The global reforms to public pension schemes over the last thirty years have progressively reduced individuals’ post-retirement social security income. In order to compensate for this, individuals join pension funds and individual plans to increase their wealth at retirement. These types of fully funded plans generally give individuals the opportunity to withdraw the capital accumulated into their scheme or to convert it into an annuity. In this paper, we analyse individuals’ post-retirement choices to allocate the wealth at retirement between consumption, risk-free investments and a life annuity. We develop a discrete time optimisation model, in a deterministic framework, with a constant relative risk aversion (CRRA) utility function. We study the effect of a bequest motive and the annuity rate used by the insurer on the optimal choice. Several numerical applications are presented to illustrate the optimal annuitisation decision results and the optimal consumption paths.

过去三十年来，全球对公共养老金计划的改革逐渐减少了个人退休后的社会保障收入。为了弥补这一点，个人加入了养老基金，并制定了退休时增加财富的计划。这些类型的资金充足的计划通常为个人提供了将积累的资金提取到其计划中或将其转换为年金的机会。在本文中，我们分析了个人退休后的选择，以将退休时的财富分配在消费，无风险投资和终身年金之间。我们在确定性框架内开发了具有恒定相对风险规避（CRRA）效用函数的离散时间优化模型。我们研究了遗赠动机的影响以及保险公司在最优选择上使用的年金率。