Selected Payout Products of the Old-Age Pension Saving Scheme

Preface
Acknowledgements
Contents
Part I Introduction and Preliminaries
	1 Preliminaries
		1.1 Basic Probabilities
		1.2 Yield Curves
		1.3 Administrative and Collection Costs
		References
	2 Model of Longevity
		2.1 Model of Adult Age Longevity
		2.2 Lee-Carter Model Implementation
		2.3 Old-Age Longevity
		2.4 Implementation of Kannistö\'s Model
		2.5 Selection Factor
		References
Part II Selected Payout Products
	3 Selected Life Old-Age Pension Products
		3.1 Selected Products
		3.2 Basic Notations
		3.3 Product 1
		3.4 Product 2
		3.5 Product 3
		3.6 Product 4
		3.7 Product 5
		References
	4 Analysis of the Products
		4.1 Loading Assessment
			4.1.1 Calculation of Loading Components
			4.1.2 Effective Premium
			4.1.3 Monthly Pension with Respect to the Retirement Age
		4.2 Notes on Product 3
		References
	5 Test of Profitability
		5.1 Test of Profitability Basis
		5.2 Test of Profitability Process
			5.2.1 Profitability Measures
		5.3 Profitability Measures of Product 1
			5.3.1 Sensitivity of Input Parameters
		Reference
Part III Conclusions and Recommendations
	6 Research Questions and Hypotheses
		6.1 Research Questions
		6.2 Research Hypotheses
		6.3 Discussion About the Attitude to Risk and Overall Long-Term Savings
		References
A Life Tables
B Procedure for Determining of the Effective Premium of Product 1
C Forward Rate for Continuous Compounding
Index