Wharton Pension Research Council Working Papers
 

Title

Compulsory and Voluntary Annuity Markets in the United Kingdom

Document Type

Working Paper

Date of this Version

9-1-2010

Abstract

This chapter describes the operation of both the compulsory pension annuity and voluntary annuity markets in the U.K. and evaluates prices using a money’s worth approach. We find that the money’s worth was about 0.90 to 2004 but it then fell to about 0.80, although there is uncertainty about the appropriate mortality table. We suggest that the level of the money’s worth is comparable to that of other financial products and we consider possible reasons for the recent fall.

Comments

The published version of this Working Paper may be found in the 2011 publication: Securing Lifelong Retirement Income.

Working Paper Number

WP2010-22

Copyright/Permission Statement

Opinions and conclusions are solely those of the author(s) and do not reflect views of the institutions supporting the research, with whom the authors are affiliated, or the Pension Research Council. Copyright 2010 © Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.

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Date Posted: 07 August 2019