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Securing Lifelong Retirement IncomeGlobal Annuity Markets and Policy$
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Olivia S. Mitchell, John Piggott, and Noriyuki Takayama

Print publication date: 2011

Print ISBN-13: 9780199594849

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199594849.001.0001

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Compulsory and Voluntary Annuity Markets in the United Kingdom

Compulsory and Voluntary Annuity Markets in the United Kingdom

(p.171) Chapter 10 Compulsory and Voluntary Annuity Markets in the United Kingdom
Securing Lifelong Retirement Income

Edmund Cannon

Ian Tonks

Oxford University Press

This chapter describes the operation of both the compulsory pension annuity and voluntary annuity markets in the United Kingdom, and evaluates prices using a money's worth approach. This chapter finds that the money's worth was about 0.90 in 2004 but it then fell to about 0.80, although there is uncertainty about the appropriate mortality table. The chapter suggests that the level of the money's worth is comparable to that of other financial products and it considers possible reasons for the recent fall.

Keywords:   annuity markets, money's worth, mortality, compulsory annuities, voluntary annuities, United Kingdom, pensions

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