References in periodicals archive ?
Panel A in figure 3 shows the distribution of number of annuity contracts by the age at which the annuitant annuitised their pension wealth before and after each set of changes.
Nevertheless, the whole point of the fund is that the aggregate payments decrease as the annuitised population dies out.
We assume initially that there is no bequest motive and that all saving is fully annuitised, with the implication that the assets of people who die are shared among the survivors of the same cohort (Yaari, 1965).