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Regulation of withdrawals in Individual Account Systems

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  • Jan Walliser

Abstract

Funded mandatory pension systems based on individual accounts are spreading around the world. With the maturation of these systems, regulating the withdrawal of retirement savings will become increasingly important. Government regulation of withdrawals should mandate the purchase of inflation-indexed life annuities exceeding income available from government welfare programs for the retiree and potential survivors. Proper functioning of insurance markets does not, however, require annuitizing the entire account balance. Instead, more flexibility for the choice of withdrawals could be permitted for any remaining funds, helping to tailor income streams to individual needs and living arrangements.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/153.

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Length: 24
Date of creation: 01 Nov 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/153

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Cited by:
  1. Alexis Direr, 2007. "Flexible Life Annuities," CESifo Working Paper Series 2125, CESifo Group Munich.
  2. Umaima Arif, 2010. "Pension System Reforms for Pakistan: Current Situation and Future Prospects," PIDE Monograph Series 2010:1, Pakistan Institute of Development Economics.
  3. repec:pid:wpaper:2010:1 is not listed on IDEAS
  4. Jeffrey R. Brown & Mark J. Warshawsky, 2001. "Longevity-Insured Retirement Distributions from Pension Plans: Market and Regulatory Issues," NBER Working Papers 8064, National Bureau of Economic Research, Inc.
  5. World Bank, 2004. "Kazakhstan - The New Pensions in Kazakhstan : Challenges in Making the Transition," World Bank Other Operational Studies 14362, The World Bank.

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