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Guaranteed Annuity Options: Five Issues for Resolution

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  • O'Brien, C.D.

Abstract

This paper considers five issues arising from guaranteed annuity options in pension policies issued by United Kingdom life assurance companies. These are the investment strategies for such options, the implications for bonuses on with-profits policies, the measurement of the solvency position and preparation of accounts of the companies concerned, and the policy debate on compulsory annuitisation. In particular, the paper highlights the impact of improving mortality on the value of options, comments on the House of Lords judgment in the Equitable Life case, and suggests additional disclosures in the accounts of life assurance companies.

Suggested Citation

  • O'Brien, C.D., 2002. "Guaranteed Annuity Options: Five Issues for Resolution," British Actuarial Journal, Cambridge University Press, vol. 8(3), pages 593-629, August.
    • Handle: RePEc:cup:bracjl:v:8:y:2002:i:03:p:593-629_00
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    Cited by:

    1. Matheus R Grasselli & Sebastiano Silla, 2009. "A policyholder's utility indifference valuation model for the guaranteed annuity option," Papers 0908.3196, arXiv.org.

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