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The Actuary The magazine of the Institute & Faculty of Actuaries

High accolade for thesis on annuity product design

Picture L-R Professor Steve Thomas,  Professor Marianne Lewis, Anran Chen,  Professor Steve Haberman, Dr Andreas Tsanakas

Anran Chen, a third year PhD actuarial science student at Cass Business School, has been awarded the 2017 Dimitris N Chorafas Foundation Award for her thesis: ‘The Impact of Behavioural Factors in Annuitisation Decisions and Decumulation Strategies’.

The award offers a prize of $5,000 that rewards scientific contributions made independently by junior scientists in their last year of PhD thesis preparation. Prizes are awarded annually by the Swiss-based Chorafas Foundation with the goal of stimulating promising young researchers.

Anran completed her PhD in 2017. Her thesis investigates annuity product design in the UK and other countries, and proposes the use of deferred annuity products to optimise consumption in the post-retirement period.

Chorafas Foundation awards are granted directly to prize-winners selected by partner universities in Europe, North America, the Middle East and Asia. They are given to the best doctorate students as chosen by each partner university and confirmed by the Board of the Foundation. The prize is awarded for clarity of work, originality and efficiency of proposed numerical techniques, the ability to find solutions to previously reported limitations in relevant literature, and practical applicability.

The Dimitris N Chorafas Foundation was established in March 1992. It is a collaboration with the Swiss Academy of Engineering Sciences, the Swiss Academy of Humanities and Social Sciences, the Swiss Academy of Medical Sciences, and the Swiss Academy of Natural Sciences.

The foundation is dedicated to rewarding outstanding performance and helping individuals complete higher degrees and significant research projects. It aims to encourage significant future contributions to science and technology.