Annuity markets: Welfare, money’s worth and policy implications

In this Panel Paper, Edmund Cannon (University of Bristol) and Ian Tonks (University of Bath) describe the operation of annuity markets within the context of pension policy in countries around the world. They focus in particular on the UK which has the world’s largest annuity markets, and describe time series properties of annuity rates in both the UK’s compulsory and voluntary annuity markets. Furthermore, they provide an overview of money’s worth calculations in global annuities markets in this paper.