Anwendung des Invarianzzellenkonzepts auf Barwerte mit unterjährigen Zinsgutschriften auf laufende Rentenzahlungen

Summary

The paper investigates the connection between present values of different frequencies of the (immediate and deferred) pension payments, provided that throughout the year there is an equal distribution of the dates of the claim and of the dates of the termination of pension payments. But, in contrast to the sub-annual interest assumption of Neuburger and Heubeck, which was also used by the author in his preceding paper, there are now sub-annual interest credits on the pensions in payment. The author shows that the previously introduced principle of theinvariance cell proofs to be very useful in this new situation, too, because this principle now leads again to formulas for sub-annual pension payments which can be reduced to the corresponding formulas for annual pension payments by simply multiplying and adding certain universal and age-independent factors. Furthermore, by using the sub-annualexponential interest assumption, it is again possible to given an extension of the Neuburger theorem for the independence of the present value of some deferred titles from the frequency of pension payments.