by Ralph Stewart
Conventional annuities have many weaknesses, not least a diminishing supply of long bonds from governments.
However, without a sharing of longevity risk the task of achieving a satisfactory income in old age will become impossible for many.
Furthermore, it is likely that such sharing will have to become intra rather than intergenerational (as it is now) if it is to be workable in the future.(Wadsworth, Findlater & Boardman, 2001, p.3)
MORE>> http:www.treasury.govt.nz/publications/reviews.../prg/.../prg-ssj-ranzripm.pdf
Ralph Stewart is a director of NZ Income.
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