Cagri S. Kumru, John Piggott and Athanasios C. Thanopoulos
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Working Papers
2015Nov
Yang Shen, Michael Sherris and Jonathan Ziveyi
We present a numerical approach to the pricing of guaranteed minimum maturity benefits embedded in variable annuity contracts in the case where the guarantees can be surrendered at any time prior to maturity that improves on current approaches.
2015Nov
Cagri Kumru and John Piggott
This paper studies the interaction between capital income taxation and a means tested age pension in the context of an overlapping generations model, calibrated to the UK economy.
2015Nov
Rafal Chomik, John Piggott, Alan Woodland, George Kudrna and Cagri Kumru
Means testing can balance the need for adequate incomes in retirement with economic efficiency objectives to an extent that is seldom appreciated by policymakers. It is an inexpensive way of ensuring a minimum level of retirement income.
2015Nov
Jennifer Alonso-Garcia and Pierre Devolder
The notional defined contribution pension scheme combines pay-as-you-go financing and a defined contribution pension formula. The return on contributions is based on an index set by law, such as the growth rate of GDP, average wages, or contribution payments.
2015Aug
Bei Lu, Zhenzhen Yang, John Piggott and Hong Mi
Understanding subjective life expectancy (SLE) is critical for pension design and longevity insurance markets. Yet there are very few studies that focus on this question.
2015Aug
Bei Lu, Xiaoting Liu and John Piggott
Long-term care (LTC) policy in China is in its infancy, and it is highly decentralised. Where policy structures exist, they are poorly resourced.
2015Aug
Robert Holzmann
While the portability of pensions and other social benefits has received some analytical attention over the recent decade, limited analytical guidance currently exists on the taxation of retirement provisions within a country, and none for the taxation of internationally portable pensions.
2015Aug
Bernd Genser
In the last decades all over the world pension policy reforms have tried to account for the changing demographic and socio-economic framework. An excellent starting point for economic analyses of reform strategies is the Mirrlees Review which argues that pension policy should simultaneously address pension benefit design and the taxation of pensions.