Advanced Search
MyIDEAS: Login to save this paper or follow this series

Risks in pensions and annuities : efficient designs

Contents:

Author Info

  • Valdes-Prieto, Salvador

Abstract

This paper considers alternatives to disperse the accumulated pension rights during the liquidation phase or retirement. First, the paper classifies the risks that affect pensioners, discusses the defined benefit and defined contribution options, and classifies pension contracts according to thetype of risk they transfer to worker. It considers fixed annuities, variable annuities, CREF annuities, and programmed withdrawal. This part is a description of the production function for pensions and annuities. Second, the paper offers a discussion of the restrictions that should be imposed by mandatory pension systems on the menu of pension contracts. One section discusses whether lump sum withdrawals should be allowed and the other discusses if there should be a mandate to annuitize wealth. The argument that the annuitization should be mandated to prevent adverse selection is rejected on the basis of Chilean evidence.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2000/09/15/000094946_00090605390783/Rendered/PDF/multi_page.pdf
Download Restriction: no

Bibliographic Info

Paper provided by The World Bank in its series Social Protection Discussion Papers with number 20847.

as in new window
Length:
Date of creation: 28 Feb 1998
Date of revision:
Handle: RePEc:wbk:hdnspu:20847

Contact details of provider:
Postal: 1818 H Street, N.W., Washington, DC 20433
Phone: (202) 477-1234
Email:
Web page: http://www.worldbank.org/
More information through EDIRC

Related research

Keywords: Insurance&Risk Mitigation; Banks&Banking Reform; Environmental Economics&Policies; Pensions&Retirement Systems; Financial Intermediation;

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Alier, Max & Vittas, Dimitri, 2000. "Personal pension plans and stock market volatility," Policy Research Working Paper Series, The World Bank 2463, The World Bank.
  2. Vittas, Dimitri, 2011. "The mechanics and regulation of variable payout annuities," Policy Research Working Paper Series, The World Bank 5762, The World Bank.
  3. Diamond, Peter, 2002. "Public Finance Theory - Then and Now," Journal of Public Economics, Elsevier, Elsevier, vol. 86(3), pages 311-317, December.
  4. James, Estelle & Vittas, Dimitri, 2000. "Annuity markets in comparative perspective : do consumers get their money's wotrth?," Policy Research Working Paper Series, The World Bank 2493, The World Bank.
  5. Estelle James & Guillermo Martinez & Augusto Iglesias, 2005. "The Payout Stage in Chile: Who Annuitizes and Why?," Working Papers, Superintendencia de Pensiones 14, Superintendencia de Pensiones, revised May 2007.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wbk:hdnspu:20847. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Raiden C. Dillard).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.