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Policy Issues for Developing Annuities Markets

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  • Fiona Stewart
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    Abstract

    Annuities are specifically designed to cover the risk that an individual outlives their own resources by transferring such risk to an insurance undertaking. Despite an increasing need for annuity products (due to increasing longevity, decreasing state pensions, a rise in Defined Contribution pension plans etc.), these markets remains under-developed in many OECD countries. This paper attempts to address why this is the case and what policy options exist for encouraging annuity markets to develop. Politiques pour le développement du marché viager Les rentes viagères sont particulièrement adaptées afin de couvrir le risque qu’un individu survive au-delà de ses propres ressources, en transférant un tel risque à une entreprise d’assurance. Malgré la nécessité croissante de produits de rente viagère (attribuable à l’augmentation de la longévité, la réduction de la pension publique, et le succès des plans de pension à cotisations définies), ces marchés restent sous-développés dans la plupart des pays de l’OCDE. Ce document étudie les raisons qui peuvent expliquer cette situation et quelles options de politique peuvent aider à développer ce marché.

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    File URL: http://dx.doi.org/10.1787/268701821137
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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Working Papers on Insurance and Private Pensions with number 2.

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    Date of creation: Jan 2007
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    Handle: RePEc:oec:dafaab:2-en

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    Related research

    Keywords: retirement; private pensions; annuities; defined contribution plans ; annuity markets; defined benefit pension plans.; pensions de retraite; pensions privées; plans de pensions à prestation définie; rente viagère; rente; marchés de rente; plans de retraite à cotisations définies; viager;

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    Cited by:
    1. Ferro, Gustavo, 2008. "On annuities: an overview of the issues," MPRA Paper 20209, University Library of Munich, Germany, revised Oct 2009.
    2. Ferro, Gustavo, 2008. "Un impulso al mercado de rentas vitalicias en España
      [Promoting the annuities market in Spain]
      ," MPRA Paper 20211, University Library of Munich, Germany, revised Jul 2008.

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