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Title: Enhanced annuities as a complement to the public retirement pension: analysis of their implementation in Spain [written in Spanish]
Author: Andrés Sánchez, Jorge de
González-Vila Puchades, Laura
Keywords: Pensions a la vellesa
Investigació quantitativa
Assegurances de vida
Old age pensions
Quantitative research
Life insurance
Issue Date: 12-Nov-2020
Publisher: Universidade de Santiago de Compostela
Abstract: Enhanced annuities are non-deferred annuities that, by considering risk factors of the insured person in addition to their age, can provide a greater periodic pay-out than that of standard annuities. Given current demographic trends and the associated longevity risk, enhanced annuities, widely introduced in the United Kingdom, can become an important market niche in countries where their sale levels are low or non-existing, as is the case of Spain. In this work, we describe some key aspects of enhanced annuities. A quantitative analysis is also carried out. To do so, we focus on determining the pay-outs to be received, based on the consideration of a mortality table fitted to the annuitant's life expectancy. Finally, the main drivers of and barriers to the demand and supply of this product are exposed, considering the particular situation of Spain.
Note: Reproducció del document publicat a:
It is part of: Revista Galega de Economía , 2020, vol. 29, num. 3, p. 1-19
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ISSN: 1132-2799
Appears in Collections:Articles publicats en revistes (Matemàtica Econòmica, Financera i Actuarial)

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