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Mortality drag
Mortality drag is a term used, in reference to lifetime annuities, to describe a negative impact that is experienced when an annuity purchase is delayed on a fund from which regular withdrawals are being taken by an individual. It is the increasing risk of falling annuity rates, and grows exponentially as an individual continues to defer an annuity purchase. In practical terms it represents the extra investment return a customer has to achieve to justify not annuitising a pension fund.
==How a lifetime annuity works==
In simple terms, a lump sum is given to an insurance company that agrees to pay a regular payment over the expected lifetime of an individual. This payment may be based on interest rates or returns on investments, and will take into consideration costs (and profits). It may be helpful to think of it as a loan in reverse, from the perspective of the individual purchasing the annuity. Those who live longer than the mean lifespan of an annuity population are effectively subsidised by those who die earlier and the insurance company usually assumes the risk of making this work based on actuarial assumptions. This is known as a "cross subsidy". An individual may therefore suffer a "mortality loss" or "mortality gain" based on when they actually die. This is a risk they take on board in exchange for a guaranteed income for the rest of their (uncertain) lives.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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