Download or read book Annuity Markets and Pension Reform written by George A. (Sandy) Mackenzie and published by Cambridge University Press. This book was released on 2006-07-24 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2006 book treats two vital public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions. It also addresses the questions of whether annuitization or other restrictions on distributions should be mandatory, and if so, can the provision of annuities be privatized? Its analytical framework is applicable to a broad range of countries. Given the diminishing importance of public pensions around the world, the growing number of the elderly, and the increasing importance of defined contribution plans, the voluntary demand for private annuities is going to grow. It is vital that annuities be reasonably priced and that the annuity market be effectively regulated. The book investigates both issues, and proposes reforms to enhance the efficiency of the annuity market.
Download or read book Annuity Markets and Pension Reform written by George A. Mackenzie and published by . This book was released on 2006 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book treats two vital but neglected public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions.
Download or read book The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan written by G. A. Mackenzie and published by International Monetary Fund. This book was released on 2002-09 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reforms that establish individual accounts will diminish the relative importance of the traditional state pension while creating a significant role for individual accounts in providing income for retirement. This paper surveys the policy issues this new role entails. It offers general advice to countries considering such issues as the restrictions to be placed on the timing, extent, and form of withdrawals from individual accounts and the need for mandatory annuitization (conversion into annuities) of accumulated account balances. The paper also considers the role that private annuity markets should play and related regulatory, social safety net, tax, and administrative questions.
Download or read book Developing Annuities Markets written by Roberto Rezende Rocha and published by World Bank Publications. This book was released on 2007 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing Annuities Markets: The Experience of Chile is part of a multicountry World Bank project analyzing the market for retirement products. Among countries that have reformed their pension systems since the early 1990s, the Chilean case has emerged as the most relevant for drawing policy lessons on the role of the private sector in the provision of retirement income for two reasons: the depth, sophistication, and efficiency of the country's retirement products market, and the fact that this market was successfully developed from scratch by a middle-income country. The book examines in det.
Download or read book The Mexican Pension Annuity Market written by Gregorio Impavido and published by World Bank Publications. This book was released on 2007 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the performance and development of the Mexican pension annuity market established as a consequence of the 1997 pension reform. The Mexican experience displays interesting characteristics providing lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy concerns that need addressing as they could hamper, in the future, the healthy development of the market. The paper concludes that: 1) general life insurance companies may better hedge longevity risk than specialized annuity companies; 2) competition should be based on prices rather than additional products; 3) better disclosure of options under the 1973 and 1997 social security laws should be given to disability and life annuitants; and 4) various measures should be taken to improve asset liability management including allowing companies to trade over the counter derivatives and substituting over time the regulatory asset liability management framework with an economic asset liability management framework.
Download or read book Annuity Markets written by Edmund Stuart Cannon and published by Oxford University Press, USA. This book was released on 2008 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Governments around the world are responding to this impending crisis by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. These savings need to be converted into a pension at retirement, and annuities provide this function. This book is a comprehensive study of annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK which has the largest annuity market in the world. It examines how annuities are priced, and describes the techniques of mortality measurement. As a background, it provides a history of annuities, and the experience of annuity markets in a number of other countries. The book outlines the economic theory behind annuities, and explains how annuities insure consumers against longevity risks. It goes on to describes how annuities markets function: how they work, and whether they are efficient, leading onto a discussion of the annuity puzzle. The book concludes by discussing the regulatory framework, assets available to back annuity liabilities, and recent developments in annuity markets.
Download or read book A Summary and Update of Developing Annuities Markets written by Roberto Rocha and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Annuities and Other Retirement Products written by Roberto Rezende Rocha and published by World Bank Publications. This book was released on 2011 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s many emerging economies in Central Europe and Latin America initiated their pension reforms. While most analysis to date has focused on the accumulation phase, there are a number of lessons to be shared as countries start to prepare the retirement options for their contributors, with this book addressing these issues from a public policy perspective.
Download or read book Lessons from Pension Reform in the Americas written by Stephen J. Kay and published by Oxford University Press, USA. This book was released on 2008 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an analysis of pension reform in all the major countries in the Americas, including successes and failures.
Download or read book The Role of Annuity Markets in Financing Retirement written by Jeffrey R. Brown and published by MIT Press. This book was released on 2001-11-09 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annuity insurance products help protect retirees against outliving their incomes. Dramatic advances in life expectancy mean that today's retirees must plan on living into their eighties, their nineties, and even beyond. Longer life expectancies are the symbol of a prosperous society, but this progress also means that some retirees will need to plan conservatively and cut back substantially on their living standards or risk living so long that they exhaust their resources. This book examines the role that life annuities can play in helping people protect themselves against such outcomes. A life annuity is an insurance product that pays out a periodic amount for as long as the annuitant is alive, in exchange for a premium. The book begins with a history of life annuity markets during the twentieth century in the United States and elsewhere. It then explores recent trends in annuity pricing and money's worth, as well as the economic value generated for purchasers of these products. The book explains the potential importance of inflation-protected annuities and stock-market-linked variable annuities in providing more complete retirement security. The concluding chapters examine life annuities in various institutional settings and the tax treatment of annuity products.
Download or read book A Quarter Century of Pension Reform in Latin America and the Caribbean written by Carolin A. Crabbe and published by IDB. This book was released on 2005 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Summary and Update of Developing Annuities Markets written by Roberto de Rezende Rocha and published by . This book was released on 2017 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement.
Download or read book Ageing Financial Markets and Monetary Policy written by Alan J. Auerbach and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book gives an overview of the implications of population ageing on economic development and financial systems. It describes several challenges which the ageing process poses for central banks, giving special consideration to the situation in Europe. The first two chapters discuss the relationship between ageing and saving and between ageing and international capital flows. Other chapters consider the possible implications for financial markets. The final part raises issues which are of particular relevance for central banks, namely ageing and financial stability and how ageing will affect monetary policy.
Download or read book Reforming Pensions written by Nicholas Barr and published by Oxford University Press. This book was released on 2009-11-30 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.
Download or read book The Decline of the Traditional Pension written by G. A. (Sandy) Mackenzie and published by Cambridge University Press. This book was released on 2010-06-21 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The traditional (final or average salary) pension that employers have provided their employees has suffered a huge decline in labor force coverage in the United Kingdom and the United States, and less severe declines in Canada and elsewhere. The traditional pension provides a precious measure of retirement security by paying retirees an annuity for life. This study compares developments in the countries just named and in Australia, Denmark, Germany, Japan, Netherlands, Sweden, and Switzerland to explain the forces behind the decline of the traditional pension and to contrast the experience of public sector employer-provided plans, where it remains dominant. Given the great value of the longevity insurance that the traditional plan provides, and the risks its diminished coverage entails, the book proposes a set of measures that either stem the decline or endow defined contribution pensions with some of the attributes of the traditional plan.
Download or read book Securing Lifelong Retirement Income written by Noriyuki Takayama and published by OUP Oxford. This book was released on 2011-05-26 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: As it becomes increasingly important to evaluate the risks and opportunities presented by an aging population, this book discusses products that manage longevity risk, the structure and safety of these products, and how policy can stimulate and strengthen them, within both emerging and older economies.
Download or read book Workable Pension Systems written by P. Desmond Brunton and published by IDB. This book was released on 2005 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Based primarily on papers delivered at Pension Reform in English-Speaking Caribbean Countries : an International Symposium and Policy Seminar, which was held June 4-6, 2003, at the Caribbean Development Bank's Conference Centre in Wildey, St. Michael, Barbados"--Acknowledgments.
