In this paper, we present a European call option on pension annuity, which gives the holder of the contract the opportunity to buy a pension annuity benefit for a given (strike) price at age of retirement or any other age.

• 本文引入一种基于退休年金的欧式看涨期权 ；它赋予合约持有者在退休年龄或其它年龄以某一约定的价格 (执行价格 )购买一份退休年金受益的机会 .