The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan
Pension reforms that establish individual accounts will diminish the relative importance of the traditional state pension while creating a significant role for individual accounts in providing income for retirement. This paper surveys the policy issues this new role entails. It offers general advice to countries considering such issues as the restrictions to be placed on the timing, extent, and form of withdrawals from individual accounts and the need for mandatory annuitization (conversion into annuities) of accumulated account balances. The paper also considers the role that private annuity markets should play and related regulatory, social safety net, tax, and administrative questions.
|Date of creation:||01 Sep 2002|
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- Jeffrey R. Brown, 2003.
"Redistribution and Insurance: Mandatory Annuitization With Mortality Heterogeneity,"
Journal of Risk & Insurance,
The American Risk and Insurance Association, vol. 70(1), pages 17-41.
- Jeffrey R. Brown, 2002. "Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity," NBER Working Papers 9256, National Bureau of Economic Research, Inc.
- David Blake, 1999. "Annuity Markets: Problems and Solutions," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 24(3), pages 358-375, July. Full references (including those not matched with items on IDEAS)
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