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Forms of Benefit Payment at Retirement

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Author Info
Pablo Antolín
Colin Pugh
Fiona Stewart

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Abstract

This paper focuses on describing the international practice on the various forms of retirement benefit payment currently allowed in countries throughout the world and the regulatory environment surrounding these different forms of benefit payment. The analysis suggests considerable variance between countries. Some countries only allow one form of retirement payment, while others allow several forms or even a combination of them. Examining country practices as regard the providers of benefit payments, suggest that lump-sums and programmed withdrawals are generally provided by pension funds; while, as regard life annuities, providers varied from insurance companies, to pension funds, financial intermediaries and a centralised annuity fund. The paper ends by examining the role of taxation where a choice between different types of benefit payments is allowed. Tax provision plays a key direct or indirect role in influencing payout options. Cross country evidence is varied but suggests that there is often an unequal tax treatment of the various forms of retirement payout options.

Les différentes formes de prestations de retraite
Pour l‘essentiel, ce document décrit les pratiques internationales en vigueur concernant les formes de prestations de retraite actuellement autorisées dans le monde, ainsi que les dispositifs réglementaires qui les régissent. Cette analyse fait ressortir de profondes disparités entre les pays. Certains n‘autorisent en effet qu‘un seul type de prestations, alors que dans d‘autres, plusieurs formules peuvent être envisagées, voir associées. S‘agissant des prestataires, l‘examen des pratiques nationales tend à montrer que les sorties en capital et les retraits programmés sont généralement proposés par des fonds de pension, alors que les rentes viagères sont servies par des compagnies d‘assurance, des fonds de pension, des intermédiaires financiers ou une caisse de retraite centralisée. Ce document s‘achève sur une analyse du rôle joué par la fiscalité lorsque plusieurs types de prestations sont possibles. Les dispositions fiscales exercent alors directement ou indirectement une influence décisive sur le choix des modes de sortie. Les données comparatives concernant les différents pays sont hétérogènes, mais laissent supposer que les divers modes de sortie sont rarement soumis au même régime fiscal.

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File URL: http://dx.doi.org/10.1787/238013082545
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Publisher Info
Paper provided by OECD, Directorate for Financial and Enterprise Affairs in its series OECD Working Papers on Insurance and Private Pensions with number 26.

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Date of creation: Sep 2008
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Handle: RePEc:oec:dafaab:26-en

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Related research
Keywords: benefit payments at retirement; centralized annuity fund; financial intermediaries; insurance companies; life annuities; lump-sums; pension fund; programmed withdrawal; regulatory environment; taxation; caisse de retraite centralisée; compagnie d’assurances; dispositif réglementaire; fiscalité; fonds de pension; intermédiaires financiers; prestations de retraite; rente viagère; retrait programmé; sorties en capital;

Find related papers by JEL classification:
D14 - Microeconomics - - Household Behavior - - - Personal Finance
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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