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The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan

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Author Info

  • G. A. Mackenzie

Abstract

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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/161.

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Length: 59
Date of creation: 01 Sep 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/161

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References

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  1. Jeffrey R. Brown, 2003. "Redistribution and Insurance: Mandatory Annuitization With Mortality Heterogeneity," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 70(1), pages 17-41.
  2. David Blake, 1999. "Annuity Markets: Problems and Solutions," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 24(3), pages 358-375, July.
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Cited by:
  1. Janet Kong & Manmohan Singh, 2005. "Insurance Companies in Emerging Markets," IMF Working Papers 05/88, International Monetary Fund.
  2. Ferro, Gustavo, 2008. "On annuities: an overview of the issues," MPRA Paper 20209, University Library of Munich, Germany, revised Oct 2009.
  3. Ferro, Gustavo, 2008. "Un impulso al mercado de rentas vitalicias en EspaƱa
    [Promoting the annuities market in Spain]
    ," MPRA Paper 20211, University Library of Munich, Germany, revised Jul 2008.

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