An ageing European population and, therefore, a rising dependency ratio of retirees to the working population, strongly suggests that a pension funding gap will be a key social issue in future. Yet many older people have significant real estate assets that they could access using equity release products. They could sell their assets in exchange for lifelong or temporary monthly payments. Equity release products are relatively new to Poland, but are not yet offered by commercial banks in Czechia and Slovakia. This paper estimates the potential benefits of marriage reverse annuity, and reverse mortgage contracts, using the Svensson model function, and empirical property data from selected Czech, Slovak and Polish cities. The results are also compared to the average pension of inhabitants in the selected cities. It is shown that there is substantial scope for boosting retirement income in all the cases considered, though the precise size of the increase depends on factors such as contract buyers' age and life expectancy, the value of their assets, the payment consequences of a spouse's death, and contract suppliers' pricing policies.

中文翻译：

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捷克共和国，波兰共和国和斯洛伐克共和国的股票发行合同价值评估

欧洲人口的老龄化，以及因此退休人员与劳动人口的抚养比上升，强烈表明，养老金资金缺口将是未来的关键社会问题。然而，许多老年人拥有大量的房地产资产，可以使用股票发行产品来获得这些资产。他们可以出售资产以换取终身或每月临时付款。股票发行产品在波兰相对较新，但捷克和斯洛伐克的商业银行尚未提供。本文使用Svensson模型函数以及来自选定的捷克，斯洛伐克和波兰城市的经验属性数据，估计了婚姻反向年金和反向抵押合同的潜在收益。还将结果与选定城市居民的平均养老金进行比较。