The Australian annuity market

In Australia, a means-tested old-age public pension is paid from general tax revenues. A full pension (equivalent to roughly a quarter of the average wage) is currently paid to more than half the aged population, and a reduced pension is paid to another quarter of the aged population. About 20 percent receive no old-age public pension because of the level of their income or assets. There is also a compulsory system under which employers contribute at least 7 percent of salaries into a superannuation plan for the vast majority of employees. (This minimum rate will gradually rise to 9 percent in 2002.) More than 80 percent of superannuation benefits are received as lump sums; when public sector employees are excluded, the figure rises to almost 90 percent. The market for private life annuities with longevity insurance is very small. Greater use is made of allocated annuities, which are similar to income drawdowns in the United Kingdom or scheduled withdrawals in Latin American countries. The value of life annuities, measured by the money's worth ratio, compares favorably with that of annuities available in the United Kingdom and United States. But these ratios are calculated on the basis of conservative government bond yields. Many investors prefer allocated annuities--which are perceived to offer considerable advantages in flexibility and higher potential returns--despite the absence of longevity insurance.Insurance&Risk Mitigation,Pensions&Retirement Systems,Economic Theory&Research,Health Economics&Finance,Environmental Economics&Policies

A Qualitative Study of Supervisees’ Internal Representations of Supervisors

Eleven US-based doctoral student supervisees were interviewed regarding their internal representations (IRs) of their clinical supervisors. Data were analyzed using consensual qualitative research. In speaking about their overall IR experiences, supervisees reported that their exposure to IRs occurred at off-site practicum placements. The IRs, which were both spontaneous and intentionally invoked, usually were auditory in form, were stimulated by supervisees’ clinical work, were used to guide their clinical performance, and were considered a normal part of their development. When describing one specific IR, supervisees characterized the relationship with the supervisor as positive, and noted that supervision focused on clinical interventions. These brief and vivid IRs were auditory/verbal in form, occurred spontaneously, and consisted of the supervisor instructing or supporting the supervisee when s/he felt challenged or doubted her/himself clinically. The IRs yielded positive effects, but were usually not discussed with supervisors. Implications are addressed

Some aspects of primary productivity in an old field system near Durham

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Some implications of changing the tax basis for pension funds

Governments in many developed economies provide private pension plans with significant taxation incentives. However, as many retirement income systems are now being reviewed due to demographic, social and economic pressures, these taxation arrangements are also under scrutiny. This paper discusses some of the implications of the differences between the traditional taxation treatment adopted by most OECD nations and that adopted by Australia, where there is a tax on contributions, a tax on investment earnings and a tax on benefits. The results show that there are significant differences in the net value of the benefits received by individuals and the taxation revenue received by the government. On the other hand, it is shown that there is remarkably little to distinguish between the two tax structures in terms of summary measures of lifetime income, although the form in which the benefit is taken in retirement is significant in influencing intragenerational equity.

X-ray diffraction characterization of the quality and thermal stability of II-VI semiconductor superlattices

The quality and thermal stability of (1,1,1) oriented HgTe-CdTe, Hg[subscript]1 - xMn[subscript] xTe-CdTe, Hg[subscript]1 - xZn[subscript] xTe-CdTe, and Hg[subscript]1 - xCd[subscript] xTe-CdTe superlattices (SLs) and (0,0,1) oriented CdTe-ZnTe SLs, grown by molecular beam epitaxy, are investigated using x-ray diffraction. Two significant research contributions are achieved in this investigation. First, SL interdiffusion is investigated using an in-situ x-ray diffraction method, which represents a fundamentally different approach compared to the quenched sample method. Second, the step model structure factor, which includes angle dependent atomic scattering factors, atom vacancies, and interface transition regions, is applied to strained layer CdTe-ZnTe SLs;Zero level precession films reveal that all SL components are epitaxially related and that twinning is prevalent in (1,1,1) HgTe-CdTe SLs. All SL periods are found to be incommensurate with the average constituent lattice. The measured periods are within one average constituent cell length of the expected values, with differences as large as three constituent cell lengths observed. Calculated Scherrer lengths indicate that approximately 3 to 40 of ~250 SL unit cells coherently diffract along the growth direction. Inhomogeneous film growth is common, with lateral period variations as large as 16% over a 9 mm distance observed. Observed trends in the satellite peak widths of CdTe-ZnTe correspond to period variations ranging from 5% to 10%. Correlating peak positions with step model information, constituent layer strains of the CdTe-ZnTe SLs, which are approximately one-fourth of the theoretically predicted values, are observed along the growth direction;The thermal stability of the Hg-based SLs is assessed from in-situ interdiffusion measurements. The interdiffusion process is nonlinear. Incorporation of either Cd or Mn into the HgTe constituent layers significantly enhance the SL thermal stability. Growth interdiffusion is observed in two thick (6.2 [mu] and 6.6 [mu]) HgTe-CdTe SLs, by probing each sample with four radiation wavelengths having penetration depths ranging from 6 to 26 microns. ftn[superscript]1DOE Report IS-T-1250. This work was performed under contract No. W-7405-Eng-82 with the U.S. Department of Energy

Correlation Between Computed Contact Parameters and Wear Patterns on a Retrieved UHMWPE Tibial Insert

Throughout the life of a total knee arthroplasty implant repeated loading causes wear on the contact surfaces. Attempts have been made in the past to predict locations of wear through computational modeling and physical testing. This study examines a method of using computer modeling techniques to describe the kinematics of an implant, and to use kinematic data in finding areas of contact and internal shear stress that correlate to observed wear damage. A retrieved cruciate-retaining knee implant was reverse engineered and analyzed in one cycle of simulated gait using multibody dynamics and aligned according to resulting kinematic data for finite element analysis. Results showed a correlation between the predicted areas of contact and internal shear stresses and the observed wear damage