Publication Type
Journal Article
Version
acceptedVersion
Publication Date
12-2011
Abstract
Although annuities are a theoretically appealing way to manage longevity risk, in the real world relatively few consumers purchase them at retirement. To counteract the possibility of retirees outliving their assets, Singapore’s Central Provident Fund, a national defined contribution pension scheme, has recently mandated annuitization of workers’ retirement assets. More significantly, the government has entered the insurance market as a public sector provider for such annuities. This article evaluates the money’s worth of life annuities and discusses the impact of the government mandate and its role as an annuity provider on the insurance market.
Keywords
Central Provident Fund, mandate, retirement assets, annuitization
Discipline
Finance and Financial Management
Research Areas
Finance
Publication
Journal of Risk and Insurance
Volume
78
Issue
4
First Page
961
Last Page
982
ISSN
0022-4367
Identifier
10.1111/j.1539-6975.2010.01401.x
Publisher
Wiley
Citation
Fong, Joelle H. Y.; Mitchell, Olivia S.; and KOH, Benedict S. K..
Longevity risk management in Singapore's national pension system. (2011). Journal of Risk and Insurance. 78, (4), 961-982.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/3201
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1111/j.1539-6975.2010.01401.x