Chapter

A short history of annuities

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print October 2008 | ISBN: 9780199216994
Published online January 2009 | e-ISBN: 9780191711978 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199216994.003.0003
A short history of annuities

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This chapter documents the historical development of annuity markets and provides examples of annuities from classical times up to the present day. It summarizes the system of pension provision in the UK, and discusses the role of annuities in the UK's pension system and the changes introduced on A-day in 2006. The chapter concludes with a discussion of recent developments in UK financial markets, including the problems of Equitable Life.

Keywords: corrodies; tontines; pension policy; A-day; secured income; unsecured income; personal pensions; Equitable Life

Chapter.  10620 words.  Illustrated.

Subjects: Pensions

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