To allow this trade, [euro]3.3 billion (annuitised
) is spent on additional transmission in the National scenario, and [euro]6.2 billion when renewables are coordinated; these figures decrease by about 10% with demand response.
Exposure to growth assets within the new accounts, once annuitised
, would be capped at 50 per cent, helping to protect both the budget and self-funded retirees.
Remainder must be annuitised
by age 75, taxed as income.
Another question is whether balances have to be annuitised
or can be withdrawn lump-sum in part or in total.
It follows that, abstracting income taxes, the domestic real wage in the micro-state is exogenously determined by the foreign real wage adjusted downwards for annuitised
Despite slight modifications in details, from 1956 the general principle of UK pension policy was that pension wealth accumulated in a personal pension should be annuitised