{"title":"Who Would Buy an Annuity? An Empirical Investigation","authors":"Jonathan Gardner, M. Wadsworth","doi":"10.2139/ssrn.892767","DOIUrl":"https://doi.org/10.2139/ssrn.892767","url":null,"abstract":"The debate around annuity compulsion and proposed pension reforms provides an appropriate context for exploring consumer attitudes to annuitisation. A substantial sample of those approaching or just into retirement were polled as to willingness to annuitise and preferred timing. Questions allowed choices between lump sums and annuities which increased with age of inception. Results were analysed according to the characteristics of respondents. A majority emerged against annuitisation and among those that were willing to annuitise, there were more preferences for doing so at younger ages. Those with poorer education, incomes or health were more likely to be opposed to annuitisation. Some policy issues and areas for future research were identified.","PeriodicalId":227461,"journal":{"name":"Willis Towers Watson Technical Research Paper Series","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128260762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Conceptual Framework for Retirement Products: Risk Sharing Arrangements between Providers and Retirees","authors":"C. Thorburn, M. Wadsworth, G. Impavido","doi":"10.2139/ssrn.892742","DOIUrl":"https://doi.org/10.2139/ssrn.892742","url":null,"abstract":"Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, traditional products available in most countries can require excessive minimum capital requirements for given investment opportunities available to providers. Investment and longevity risk should be shared between providers and annuitants so that supply constraints can be relaxed. Alternative annuity products, which imply risk sharing, could be backed by substantially lower capital investments or, equivalently, provided at substantially lower prices to consumers.","PeriodicalId":227461,"journal":{"name":"Willis Towers Watson Technical Research Paper Series","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123706202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Does the Market Value Severance Liabilities? Lessons from Italy","authors":"M. Cardinale, J. Orszag","doi":"10.2139/ssrn.892766","DOIUrl":"https://doi.org/10.2139/ssrn.892766","url":null,"abstract":"Using accounting data from just over 100 Italian companies we construct various measures of exposure to severance pay. We then examine how these measures are related to subsequent market measures of risk. We find little relationship between corporate Italian severance pay exposure and either beta or measured volatility. We also examine the effect of credit status on severance pay exposures.","PeriodicalId":227461,"journal":{"name":"Willis Towers Watson Technical Research Paper Series","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121513997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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