Mandatory pension savings and the insurance value of annuities
研究了强制养老金计划中年金的保险价值，发现其等于按标准储蓄回报率折现的支付流净现值，且与个人偏好和生存概率无关。
Mandated pension schemes not only address the problem of undersaving but also typically offer annuities for the decumulation phase. These annuities perform a market maker function when, due to market failures, annuities are either unavailable or priced far from the actuarially fair benchmark. These annuities are intramarginal to the individual, and their insurance value is shown to be determined by a simple metric: the net present value of the payment flow discounted at the return on standard saving vehicles. The marginal and average values are identical, and the ex-ante value of the annuity is independent of individual preferences and survival probabilities. • Mandated funded pension schemes often include annuities for the decumulation phase. • This is a market maker role when annuity markets are imperfect or unavailable. • Such intramarginal annuities are valuable in the presence of mortality risk. • The value equals the present value of the higher return offered by annuities. • Potential regressive biases are secondary to the inability to hedge mortality risk.