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    UK pension changes in 2015: some mathematical considerations

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    Authors
    Stubbs, John
    Adetunji, Jacob cc
    Affiliation
    University of Derby
    Issue Date
    2016-06-14
    
    Metadata
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    Abstract
    This paper presents a mathematical treatment of some of the changes made to pension arrangements by the UK government in 2015. A mathematical model of a pension fund is developed based on three variables: life expectancy of pensioner, interest rates on investments and rates of inflation. The model enables a prospective pensioner to decide, at point of retirement and on the basis of predicted income streams, whether to opt for, (i) a (life) annuity or a draw down scheme, (ii) an inflation proofed (index linked) income or a fixed income and (iii) an immediate income or a deferred income. Numerical examples are provided to add clarity to the financial options available at retirement. On the basis of the numerical examples given, the paper concludes by urging caution on the part of the pensioner before taking an annuity rather than a draw down scheme, an index linked rather than a fixed income and a deferred rather than an immediate pension income. UK pension changes in 2015: some mathematical considerations.
    Citation
    Stubbs, J. and Adetunji, J. (2016) 'UK pension changes in 2015: some mathematical considerations The Mathematical Gazette, 100 (548):193
    Publisher
    Cambridge University Press
    Journal
    The Mathematical Gazette
    URI
    http://hdl.handle.net/10545/621576
    DOI
    10.1017/mag.2016.55
    Additional Links
    https://www.cambridge.org/core/product/identifier/S0025557216000553/type/journal_article
    Type
    Article
    Language
    en
    ISSN
    00255572
    20566328
    ae974a485f413a2113503eed53cd6c53
    10.1017/mag.2016.55
    Scopus Count
    Collections
    Environmental Sustainability Research Centre

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