Within the current post-crisis economic environment, char- acterized by low growth and low interest rates, retirement and long-term saving represent a crucial challenge. Furthemore, the expansion of life expectancies modifies the demand of pension products and insurers and pension providers have to guarantee the sustainability and competitive- ness of their products, in spite of the economic stagnation. Within the context of the personal pension products, in the paper we propose a new contract with profit participation, which consists in a deferred life annuity with variable benefits changing according with two dynamic financial elements: the periodic financial result of the invested fund year by year and the first order financial technical base checked at the beginning of predefined intervals all along the contract life. A numerical implementation explains the forecasted trend of the inflows and outflows connected to the contract under financial and demographic stochastic assumptions

New Challenges in Pension Industry: Proposals of Personal Pension Products

M. Sibillo;V. D'Amato;E. Di Lorenzo
2018

Abstract

Within the current post-crisis economic environment, char- acterized by low growth and low interest rates, retirement and long-term saving represent a crucial challenge. Furthemore, the expansion of life expectancies modifies the demand of pension products and insurers and pension providers have to guarantee the sustainability and competitive- ness of their products, in spite of the economic stagnation. Within the context of the personal pension products, in the paper we propose a new contract with profit participation, which consists in a deferred life annuity with variable benefits changing according with two dynamic financial elements: the periodic financial result of the invested fund year by year and the first order financial technical base checked at the beginning of predefined intervals all along the contract life. A numerical implementation explains the forecasted trend of the inflows and outflows connected to the contract under financial and demographic stochastic assumptions
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11386/4714305
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