” Population Studies 56 (3): 325–36. CrossrefGoogle ScholarBooth, Heather and Leonie Tickle. 2008. “Mortality Modeling and Forecasting: A Review of Methods.” Annals of Actuarial Science 3 (I/II): 3–44. CrossrefGoogle ScholarChetty, Raj, Michal Stepner, and Sarah Abraham. 2016. “The Association between Income and Life Expectancy in the United States, 2001–2014.” JAMA 315 (16): 1750–66. CrossrefGoogle Scholarde Jong, Piet and Leonie Tickle. 2006. “Extending Lee-Carter Mortality Forecasting.” Mathematical Population Studies 13 (1): 1–18. 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Google ScholarHolzmann, Robert, Jennifer Alonso-García, Héloïse Labit-Hardy, and Andrés M Villegas. 2017. “NDC Schemes and Heterogeneity in Longevity: Proposals for Redesign.” Revised paper presented at the Third International Conference on Nonfinancial Defined Contribution Pension Schemes, Rome, October 5–6. CrossrefGoogle ScholarHyndman, Rob J and Shahid Ullah. 2007. “Robust Forecasting of Mortality and Fertility Rates: A Functional Data Approach.” Computational Statistics and Data Analysis 52 (10): 4942–56. CrossrefGoogle ScholarKlein, Thomas and Riner Unger. 2002. “Aktive Lebenserwartung in Deutschland und in den USA.” Zeitschrift fur Gerontologie und Geiatrie 35: 528–39. 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CrossrefGoogle ScholarNalebuff, Barry and Richard J Zeckerhauser. 1985. “Pensions and the Retirement Decision.” Working Paper 1285, National Bureau of Economic Research, Cambridge, MA. Google ScholarNational Academies of Sciences, Engineering, and Medicine. 2015. The Growing Gap in Life Expectancy by Income: Implications for Federal Programs and Policy Responses. Committee on the Long-Run Macroeconomic Effects of the Aging U.S. Population-Phase II. Committee on Population, Division of Behavioral and Social Sciences and Education. Board on Mathematical Sciences and Their Applications, Division on Engineering and Physical Sciences. Washington, DC: National Academies Press. 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Google ScholarZhao de Gosson de Varennes, Yuwei. 2016a. “Benefit Design, Financial Risk and Inter-Generational Transfer in NDC Pension Schemes.” In Benefit Design, Retirement Decisions and Welfare within and across Generations in Defined Contribution Pension Schemes, edited by Zhao de Gosson de Varennes, Yuwei, 49–72. Uppsala, Sweden: Uppsala University. Google ScholarZhao de Gosson de Varennes, . 2016b. “Socioeconomic Differences in Life Expectancy, Unintended Intra and Inter-Generational Transfers in DC Pension Schemes.” In Benefit Design, Retirement Decisions and Welfare within and across Generations in Defined Contribution Pension Schemes, edited by Zhao de Gosson de Varennes, Yuwei, 111–48. Uppsala, Sweden: Uppsala University. Google ScholarZhao de Gosson de Varennes, Yuwei, Edward Palmer, and Juha Alho. 2016. “Projecting Cohort Life Expectancy Based on Its Rate of Change in Mortality.” In Benefit Design, Retirement Decisions and Welfare within and across Generations in Defined Contribution Pension Schemes, edited by Zhao de Gosson de Varennes, Yuwei, 13–48. Uppsala, Sweden: Uppsala University. Google Scholar Previous chapterNext chapter FiguresreferencesRecommendeddetails View Published: October 2019ISBN: 978-1-4648-1453-2e-ISBN: 978-1-4648-1454-9 Copyright & Permissions Related TopicsPoverty ReductionSocial Protections and Labor KeywordsANNUITIESNONFINANCIAL DEFINED CONTRIBUTIONNDCLIFE EXPECTANCYUNIVERSAL PENSION SCHEMESGAP BETWEEN POOR AND WEALTHYFAIRNESSPENSION SYSTEM DESIGNAGE OF RETIREMENTRETIREMENT SAVINGS PLANS PDF DownloadLoading ..." @default.
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