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Mispricing Annuities, Then and Now
ThinkAdvisor Link to more items from this source
[Opinion]
Aug. 27, 2013

"In London, England, almost two centuries ago a very clever chap by the name of John Finlaison wrote an urgent letter to the chancellor of the British Exchequer, imploring the government to change the way it priced and sold life annuities to the public.... You would think that governments and pension and insurance industries would learn to reduce mispricing errors and better manage their risks by now.... [N]ow history has been repeating itself with variable annuities. This time around it isn't human longevity that's causing problems. Rather, it is human rationality that is rupturing the pricing models."

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