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This 2006 book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.

Old age pensions --- Annuities --- Retirement income --- Mathematical models. --- 331.25 --- AA / International- internationaal --- 368.43 --- -Annuities --- -Retirement income --- -368.3701 --- Income --- Investments --- Pensions --- Employees --- OASI (Old age and survivors insurance) --- Old age and survivors insurance --- Older people --- Retirement pensions --- Survivors' benefits (Old age pensions) --- Pensioenen. Bedrijfspensioen --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- Mathematical models --- 331.25 Pensioenen. Bedrijfspensioen --- 368.3701 --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen --- Business, Economy and Management --- Economics

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European pension systems are increasingly under pressure. In this book Giuliano Bonoli examines policymakers' efforts to cope in a context where they are caught between public support for existing pension schemes and the expected inability to sustain current arrangements in the long run. The book explores the impact of formal institutions and decision-making procedures on welfare retrenchment and modernisation. It compares and assesses the process of pension policy-making in the UK, France and Switzerland, examining the factors that influence pension reform, and the relative impact upon the decision-making process of political parties and interest groups. The book provides a detailed description of new pension legislation and looks at the issues of demographic change, pension financing, and likely developments on the wider European level. This analysis of pension reform will be of interest to policymakers as well as students of the politics of the welfare state.

AA / International- internationaal --- EUR / Europe - Europa --- CH / Switzerland - Zwitserland - Suisse --- FR / France - Frankrijk --- GB / United Kingdom - Verenigd Koninkrijk - Royaume Uni --- 368.43 --- 332.832 --- Old age pensions --- -Social security --- -Insurance, Social --- Insurance, State and compulsory --- Social insurance --- Insurance --- Income maintenance programs --- Employees --- OASI (Old age and survivors insurance) --- Old age and survivors insurance --- Older people --- Retirement pensions --- Survivors' benefits (Old age pensions) --- Pensions --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- Pensioen. Brugpensioen. --- Government policy --- -Pensions --- Old age pensions. --- Social security - Europe, Western - Case studies. --- Labor & Workers' Economics --- Business & Economics --- Social Sciences --- Political Science --- -Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- -Old age pensions. --- Social security --- Insurance, Social --- Europe [Western ] --- Case studies --- Old age pensions - Government policy - Europe, Western - Case studies. --- Pensioen. Brugpensioen --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen

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In this work, leading economists analyse topical issues in pension policy, including strucural reform of pay-as-you-go systems, the political sustainability of pension reforms, and the need for private, funded systems.

Pensions --- Pension trusts --- Pension trusts -- Europe. --- Pension trusts -- United States. --- Pensions -- Europe. --- Pensions -- United States. --- Labor & Workers' Economics --- Business & Economics --- 368.43 --- 332.832 --- 311.94 --- AA / International- internationaal --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- Pensioen. Brugpensioen. --- Verdeling van de bevolking naar leeftijd. Veroudering van de bevolking. --- Employee pension trusts --- Pension funds --- Pension plans --- Compensation --- Retirement pensions --- Superannuation --- Trusts and trustees --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Verdeling van de bevolking naar leeftijd. Veroudering van de bevolking --- Pensioen. Brugpensioen --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen --- ECONOMICS/Labor Studies --- SOCIAL SCIENCES/Political Science/Public Policy & Law --- Pensions - Europe --- Pensions - United States --- Pension trusts - Europe --- Pension trusts - United States

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Increasingly ageing populations and a slowing rate of growth in the macroeconomy are forcing advanced countries to reconsider their social security programmes. The need for detailed examination of the possible reforms and initiatives has never been greater.This book brings together internationally-renowned scholars to evaluate the effect of recent social security reforms in advanced countries (pension programmes in particular) and to suggest policy reforms for the future.Including detailed studies of countries including Australia, Germany, Japan, Scandinavia, the UK and the USA, this b

Pension trusts. --- Privatization. --- Social action. --- Social security. --- Social security - Finance - Congresses. --- Social security --- Privatization --- Pension trusts --- Finance --- AA / International- internationaal --- DE / Germany - Duitsland - Allemagne --- GB / United Kingdom - Verenigd Koninkrijk - Royaume Uni --- JP / Japan - Japon --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 368.43 --- 332.832 --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- Pensioen. Brugpensioen. --- Employee pension trusts --- Pension funds --- Pension plans --- Insurance, Social --- Insurance, State and compulsory --- Social insurance --- Trusts and trustees --- Insurance --- Income maintenance programs --- Pensioen. Brugpensioen --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen

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Pension systems in most industrialised countries are unfunded, i.e. they are pay-as-you-go financed and thus depend on a well-balanced ratio (old) recipients to (young) contributors. This so-called dependency ratio will worsen significantly in the next few decades due to two developments: ageing of the population and increased labour mobility. This book analyses the viability of unfunded pension systems in the presence of the projected demographic evolution. The analysis focuses on questions concerning: efficiency considerations and the possibility of welfare improvements; political economy aspects and the feasibility of reforms, and; the process of European integration and its influence on national pension systems. The theoretical analysis is complemented in numerous ways by quantitative parts and institutional details. The consequences of the demographic crisis for the distribution of the pension burden within and across generations and in an international context are illustrated with respect to the specific situation in Germany and other European countries. It is shown for different settings of political power distribution and for different degrees of mobility what would happen without any reforms and what could and should be done to guarantee the survival of old-age security based on a fair sharing of the pension burden. Neither explosion nor erosion is the inevitable fate of unfunded pension systems. But to avoid either happening, fundamental reforms are necessary as soon as possible which loosen at least partially the intergenerational dependencies and thus reduce the pressure from the changing population structure on old-age security.

AA / International- internationaal --- 368.43 --- 332.832 --- Pensions. --- Emigration and immigration --- -Demographic transition --- 331.252 --- Transition, Demographic --- Vital revolution (Demography) --- Demography --- Population --- Vital statistics --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Immigration --- International migration --- Migration, International --- Population geography --- Assimilation (Sociology) --- Colonization --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- Pensioen. Brugpensioen. --- Economic aspects --- Demographic transition. --- Pensions --- Emigration et immigration --- Transition démographique --- Economic aspects. --- Aspect économique --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen --- Pensioen. Brugpensioen --- Business & Economics --- Politics & government. --- Welfare & benefit systems. --- Old age pensions. --- International --- Economics. --- Employees --- OASI (Old age and survivors insurance) --- Old age and survivors insurance --- Older people --- Survivors' benefits (Old age pensions)