Search results for "Pension"

Static output-feedback controller design for vehicle suspensions: an effective two-step computational approach

2014

In this study, a novel two-step methodology is applied in designing static output-feedback controllers for a class of vehicle suspension systems. Following this approach, an effective synthesis of static output-feedback controllers can be carried out by solving two consecutive linear matrix inequality optimisation problems. To illustrate the main features of the proposed design strategy, two different static output-feedback H 8 controllers are designed for a quarter-car suspension system. The first of those controllers uses the suspension deflection and the sprung mass velocity as feedback information, whereas the second one only requires the sprung mass velocity to compute the control acti…

Static output-feedback control for vehicle suspensions: a single-step linear matrix inequality approach

2013

In this paper, a new strategy to design static output-feedback controllers for a class of vehicle suspension systems is presented. A theoretical background on recent advances in output-feedback control is first provided, which makes possible an effective synthesis of static output-feedback controllers by solving a single linear matrix inequality optimization problem. Next, a simplified model of a quarter-car suspension system is proposed, taking the ride comfort, suspension stroke, road holding ability, and control effort as the main performance criteria in the vehicle suspension design. The new approach is then used to design a static output-feedbackH∞controller that only uses the suspensi…

Palermo, tra vuoti istituzionali e pressioni politiche

2011

Osteoporosis: Economic Burden of Disease in Italy.

2020

Background and Objective: Today, osteoporosis is the most common bone disease and an important public health problem in all developed countries. The objective of this study was to estimate the costs associated with the management and treatment of osteoporosis in order to assess the economic burden in Italy for 2017, in terms of direct medical costs and social security costs. Methods: A cost of illness model was developed to estimate the average cost per year sustained by the NHS (National Health Service) and Social Security System in Italy. A systematic literature review was performed to obtain epidemiological, direct and indirect costs parameters where available. Hospitalisation costs were…

Sustainability of Public Pension Systems

2020

The aim of this chapter is to review the main instruments and indicators used to measure the sustainability of PAYG pension systems. It will distinguish between defined contribution and defined benefit systems, due to the various implications that each of them has. It will also be necessary to review the different types of sustainability instruments, for example, those based on cash criteria, financial criteria set by the economic cycle and actuarial criteria. For the actuarial criteria, we will review the criteria of the internal rate of return (IRR) and the actuarial balance. Subsequently, we will review which countries publish official pension system sustainability data and what kind of …

A "Swedish" actuarial balance sheet for a notional defined contribution pension scheme with disability and retirement benefits

2016

This paper proposes a “Swedish” type actuarial balance sheet for a notional defined contribution scheme embedding disability insurance within the retirement pension system. The underlying framework supporting the actuarial balance relies on a multistate overlapping generations model that includes the so-called survivor dividend and a minimum pension benefit for both contingencies. The proposed ABS splits the system into two parts: the actuarial part (pure NDC) and the redistributive part, which includes the assets and liabilities originating from non-contributory rights. The paper also contains a numerical example that sheds light on the real applicability of our proposal and confirms that …

The Fair Premium of an Equity—Linked Life and Pension Insurance

2002

An equity linked life and pension insurance contract consists of an nonlinear combination of a life and pension insurance with an investment strategy. In addition to the guaranteed payments the insured receives a bonus depending on the value of an investment strategy. The additional payment is similar to an Asian type option. Since the insurance contract combines mortality and financial risks in a nonlinear way, the value or premium of the contract must reflect these uncertainties. Within this context a premium sequence is called fair if the accumulated expected discounted premium is equal to the accumulated expected discounted payments of the contract. This paper shows the existence of a f…

How Do Unisex Life Care Annuities Embedded in a Pay-As-You-Go Retirement System Affect Gender Redistribution?

2017

This paper deals with the idea of converting retirement benefit into a life care annuity with graded benefits using a pre-existing public pay-as-you-go pension scheme. Based on accurate biometric data from Australia and the US, the paper shows that using gender-neutral annuity factors to compute the initial benefit involves a large increase in ex-ante gender redistribution compared to a system without long-term coverage. In spite of the very different biometric data, the results are surprisingly similar for both countries. To disentangle the hidden redistribution, a methodology based on conversion (actuarial) factors is used. The value of the actuarial factor relies on a multistate framewor…

Individual information for pension contributors: Recommendations for Spain based on international experience

2012

The aim of this article is to establish basic guidelines to support the possible design of an information letter to be sent to individuals who contribute to the Spanish state pension system, should a decision ever be taken to adopt such an instrument. Basing our work on international experience and published research in the field, we look into the concept of “individual pension information” and identify its most relevant features. We then give detailed descriptions of two models for the provision of individual pension information (the United States and Sweden), looking in particular at how these are structured, what aspects could be improved and their limitations. Finally, we offer recommen…

Designing Guarantee Options in Defined Contribution Pension Plans

2015

The shift from defined benefit (DB) to defined contribution (DC) is pervasive among pension funds, due to demographic changes and macroeconomic pressures. In DB all risks are borne by the provider, while in plain vanilla DC all risks are borne by the beneficiary. For DC to provide income security some kind of guarantee is required. A minimum guarantee clause can be modeled as a put option written on some underlying reference portfolio of assets and we develop a discrete model that optimally selects the reference portfolio to minimise the cost of a guarantee. While the relation DB-DC is typically viewed as a binary one, the model can be used to price a wide range of guarantees creating a con…