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The Annuity Market in an Evolving Pension System: Lessons from Italy

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  • Giovanni Guazzarotti

    ()
    (Bank of Italy)

  • Pietro Tommasino

    ()
    (Bank of Italy)

Abstract

We describe the main characteristics of the Italian annuity market in a comparative perspective. We present for the first time a comprehensive dataset concerning annuity prices in Italy, and compute indicators of actuarial fairness (money’s worth ratios). It turns out that annuities sold in Italy are quite expensive with respect to the ones sold in other countries and to the ones offered by the public pension system. On the basis of the evidence gathered, we discuss the adequacy of current practices and regulation, and propose policies to increase efficiency and to speed-up the development of the market.

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Bibliographic Info

Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 77.

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Length: 26 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:crp:wpaper:77

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Cited by:
  1. Devis Geron, 2011. "Severance Pay or Pension Funds?," "Marco Fanno" Working Papers 0139, Dipartimento di Scienze Economiche "Marco Fanno".
  2. Giuseppe Cappelletti & Giovanni Guazzarotti & Pietro Tommasino, 2011. "What determines annuity demand at retirement?," Temi di discussione (Economic working papers) 805, Bank of Italy, Economic Research and International Relations Area.
  3. Angelo Marano & Carlo Mazzaferro & Marcello Morciano, 2012. "The strengths and failures of incentive mechanisms in notional defined contribution pension systems," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 71(1), pages 33-70, October.
  4. Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2009. "The Portfolio Effect of Pension Reforms," CEPR Discussion Papers 7380, C.E.P.R. Discussion Papers.
  5. Devis Geron, 2009. "Social Security Incidence under Uncertainty Assessing Italian Reforms," CESifo Working Paper Series 2812, CESifo Group Munich.

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