Blätter der DGVFM

, Volume 27, Issue 2, pp 365–370 | Cite as

Anwendung des Invarianzzellenkonzepts auf Barwerte mit unterjährigen Zinsgutschriften auf laufende Rentenzahlungen

  • Jürgen Fodor


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.


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  1. [1]
    Fodor, Jürgen:Beziehungen zwischen Barwerten mit jährlicher und unterjähriger Zahlungsweise: Invarianzzelle und Invarianzsatz. Blätter der Deutschen Gesellschaft für Versicherungs- und Finanzmathematik, Band XXVI, Heft 3, S. 439–459, Mai 2004Google Scholar
  2. [2]
    Neuburger, Edgar:Unabhängigkeit von Rentenanwartschaftsbarwerten von der Zahlungsweise. Blätter der deutschen Gesellschaft für Versicherungsmathematik, Band XIX, Heft 3, S. 257–267, April 1990Google Scholar
  3. [3]
    Heubeck, Klaus:Richttafeln 1998. Heubeck-Richttafeln-GmbH, Köln, 1998Google Scholar
  4. [4]
    Neuburger, Edgar:Bemerkungen zum Formelwerk der Richttafeln 1998. Blätter der Deutschen Gesellschaft für Versicherungsmathematik, Band XXIV, Heft 1, S. 111–134, April 1999Google Scholar

Copyright information

© DAV/DGVFM 2005

Authors and Affiliations

  • Jürgen Fodor
    • 1
  1. 1.Reutlingen

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