innovative approaches to managing longevity risk in asia: lessons from the west

8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West

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8/27


4

7"5 Wchcg}cm Kwfkb Glsb}ufcw

Wf`bfdfgkb} mfddcucbgcw czfw} kgulww Kwfkb glsb}ufcw }jk} kuc k} mfddcucb} w}k`cw ld wlgfkh kbmcglblifg mctchlpicb}" ]kehc 7 pucwcb}w }jc hfdc czpcg}kbgv k} efu}j dlu ikalu Kwfkb glsb}ufcwkbm fhhsw}uk}cw fmc mftcu`cbgcw" Pjfhc Akpkb elkw}w }jc jf`jcw} hfdc czpcg}kbgv fb }jc luhm*kw chh kw fb Kwfk& f}j hfdc czpcg}kbgv k} efu}j ld :5"0 vckuw( Fbmfkw hfdc czpcg}kbgv k} efu}j kwlbhv 4="5 vckuw fb 5??35?;?" El}j Akpkb kbm Fbmfk jktc czpcufcbgcm ikwwftc fbguckwcw fb}jcfu hfdc czpcg}kbgfcw duli 45"5 vckuw fb Akpkb kbm 70"6 vckuw fb Fbmfk fb ;63?33" ]jc @)3 wc}ld glsb}ufcw hfdc czpcg}kbgv ktcuk`c fw khwl mfwphkvcm dlu ckwc ld glipkufwlb"

]jc dcikhc)ikhc `kp fb hfdc czpcg}kbgv k} efu}j jkw eccb fmcbfb` fb }jc _UG> Fbmlbcwfk> Jlb`Nlb`( Gjfbk> Akpkb> kbm cwpcgfkhhv fb Fbmfk( jfhc bkuulfb` fb }jc Ucpsehfg ld Nluck" Bl}c }jk}}jc Ucpsehfg ld Nluck

7

jkw wccb k mukik}fg fbguckwc fb hfdc czpcg}kbgv kbm k mukik}fgmcguckwc fb dcu}fhf}v uk}cw( jfgj fw pulekehv uchk}cm }l }jc ukpfm fbguckwc fb dcikhc hkelu dlugcpku}fgfpk}flb"

]kehc 71 Hfdc Czpcg}kbgv k} Efu}jKwfk

Vckuw( wchcg}cm Kwfkb glsb}ufcw( gsuucb} bsiecuw lb }lp ld ekuw

:?"? 06"6:5"0

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40"6

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33

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43

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Fbmfk Fbmlbcwfk _UG Ikhkvwfk Ucpsehfg ld

Nluck

Wfb`kpluc Jlb` Nlb`(

Gjfbk

Akpkb @3 ktcuk`c

;6:3);66? ;663)5??? 5??3)5?;? 5?;3)5?5?


Wfifhkuhv( hfdc czpcg}kbgv k} 4? fw jf`jcw} fb Akpkb *53"; vckuw& kbm hlcw} fb Fbmfk *;4"6 vckuw&fb 5??35?;? kilb` }jc ikalu Kwfkb glsb}ufcw *]kehc =&" ]jc ikhc)dcikhc `kp fb hfdcczpcg}kbgv k} 4? jkw fbguckwcm fb khh }jcwc Kwfkb glsb}ufcw"

7Gumf} Wsfwwc 5?;?"


9/27


0

]kehc =1 Hfdc Czpcg}kbgv k} 4?Wchcg}cm Kwfkb Glsb}ufcw

Vckuw( wchcg}cm Kwfkb glsb}ufcw( gsuucb} bsiecuw lb }lp ld ekuw

5="457"5

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;6"=;:"6

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Fbmfk Fbmlbcwfk Ikhkvwfk _UG Ucpsehfg ld

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Wfb`kpluc Jlb` Nlb`(

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bl czpcg} }l hftc 07 vckuw( kbm k 4?)vcku lhm Gjfbcwc pcuwlb gkb( lb ktcuk`c( czpcg} }l hftc kdsu}jcu ;6 vckuw"

7"7 ]jc Mcilùkpjfg ]ukbwf}flb

]jc Mcilùkpjfg ]ukbwf}flb ilmch=

]kehc 31 Mcilùkpjfg ]ukbwf}flb ]jcluv kbm f}w Kpphfgk}flb }l Wchcg}cm Glsb}ufcw

fw k ilmch ld plpshk}flb gjkb`c k}}ufes}cm }l Pkuucb]jlipwlb" F} ucpucwcb}w }jc }ukbwf}flb duli jf`j efu}j kbm mck}j uk}cw }l hl efu}j kbm mck}juk}cw kw k glsb}uv mctchlpw duli k puc)fbmsw}ufkh }l kb fbmsw}ufkhfqcm lbc"

W}k`cw kbm gsuucb} czkiphcw

!Uckwlbw1 fipultcicb}w fb dllm wspphv( wkbf}k}flb( }cgjblhl`v( ekwfg jckh}jgkuc kbm cmsgk}flb"

!!Uckwlbw1 glb}ukgcp}flb( fbguckwcw fb k`cw( suekbfqk}flb( ucmsg}flb fb wsewfw}cbgc kùfgsh}suc( fbguckwc fb }jc w}k}sw kbmcmsgk}flb ld licb( ucmsg}flb fb }jc tkhsc ld gjfhmucb'w lun"

Wlsugc1 Gumf} Wsfwwc> Gkhmchh 5??4"

W}k`cw ld }jc mcilùkpjfg }ukbwf}flb }jcluv kuc mcwgufecm fb ]kehc 3" Kgglumfb` }l }jfwdukiclun( Kwfkb glsb}ufcw kuc fb mfddcucb} w}k`cw ld mcilùkpjfg }ukbwf}flb" Fbmfk( Ikhkvwfk(Fbmlbcwfk kbm Tfc} Bki( }jc vlsb`cu Kwfkb glsb}ufcw( kuc fb w}k`c 5 ld dkhhfb` mck}j uk}cw( jf`j

=Ehlli( Gkbbfb`( kbm Wctfhhk 5??;"

_lwwfehc W}k`c 3Jf`j $ dhsg}sk}fb`

mck}j uk}cw Dkhhfb` mck}j uk}cw! Dkhhfb` mck}j uk}cw Hl efu}j uk}cw Tcuv hl efu}j uk}cwW}k`c ; W}k`c 5 W}k`c 7 W}k`c =

Mck}j uk}cw jf`jcu}jkb efu}j uk}cw

W}k}flbkuv plpshk}flbbsiecuw

Hku`c fbguckwc fbplpshk}flb

W}kehc plpshk}flbùl}j

W}kehc plpshk}flb Mcghfbfb` plpshk}flb,K`cfb`

Jf`j $ dhsg}sk}fbèfu}j uk}cw Jf`j efu}j uk}cw Dkhhfb` efu}j uk}cw!! Hl mck}j uk}cw

Akpkb( @cuikbvFbmfk( Fbmlbcwfk(

Ikhkvwfk( Tfc} Bki(Tcbcqschk( Iczfgl

Eukqfh( _UG(]jkfhkbm( SW( SN(

Dukbgc( Gjfhc

F}khv( Uswwfk(Ucpsehfg ld Nluck


10/27


:

efu}j uk}cw kbm fbguckwcw fb plpshk}flb" ]jc _UG fw fb w}k`c 7 ld dkhhfb` mck}j uk}cw kbm efu}juk}cw( jfhc }jc Ucpsehfg ld Nluck fw fb w}k`c = ld hl efu}j uk}cw kbm mck}j uk}cw" Akpkb fwczpcufcbgfb` k w}k`c jcuc efu}j uk}cw jktc ecglic wl hl }jk} }jcv kuc hlcu }jkb mck}j uk}cwhckmfb` }l k mcghfbfb` kbm k`cm plpshk}flb" ]jc dkg} }jk} Kwfkb glsb}ufcw kuc fb mfddcucb} w}k`cwld mcilùkpjfg }ukbwf}flb jkw hcm }l tcuv mfddcucb} pk}}cubw ld plpshk}flb ùl}j( k`c w}usg}suckbm hfdc czpcg}kbgv fb }jcwc glsb}ufcw"

7"= K`fb` Kwfk

_lpshk}flb k`fb` jkw eccb k wf`bfdfgkb} fwwsc dlu Akpkb( f}j f}w hl dcu}fhf}v uk}c( jf`j hfdcczpcg}kbgv kbm fbguckwfb`hv jf`j wjkuc ld }jc chmcuhv" Akpkbw lhm)k`c mcpcbmcbgv uk}fl *}jcbsiecu ld pclphc k`cm 43. pcu ;?? pclphc k`cm ;34= vckuw& fbguckwcm duli ;7"= *;6:?& }l73"3 *5?;?& kbm fw czpcg}cm }l uckgj =:"5 *5?5?&( kw wjlb fb ]kehc 4" Jf`j lhm k`cmcpcbmcbgv uk}flw kuc k ikalu dkg}lu gkswfb` dfwgkh wsw}kfbkefhf}v pucwwsucw fb lhmcu Csulpckbglsb}ufcw kbm fb Akpkb msc }l tcuv dkw} ùlfb` pcbwflb czpcbmf}suc" K dc l}jcu Kwfkbglsb}ufcw( }jc Ucpsehfg ld Nluck( Wfb`kpluc kbm }jc _UG( kuc khwl czpcufcbgfb` k dkw} pkgc ldk`fb` ucdhcg}cm fb ufwfb` lhm k`c mcpcbmcbgv uk}flw" ]jc lhm k`c mcpcbmcbgv uk}fl ld }jc

Ucpsehfg ld Nluck ulwc k} }jc jf`jcw} uk}c kd}cu Akpkb( duli 4"5 fb ;6:? }l ;3"= fb 5?;?"

Ev glb}ukw}( glsb}ufcw wsgj kw Ikhkvwfk( Fbmfk( Fbmlbcwfk kbm Tfc} Bki kuc uchk}ftchv vlsb` f}jhlcu es} ufwfb` lhm k`c mcpcbmcbgv uk}flw *]kehc 0&" Khh }jcwc glsb}ufcw jktc kb lhm k`cmcpcbmcbgv uk}fl hlcu }jkb }jk} ld Kwfk kw k jlhc *6"6 fb 5?;?&" Ikhkvwfk jkw }jc hlcw} lhmk`c mcpcbmcbgv uk}fl ld 0"= fb 5?;?"

Kw Kwfk k`cw( f}w lhmcw})lhm plpshk}flb fw czpcg}cm }l ùl ukpfmhv" ]jc plpshk}flb k`cm :?. fwpulacg}cm }l fbguckwc duli =0"5 ifhhflb *=3# ld luhm }l}kh& fb 5?;? }l 46"0 ifhhflb *=6# ld luhm}l}kh& fb 5?5?" Sbwsupufwfb`hv( }jcuc kuc iluc licb }jkb icb kilb` }jfw ùlsp *;"3 licbpcu ikb&( kw licb `cbcukhhv hftc hlb`cu" Pf}jfb Kwfk( Akpkb jkw }jc jf`jcw} pulplu}flb ld f}wplpshk}flb fb }jc :?. k`c ùlsp( jfgj ùc duli 5"7# fb ;66? }l 4"7# fb 5?;?( kbm fw czpcg}cm }luckgj 6"5# ev 5?5?" ]jc pulplu}flb ld }jc lhmcw})lhm fw khwl ùlfb` ukpfmhv fb Jlb` Nlb`( Gjfbk>Wfb`kpluc> kbm }jc Ucpsehfg ld Nluck" Gsuucb}hv( Fbmfk( Fbmlbcwfk( kbm Ikhkvwfk jktc hcww }jkb ;#ld }jcfu plpshk}flb fb }jc :?. k`c ùlsp"

]kehc 41 Lhm)k`c Mcpcbmcbgv Uk}fl1 lhmcuKwfkb glsb}ufcw

]kehc 01 Lhm)k`c Mcpcbmcbgv Uk}fl1 vlsb`cuKwfkb glsb}ufcw

_clphc k`cm 43. pcu ;?? pclphc k`cm ;34= _clphc k`cm 43. pcu ;?? pclphc k`cm ;34=

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KWFK

Wlsugc1 SB _lpshk}flb Mftfwflb *Pluhm _lpshk}flb _ulwpcg}w( 5?;?Uctfwflb&> Gumf} Wsfwwc"

Wlsugc1 SB _lpshk}flb Mftfwflb *Pluhm _lpshk}flb _ulwpcg}w( 5?;?Uctfwflb&> Gumf} Wsfwwc"


11/27


6

Hlb`ctf}v ufwn fw pku}fgshkuhv uchctkb} dlu }jc lhmcw})lhm" Mk}k duli }jc SW wjlw }jk} kbbskh jckh}jczpcbmf}suc dlu }jc :3. k`c `ulsp fw isgj jf`jcu }jkb }jk} dlu }jc 430= k`c gljlu}" Ckgjkmmf}flbkh vcku hftcm ecvlbm :3 hckmw }l k mfwpulplu}flbk}c fbguckwc fb jckh}j kbm hlb`)}cui gkucczpcbmf}suc uchk}ftc }l }jlwc dlu }jc 430= plpshk}flb"

=" DKG]LUW FBDHSCBGFB@ HLB@CTF]VCglblifg jfw}lufkb kbm Blech hksuck}c Ulecu} Dl`ch3

*f"& }jc Gftfh Pku gljlu} elub ec}ccb ;:7:;:=3" ]jcv jkm wjlu} hftcw f}j gliilbmfwkefhf}fcw k} vlsb` k`cw( cuc pulbc }l ikhbs}uf}flb kbm czplwcm }l wctcuc mfwckwcw>

w}smfcm mctchlpicb}w fb }jc ucikunkehcpjvwflhl`v ld k`fb` ltcu }jc hfdc)gvghcw ld }jucc gljlu}w1

*ff"& }jc Pluhm Pku FF gljlu} elub ec}ccb ;65? kbm ;67?" Dc ld }jci mfcm fb fbdkbgv kbmilw} hftcm pkw} k`c 4? f}jls} wctcuc gjulbfg mfwckwcw> kbm

*fff"& }jc gljlu} elub ec}ccb ;6:? kbm ;66?" ]jcv jktc k 3?)3? gjkbgc ld hftfb` }l k`c ;??"

Jc dlsbm }jk} }jc ktcuk`c k`c k} lbwc} ld mfwkefhf}fcw jkw glb}fbscm }l ufwc( wl iciecuw ld hk}cu

gljlu}w gkb czpcg} }l ucikfb jckh}jv }l kb lhmcu k`c"Jc}cul`cbcf}v ld hlb`ctf}v bl} lbhv czfw}w ec}ccb mfddcucb} gljlu}w( es} khwl f}jfb }jc wkicgljlu}" Wlgfl)cglblifg w}k}sw *cmsgk}flb( lggspk}flb( kbm fbglic hctch&( `cbmcu( ikuf}khw}k}sw( bs}uf}flb( hftfb` cbtfulbicb} *ghfik}c( plhhs}flb( wkbf}k}flb( kbm plpshk}flb mcbwf}v&( mfc}(hfdcw}vhc kbm pjvwflhl`fgkh dkg}luw gkb khh hckm }l mfddcucbgcw fb fbmftfmskh hfdc czpcg}kbgv" Dluczkiphc( kmlp}fb` k jckh}jv hfdc w}vhc ckuhv gkb jchp }l puctcb} lu plw}plbc mfwkefhf}v fb lhmcuk`c" K Bk}flbkh @cl`ukpjfgwpcgfkh dck}sucm gcb}cbkufkbw fb Lnfbkk kbm Wkumfbfk" ]jcv cucgjkukg}cufqcm kw jktfb` `llm bs}uf}flb( }knfb` wsddfgfcb} czcugfwc( jktfb` fb}cucw}w( blb)wilnfb`(kbm ecfb` pku} ld k wlgfkh bc}lun" K Gucmf} Wsfwwc ucwckugj ucplu} lb `hlekh lecwf}v dlsbm }jk}}jc pllucw} ehkgn w}k}cw fb }jc SW jkm }jc jf`jcw} lecwf}v uk}cw kbm( ev cz}cbwflb( }jcv khwljkm kilb` }jc hlcw} hfdc czpcg}kbgfcw ld khh mctchlpcm glsb}ufcw"

="; Ilu}khf}v Uk}c kbm Gkswcw ld Mck}j

]jc k`c)w}kbmkumfqcm ilu}khf}v uk}cw ev gkswc *]kehc :& uciltc }jc cddcg} ld tkufk}flb fb k`cw}usg}suc" ]jc pllucu jckh}j glbmf}flbw fb Fbmfk kbm Fbmlbcwfk kuc ucdhcg}cm fb }jcfu jf`jcu }l}khilu}khf}v uk}cw( kels} }jucc }ficw }jk} ld Akpkb"

3Dl`ch 5??3"


12/27


;?

]kehc :1 K`c)w}kbmkumfqcm Ilu}khf}v Uk}c ev Gkswc

Mck}jw pcu ;??(??? plpshk}flb( 5??:

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_UG Ik hkvw fk Tfc} Bki Fbmlbcw fk Fbm fk

Fbasufcw

Blbgliisbfgkehc

Gliisbfgkehc

Wlsugc1 Pluhm Jckh}j Lu`kbfqk}flb *PJL& @hlekh Jckh}j Lewcutk}luv Mk}kekwc"

Gliisbfgkehc mfwckwcw wsgj kw }secugshlwfw kbm ucwpfuk}luv mfwckwcw kuc kb fiplu}kb} gkswcld mck}j fb vlsb`cu kbm hcww mctchlpcm Kwfkb glsb}ufcw wsgj kw Fbmfk( Fbmlbcwfk( Tfc} Bki( kbmIkhkvwfk" Dsu}jcu fipultcicb}w fb jckh}j kbm wkbf}k}flb gkb puctcb} mck}jw msc }l fbdcg}flswmfwckwcw cwpcgfkhhv kilb` vlsb` pclphc kbm }jcucev dsu}jcu pulhlb` hfdc wpkbw fb }jcwcglsb}ufcw" Fb }jc lhmcu kbm ec}}cu mctchlpcm glsb}ufcw wsgj kw Akpkb( }jc Ucpsehfg ld Nluck(kbm Wfb`kpluc( kmtkbgcw fb }jc }uck}icb} ld gjulbfg mfwckwcw gkb phkv k ikalu ulhc fb ucmsgfb`ilu}khf}v"

="5 Mfwckwcw dlu }jc Lhm

Kgglumfb` }l }jc PJLw @hlekh Esumcb ld Mfwckwcw( }jc }lp gkswcw ld mck}j kilb` }jc chmcuhvkuc tcuv wfifhku kgulww }jc Kwfkb glsb}ufcw" Gcuceultkwgshku mfwckwc( gjulbfg lew}usg}ftcpshilbkuv mfwckwc( fwgjcifg jcku} mfwckwc( }ukgjck( eulbgjsw( hsb` gkbgcuw( w}likgj gkbgcu(jvpcu}cbwftc jcku} mfwckwc( hftcu gkbgcu( hlcu ucwpfuk}luv fbdcg}flbw( }secugshlwfw( mfkec}cwichhf}sw( bcpjuf}fw kbm bcpjulwfw( kbm glhlb kbm ucg}si gkbgcuw kuc kilb` }jc }lp nfhhcuw dlu}jlwc k`cm 4? kbm keltc" Gkswcw ld mck}j dlu }jfw k`c `ulsp fb Kwfk kuc khwl wfifhku }l }jlwc fbcw}cub mctchlpcm glsb}ufcw( czgcp} }jk} Khqjcficuw kbm l}jcu mcicb}fkw( pulw}k}c gkbgcu kbmeuckw} gkbgcu gkswc iluc mck}jw kilb` }jc lhm fb mctchlpcm glsb}ufcw"

="7 Jckh}j Czpcbmf}sucw fb Wchcg}cm Glsb}ufcw]l wlic cz}cb}( hlcu hctchw ld pcu gkpf}k jckh}j czpcbmf}suc fb Fbmfk kbm Fbmlbcwfk czphkfbhlcu hfdc czpcg}kbgv fb }jlwc glsb}ufcw" ]jc pcu gkpf}k jckh}j czpcbmf}suc fb }jcwc }lglsb}ufcw fw lbhv lbc }jfum ld }jc gluucwplbmfb` hctch fb }jc _UG *]kehc 6&( k glsb}uv }jk}uchk}ftchv sbmcuwpcbmw lb jckh}j gkuc" Akpkb jkw hlcu pcu gkpf}k jckh}j czpcbmf}suc }jkb khh}jc l}jcu dftc ikalu mctchlpcm glsb}ufcw F jktc czkifbcm es} hlb`cu hfdc czpcg}kbgv( ws``cw}fb`}jc cddfgfcbgv ld f}w jckh}j gkuc wvw}ci" ]jc SW jkw k mfwpulplu}flbk}chv jf`j czpcbmf}suc hctchlb jckh}j gkuc fb uchk}flb }l }jc jckh}j ls}glicw ld f}w plpshk}flb( kbm }jsw f} fw bl} k `llm


13/27


;;

czkiphc dlu cddfgfcb} jckh}j gkuc }jk} if`j} ec cishk}cm ev Kwfkb glsb}ufcw" ]jc ikaluf}v ld }jcjckh}j czpcbmf}suc fb Wfb`kpluc( Fbmfk( Ikhkvwfk( kbm }jc _UG fw elubc puftk}chv" ]jc Akpkbcwc`ltcubicb} wpcbmw }jc jf`jcw} wjkuc ld `ulww mlicw}fg pulmsg} *@M_& lb jckh}j kilb` }jcwchcg}cm Kwfkb glsb}ufcw( jfhc `ltcubicb}w fb Fbmfk kbm Fbmlbcwfk wpcbm }jc hlcw} wjkuc*]kehc ;?&"

]kehc 61 Jckh}j Czpcbmf}suc pcu Gkpf}k ]kehc ;?1 _sehfg kbm _uftk}c Jckh}jCzpcbmf}suc

SW-( 5??6 # ld @M_( 5??6

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Wlsugc1 PJL @hlekh Jckh}j Lewcutk}luvMk}kekwc"

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14/27


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4Ell}j kbm ]fgnhc 5??:"


15/27


;7

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16/27


;=

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17/27


;3

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18/27


;4

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]jc dfuw} k}}cip} k} hlb`ctf}v elbm fwwskbgc kw sbwsggcwwdsh" Fb 5??3( }jc CsulpckbFbtcw}icb} Ekbn fwwscm k @E_3=? ifhhflb hlb`ctf}v elbm" ]jc mckh kw w}usg}sucm ev EB__kufekw kbm uc)fbwsucm ev _ku}bcu Uc" ]jc glsplbw cuc hfbncm }l }jc wsutftluwjfp ld k gljlu}ld ikhcw k`cm 43 fb 5??7 fb Cb`hkbm kbm Pkhcw kbm wjlshm jktc eccb ld ùck} fb}cucw} }l SNpcbwflb wgjcicw kbm hfdc fbwsucuw" Jlctcu( f} dkfhcm }l k}}ukg} wsddfgfcb} mcikbm kbm kwf}jmukb" ]jc dkfhsuc jkw eccb k}}ufes}cm }l hkgn ld sbmcuw}kbmfb` ld hlb`ctf}v ufwn kbm }jc

pulmsg}w s}fhf}v kilb` pcbwflb dsbmw kw chh kw pulehciw f}j }jc mcwf`b ld }jc fwwsc( c}g"

"

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Wlsugc1 }jc EHLLIECU@ _ULDCWWFLBKH wcutfgc( glipkbv cewf}cw"


19/27


;0

4"7 Mc)ufwnfb` ME

]jc ME hc`kgv jkw gkp}sucm }jc k}}cb}flb kbm cddlu}w ld pcbwflb phkb wplbwluw kw }jcv jktcuckhfqcm }jc kilsb} ld ufwn }jcv jktc }kncb lb1 hlb`ctf}v ufwn ecfb` }jc ncv es} bl} }jc lbhv ufwn"]jc ufwnw }jk} pcbwflb wgjcicw kuc czplwcm }l kuc1

Ikunc} ufwn1 sbgcu}kfb kwwc} uc}subw( fb}cucw} uk}c( fbdhk}flb ufwn> Mcilùkpjfg ufwn1 hlb`ctf}v ufwn kbm ufwnw kwwlgfk}cm f}j iciecu gjlfgc"

Hlb`ctf}v kddcg}w }jc hfkefhf}fcw ld ME pcbwflb phkbw }juls`j }jcfu hfdc}fic kbbsf}v pkvicb}w( kwsbczpcg}cm fbguckwcw fb ilu}khf}v kbm hfdc czpcg}kbgv fbguckwc }jc hcb`}j ld }jc pkvicb}pcuflm" Ucgcb} gkpf}kh ikunc} mctchlpicb}w jktc lddcucm k dc wlhs}flbw dlu ME phkbw }l ldd)hlkm }jcwc ufwnw( fbghsmfb` pcbwflb esv)ls}w( pcbwflb esv)fbw kbm hlb`ctf}v jcm`cw

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uc}subw" Jcbgc esvls}w }ukbwdcu khh mcilùkpjfg kbm ikunc} ufwnw" ]jc fbwsukbgc plhfgfcw kucuf}}cb fb }jc bkicw ld fbmftfmskh iciecuw( jl }jcb ecglic gliphc}chv mfwglbbcg}cm }l }jcwgjcic kbm ucgcftc pkvicb}w duli }jc fbwsucu" K pcbwflb esv)ls} bl} lbhv khhlw }jc wgjcic}l `c} ufm ld hlb`ctf}v ufwn( es} khwl }jc ufwn ld sbgcu}kfb kwwc} uc}subw kbm fbdhk}flb" Jlctcu(iciecuw fhh ec czplwcm }l glsb}cupku}v ufwn duli }jc fbwsucu" _cbwflb esv)ls}w gkb ec dshhv lupku}fkhhv w}usg}sucm( gltcufb` khh lu k wchcg}cm ùlsp ld iciecuw" Dshh esvls}w kuc swskhhvdlhhlcm ev }jc fbm sp ld }jc pcbwflb wgjcic" _cbwflb esv)ls}w kuc uchk}ftchv wikhh fb }jcgsuucb} w}k}c ld }jc fbwsukbgc ikunc} kbm kuc iluc k}}ukg}ftc }l wikhhcu phkbw hllnfb` }lchfifbk}c l}jcufwc mfwpulplu}flbkhhv jf`j usbbfb` glw}w"

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_cbwflb esv)fbw kuc kb fbtcw}icb} dlu pcbwflb wgjcicw kbm kuc wfifhku }l pcbwflb esv)ls}w(khhlfb` }jc pcbwflb phkb }l }ukbwdcu hlb`ctf}v ufwn( fbdhk}flb ufwn( kbm }jc ufwn ld sbgcu}kfb kwwc}uc}sub" ]jc ncv mfddcucbgc ec}ccb pcbwflb esv)ls}w kbm pcbwflb esv)fbw fw }jk}( fb k pcbwflbesv)fb( }jc fbwsukbgc plhfgv fw uf}}cb fb }jc bkic ld }jc pcbwflb }usw}cc kbm }jc hfkefhf}fcwucikfb fb }jc pcbwflb wgjcic" Hfkefhf}fcw kuc fbwsucm es} }jc pcbwflb phkb fw w}fhh mfucg}hv hfkehc }lf}w iciecuw" Kwwc}w kuc }ukbwdcuucm duli }jc pcbwflb phkb }l }jc fbwsucu es} kuc bluikhhv swcmkw glhhk}cukh k`kfbw} }jc fbwsukbgc plhfgv }l ucmsgc glsb}cupku}v ufwn" Wcc ]kehc ;7 dlu kglipkufwlb ld }jc w}usg}sucw ld esv)ls}w kbm esv)fbw"

Esv)fb kbm esv)ls} tlhsicw fb 5??6 cuc @E_7"0 efhhflb( hlcu }jkb fb 5??: *@E_0"6 efhhflb&"]jc dfbkbgfkh gufwfw ikv jktc hcm }l ucmsgcm mcikbm duli pcbwflb wgjcicw dlu esv)fbw kbmesv)ls}w kw chh kw ucmsgcm gkpkgf}v duli fbwsucuw"

;3Hkbc( Ghkun $ _ckglgn 5?;?"


20/27


;:

]kehc ;71 _cbwflb Esv)ls}w kbm Esv)fbw

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sbgcu}kfb kwwc} uc}subw

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jcm`c lbhv khhlw }jc pcbwflb phkb }l }ukbwdcu hlb`ctf}v ufwn( jfhc l}jcu wlsugcw ld ufwn ucikfbkbm kuc ikbk`cm wcpkuk}chv" ]jcuc kuc bl }ukbwdcu ld kwwc}w( khhlfb` }jc phkb wplbwlu }luc}kfb fbtcw}icb} glb}ulh kbm czplwsuc }l kwwc} uc}subw" Fb k hlb`ctf}v jcm`c ufwnw kuc jcm`cmf}j kb fbtcw}icb} ekbn lu k *uc& fbwsucu"

Hlb`ctf}v jcm`cw kuc }l }vpcw1 k ecwplnc hlb`ctf}v jcm`c jfgj }ukbwdcuw }jc hlb`ctf}v ufwnld iciecuw gltcucm( kbm kb fbmcz)ekwcm jcm`c ld k``uc`k}c hlb`ctf}v ufwn" Fb k ecwplncjcm`c( }jc hc` ld dhlk}fb` pkvicb}w fw hfbncm }l }jc kg}skh hfdc}ficw ld }jc wpcgfdfg iciecuwgltcucm( kbm }jsw khhlw }jc phkb wplbwlu }l dshhv mfwplwc ld hlb`ctf}v ufwn" Jlctcu( ecwplncjcm`cw kuc lbhv tfkehc dlu uchk}ftchv hku`c wgjcicw( kw k hku`c `ulsp ld iciecuw fw bccmcm }lcddfgfcb}hv pufgc }jc jcm`c" Kb fbmcz)ekwcm jcm`c( lb }jc l}jcu jkbm( pultfmcw pul}cg}flbk`kfbw} sbczpcg}cm fbguckwcw fb hlb`ctf}v ld k `cbcukh plpshk}flb( kbm }jc wgjcic fw hcd}jlhmfb` }jc wpcgfdfg hlb`ctf}v ufwn ld f}w iciecuw" ]jc kmtkb}k`cw ld fbmcz)ekwc jcm`cw kuc

}jk} }jcv kuc ktkfhkehc uc`kumhcww ld wgjcic wfqc( kuc ckwv }l pufgc( jktc w}kbmkumfqcmgjkukg}cufw}fgw kbm gkb ec }ukmcm ec}ccb fbw}f}s}flbw fd k wcglbmkuv ikunc} cuc }l ecmctchlpcm" K @E_7 efhhflb hlb`ctf}v wkp ev EIPw SN pcbwflb wgjcic f}j Keecv Hfdc }llnphkgc fb Dceuskuv 5?;?1 }jc hku`cw} hlb`ctf}v }ukmc }l mk}c"

{)dlukumw kuc fbw}usicb}w fb}ulmsgcm ev A_ Ilu`kb( jfgj kuc ekwcm lb kb fbmcz jfgj mukwsplb cf}jcu mck}j pulekefhf}v lu wsutftlu uk}cw" Fb }jfw glb}ukg}( }jc {)dlukum wchhcu *f"c"( }jcpcbwflb dsbm& fhh ec pkfm ev }jc glsb}cupku} ld }jc dlukum fd ilu}khf}v dkhhw ev iluc }jkbczpcg}cm" F} fw cwwcb}fkhhv k wfb`hc)pcuflm hlb`ctf}v wkp"


21/27


;6

F pultfmc k tcuv eufcd wsiikuv;4

Kmtkb}k`cw kbm mukekgnw

ld wlic ld }jc pulw kbm glbw ld }jcwc mc)ufwnfb` wlhs}flbw kbmjl }jcv if`j} gjkb`c f}j }jc kmtcb} ld Wlhtcbgv FF ekwcm uc`shk}flb"

Kmtkb}k`cw Mukekgnw

Esv)ls}w Kgjfctcw dshh mc)ufwnfb`"

Duli }jc wgjcicw pcuwpcg}ftc( }jc dkg} }jk}}jc gucmf} ufwn ld mcdksh} ld fbwsucu hfcw f}j }jc

iciecu kbm bl} }jc wgjcic fw kb kmtkb}k`c"

Uc{sfucw kggcp}kbgc ld }jc kuukb`cicb} evkddcg}cm phkb iciecuw kbm pcbwflb dsbm }l ec

dshhv dsbmcm lb k esv)ls} ekwfw"

Uc{sfucw }l pkww kgulww lbcuwjfp ld f}wkwwc}w }jsw ds}suc spwfmc pl}cb}fkh fw hlw}"

Esv)fbw ]ukbwdcu ikunc} kbm hlb`ctf}v ufwnw" Fbgliphc}c mc)ufwnfb`" Lehf`k}flbw ld }jcfbwsucu kuc }vpfgkhhv bl} glhhk}cukhfqcm kbm k

ik}cufkh gucmf} czplwsuc kufwcw"

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;4

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}ukbwkg}flbw"

;0Hkbc( Ghkun $ _ckglgn 5?;?"


22/27


5?

4"3 Kwwc})Hfkefhf}v Ikbk`cicb}

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23/27


5;

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24/27


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25/27


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26/27


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27/27


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innovative approaches to managing longevity risk in asia: lessons from the west

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