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Annuity Markets - Oxford Scholarship Online
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Annuity Markets

Edmund Cannon and Ian Tonks


Governments around the world are responding to the rising ratio of elderly-to-young persons (‘The Pensions Crisis’) by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. Annuity markets convert retirement savings into an income stream for the lifetime of the pensioner, and understanding how annuity markets function is important for public policy. This book studies these annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK — which h ... More

Keywords: annuities, annuity markets, longevity risk, mortality, pensions crisis, defined contribution, life insurance, money's worth, annuity puzzle

Bibliographic Information

Print publication date: 2008 Print ISBN-13: 9780199216994
Published to Oxford Scholarship Online: January 2009 DOI:10.1093/acprof:oso/9780199216994.001.0001


Affiliations are at time of print publication.

Edmund Cannon, author
Senior Lecturer in Economics, University of Bristol
Author Webpage

Ian Tonks, author
Professor of Finance, University of Exeter
Author Webpage