Sales of income annuities may soon breach the $10 billion-a-year barrier. We talked to the Numbers 2 through 5 SPIA sellers in the U.S.: MetLife, MassMutual, Pacific Life (whose symbol is the humpback whale), and Nationwide.
By establishing a standard for valuing in-force income annuities, an industry task force hopes to reduce fear of "annuicide" and stimulate SPIA sales. "We're taking a thorn out of the lion's paw," says Gary Baker of Cannex. (Links to pdfs of task force documents included.)
New York Life launched its Guaranteed Future Income Annuity, a deferred income product, in mid-2011 and has found traction among pre-retirees who want income about 10 years later. We spoke about it with Matthew Grove, vice president of Guaranteed Lifetime Income at the mutual insurer.
Kelli Hueler, creator of the Income Solutions online income annuity sales platform, delivered an academic paper at the Pension Research Council's annual conference at the Wharton School last week, and provided insight into her "out of plan" income option for rollovers from 401(k) plans.
Guest columnist Smorenberg, chairman of the World Pension Summit, says that we should all--individuals, companies and institutions--be planning for a standard retirement age of 70.
Sun Life’s brand will be featured throughout the Courtside Club, including entry and directional signage, as well as on staff uniforms and courtside tickets and passes required for club admission.
“Although life expectancy is increasing, healthy life expectancy is flat-lining,” said Vince Smith-Hughes, a retirement expert at Prudential plc.
Brief or late-breaking items from Putnam Investments, Nationwide, Allianz Life, and the SPARK Institute.
“Separate accounts investing in bonds and foreign equities attracted $59 billion and $16 billion, respectively, in the first quarter. In contrast, $48.5 billion flowed out of U.S. equity separate accounts in that period,” said TrimTabs' Minyi Chen.
The California Senate is considering a bill that would open the state's pension to small-business employees who don't have access to an employer-sponsored plan.
On a trip out west, I tried my luck at fly-fishing (again) and watched "The Best Exotic Marigold Hotel." It's all about the retirement financing crisis, British edition.