Abstract
This dissertation is a collection of three papers discussing the economic value
of annuities in different perspectives, with a particular focus on the individual
welfare. The first chapter explores how different pension tax treatments affect
optimal accumulation and decumulation decisions over the life-cycle. The second
chapter analyzes the properties of three types of variable annuities with an
embedded guaranteed minimum accumulation benefit, each differing in the
criteria used to reach a pre-defined target benefit level. The third chapter
examines the welfare losses or gains that individuals with different educational
levels face when they are offered a variable annuity that is not tailored to their risk
preferences and/or mortality risks. Together, this dissertation provides valuable
insights for policymakers and industry experts in the design of pension systems
and annuity products.
of annuities in different perspectives, with a particular focus on the individual
welfare. The first chapter explores how different pension tax treatments affect
optimal accumulation and decumulation decisions over the life-cycle. The second
chapter analyzes the properties of three types of variable annuities with an
embedded guaranteed minimum accumulation benefit, each differing in the
criteria used to reach a pre-defined target benefit level. The third chapter
examines the welfare losses or gains that individuals with different educational
levels face when they are offered a variable annuity that is not tailored to their risk
preferences and/or mortality risks. Together, this dissertation provides valuable
insights for policymakers and industry experts in the design of pension systems
and annuity products.
| Original language | English |
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| Qualification | Doctor of Philosophy |
| Awarding Institution |
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| Supervisors/Advisors |
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| Award date | 16 Apr 2025 |
| Place of Publication | Tilburg |
| Publisher | |
| Print ISBNs | 978 90 5668 765 6 |
| DOIs | |
| Publication status | Published - 2025 |