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Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World: ...

This chapter investigates the efficacy of current state-of-the-art life expectancy modeling in projecting life expectancy at “the” pension age—that is, the age at which a life annuity must be granted according to current practice in NDC (and FDC) schemes. We provide an overview of current modeling philosophy and of the genre of projection models inspired by the work of Ronald Lee and Lawrence Carter (1992). We ...