期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2007
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：In a number of countries one observes a steady decline in defined benefits pensions schemes,
public or private, funded or unfunded, and a simultaneous expansion of defined contributions
plans. One of the consequences of this trend is to deprive individuals at the time of their
retirement from the benefit of collective annuitization. Collective annuities can be distinguished
from individual ones in two ways. First, they tend to be cheaper because of their scale and
because of inefficiencies in private annuity markets. Second they redistribute resources from
short-lived to long-lived individuals. Our paper studies the role of collective annuities. Both
their redistributive incidence and efficiency aspects are accounted for. We assume that lifetime
is uncertain and that there is a positive correlation between longevity and earnings. Collective
annuitization (in part or in total) can be imposed on private savings or it can be "bundled" with a
redistributive pension scheme. We show that the case for applying collective annuitization to
private savings is weak. The case is stronger when collective annuities are associated with
redistributive pensions. However, even in that case, collective annuitization may mitigate the
redistributive benefits associated with the pension system.
关键词：annuities, public pensions, differential longevity.
