Modelling pensioner longevity

Technical papers

With a backdrop of subdued inflation, lower long-term interest rates and generally lower investment returns, the importance of pensioner longevity has increased greatly in recent years. In the United Kingdom, the growth of money-purchase private pensions since 1988 has meant that the volume of funds seeking an annuity now exceeds £7 billion per annum (Source: ABI). However, by far the biggest impact is in defined-benefit ('final-salary') pension schemes provided by employers. These schemes c

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