MCFAM: “Pooling longevity for a better retirement income: How many people are needed?"
Please join us for our next seminar of fall semester! This seminar will feature Catherine Donnelly from Heriot-Watt University, Edinburgh, who will discuss pooling longevity for a better retirement income.
About the lecture
Pooled annuity funds are a way of converting retirement lump sum into an income stream for life. Their objective is to provide a stable lifetime income to their participants. They rely on the pooling of the participants' longevity risk to do this. The participants bear all of the longevity risk in a pooled annuity fund, rather than it being transferred to an insurance company.
In the talk, Professor Donnelly starts with why pooled annuity funds should be a decumulation option for retirement. Then, Donnelly discusses the recent results which Thomas Bernhardt (U. Manchester, UK) and she have produced on the number of people needed for a fund to deliver on its objective.
About the speaker
Catherine Donnelly is a professor in actuarial math at Heriot-Watt University, Edinburgh and director of the Risk Insight Lab. An actuary who has worked in pension consultancies before entering academia, she has a keen interest in developing workable solutions to improve people’s financial situations in retirement. She has a Ph.D. in financial mathematics from the University of Waterloo, a master of science from the University of Oxford, and an undergraduate degree in mathematics from the University of Cambridge.