In his new book, Mr. Milevsky traces attempts to pool longevity risk back to the Scottish Presbyterians
Philosopher and economist Adam Smith, whose statue is near St. Giles Cathedral in Edinburgh, Scotland, participated in an early group longevity pool.The Religious Roots of Longevity Sharing: The Genesis of Annuity Funds in the Scottish Enlightenment and the Path to Modern Pension Management,
Today, the evidence suggests many consumers, and especially employees, stick to the recommended “default” option for their savings and pensions without considering if the choice makes sense for their circumstances.Stand-alone pension annuities have been offered for millennia, but in 1745, the Scottish Presbyterian Church made the first successful attempt to pool them together and thus hedge longevity risk.
There was the shared outlook that everyone in the longevity risk pool was in this together. They knew and understood that in risk pools, some win and some lose. They all accepted it because they felt a sense of kinship with each other, a sense of camaraderie. The religious church structure generated that affinity.
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