Why Adam Smith Owned an Annuity …. and Perhaps You Should Too - - Moshe A. Milevsky On The Surprising Origins Of Modern Pensions
When you think of "Scotland", what comes to mind?
Maybe you think of the rugged Highlands of the north. Maybe you think of golf courses next to serene lochs (including one with a very famous monster). Maybe you think of kilt-clad heroes like William Wallace, walking next to those serene lochs or rugged Highlands while the sound of bagpipes plays faintly in the distance.
But what about pensions?
It may not be the first thing you think of – But maybe it should be…
In the latest episode of the Research @ Schulich Podcast, we sit down with Schulich Professor Moshe A. Milevsky [AM1] (Professor of Finance and CIT Chair in Financial Services) to discuss his new book The Religious Roots of Longevity Risk Sharing: The Genesis of Annuity Funds in the Scottish Enlightenment and the Path to Modern Pension Management, which explores the Scottish (and religious) roots of modern pension planning.
Professor Milevsky argues that a diverse group of 18th century Scottish clergymen, scientists, and intellectuals (affiliated with the Presbyterian Church of Scotland) pioneered the use of several innovative methods when setting up an annuity and widow’s pension, and that this “annuity scheme” laid the foundation for today’s longevity insurance and retirement systems.
This wide-ranging (and entertaining) discussion covers topics as diverse as:
Whether you're interested in finance, history, or retirement planning, this episode is a fascinating listen.
Check it out here:
LINKS[AM2]
Moshe’s book The Religious Roots of Longevity Risk Sharing: The Genesis of Annuity Funds in the Scottish Enlightenment, and the Path to Modern Pension Management can be purchased here. [EMBED LINK: https://link.springer.com/book/10.1007/978-3-031-62403-2 [https://link.springer.com/book/10.1007/978-3-031-62403-2][AM3] ]
Works Cited in This Episode
Milevsky, M. A. (2024). The religious roots of longevity risk sharing: The genesis of annuity funds in the Scottish Enlightenment and the path to modern pension management (1st ed.). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-62403-2 [https://doi.org/10.1007/978-3-031-62403-2][AM4]
Milevsky, M. A. (2023). Adam Smith’sreversionary annuity: money’s worth, default options and auto-enrollment. Financial History Review, 30(2), 162–197. doi:10.1017/S0968565023000070
Milevsky, M. A., & Velazquez, M.(2024). Pensions and protestants: or why everything in retirement can’t be optimized. Annals of Actuarial Science, 1–20.doi:10.1017/S1748499524000290
Milevsky, M. A. (2017). Day theKing Defaulted. Palgrave Macmillan. https://link.springer.com/book/10.1007/978-3-319-59987-8#bibliographic-information [https://link.springer.com/book/10.1007/978-3-319-59987-8#bibliographic-information]
Tags
#Research #Pensions #FinancePodcast #RetirementPlanning #Annuities #Schulich#EconomicHistory #PodcastRecommendations #SchulichResearch
[AM1]Link to Moshe’s Schulich bio
https://schulich.yorku.ca/faculty/moshe-arye-milevsky/ [https://schulich.yorku.ca/faculty/moshe-arye-milevsky/]