Designing the payout Phase of pension systems : policy issues, constraints and options
AbstractThis paper examines the policy issues, constraints and options facing policymakers in promoting the development of sound markets for retirement products. It discusses the various risks faced by pensioners and the risk characteristics of alternative retirement products and also reviews the risks faced by providers of retirement products and the management and regulatory challenges of dealing with these risks. The paper focuses on policies that could be adopted by developing and transitioning countries where financial and insurance markets are not well developed. It argues for promoting an adequate level of annuitization but avoiding excessive annuitization. It also argues for favoring combinations of payout options, covering different products at a particular point in time as well as different payout options over time. The paper also discusses the choice between centralized and decentralized markets and highlights the basic elements of an effective regulation of risk management.
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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 5289.
Date of creation: 01 May 2010
Date of revision:
Debt Markets; Pensions&Retirement Systems; Insurance&Risk Mitigation; Non Bank Financial Institutions; Emerging Markets;
This paper has been announced in the following NEP Reports:
- NEP-AGE-2010-05-22 (Economics of Ageing)
- NEP-ALL-2010-05-22 (All new papers)
- NEP-RMG-2010-05-22 (Risk Management)
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- Chao Qiao & Michael Sherris, 2011. "Managing Systematic Mortality Risk with Group Self Pooling and Annuitisation Schemes," Working Papers, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales 201104, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
- Katja Hanewald & John Piggott & Michael Sherris, 2011.
"Individual Post-Retirement Longevity Risk Management Under Systematic Mortality Risk,"
Working Papers, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales
201113, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
- Hanewald, Katja & Piggott, John & Sherris, Michael, 2013. "Individual post-retirement longevity risk management under systematic mortality risk," Insurance: Mathematics and Economics, Elsevier, vol. 52(1), pages 87-97.
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