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The Pension ChallengeRisk Transfers and Retirement Income Security$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2003

Print ISBN-13: 9780199266913

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199266913.001.0001

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Credit Implications of the Payout Annuity Market

Credit Implications of the Payout Annuity Market

(p.309) Chapter 14 Credit Implications of the Payout Annuity Market
The Pension Challenge

Olivia S. Mitchell (Contributor Webpage)

Kent Smetters (Contributor Webpage)

Oxford University Press

This chapter examines the credit implications of various guarantees made insurers offering payout annuity products in the retirement income market. A pricing model is used to analyse the risks to profitability from unexpected increases in longevity. It is shown that future mortality improvements can have a material impact on companies with significant exposure to payout annuities.

Keywords:   payout annuity, retirement income, insurance companies, risk management, guarantees

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