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The Payout Stage in Chile: Who Annuitizes and Why?

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Author Info

  • Estelle James
  • Guillermo Martinez
  • Augusto Iglesias

    ()
    (Studies Division, Chilean Pension Supervisor)

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    Abstract

    El año 1981 Chile adoptó su nuevo sistema de pensiones caracterizado por la existencia de cuentas de ahorro individual. En 1983 el nuevo sistema comenzó a pagar pensiones, existiendo un conjunto de reglas muy detalladas que se aplican al cálculo y procedimientos de contratación de los beneficios. En consecuencia, el sistema chileno nos ofrece una oportunidad para examinar cómo los pensionados y los proveedores de pensiones reaccionan cuando un sistema de capitalización individual reemplaza a un sistema de beneficios definidos, y cómo las regulaciones influyen sobre estos comportamientos..

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    File URL: http://www.spensiones.cl/redirect/files/doctrab/DT00014.pdf
    File Function: Revised version, 2007
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    Bibliographic Info

    Paper provided by Superintendencia de Pensiones in its series Working Papers with number 14.

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    Date of creation: Dec 2005
    Date of revision: May 2007
    Handle: RePEc:sdp:sdpwps:14

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    Web page: http://www.spensiones.cl/
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    Related research

    Keywords: Pension system; program withdrawal; annuities;

    References

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    1. Alberto Arenas de Mesa & Jere Behrman & David Bravo, 2001. "Characteristics of and determinants of the density of contributions in a Private Social Security System," Working Papers wp077, University of Michigan, Michigan Retirement Research Center.
    2. Valdes-Prieto, Salvador, 1998. "Risks in pensions and annuities : efficient designs," Social Protection Discussion Papers 20847, The World Bank.
    3. David McCarthy & Olivia S. Mitchell, 2003. "International Adverse Selection in Life Insurance and Annuities," NBER Working Papers 9975, National Bureau of Economic Research, Inc.
    4. Dus, Ivica & Maurer, Raimond H. & Mitchell, Olivia S., 2004. "Betting on death and capital markets in retirement: A shortfall risk analysis of life annuities versus phased withdrawal plans," CFS Working Paper Series 2004/01, Center for Financial Studies (CFS).
    5. Saul Pleeter & John T. Warner, 2001. "The Personal Discount Rate: Evidence from Military Downsizing Programs," American Economic Review, American Economic Association, vol. 91(1), pages 33-53, March.
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