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Regulation of Withdrawals in Individual Account Systems

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  • Jan Walliser

Abstract

Funded mandatory pension systems based on individual accounts are spreading around the world. With the maturation of these systems, regulating the withdrawal of retirement savings will become increasingly important. Government regulation of withdrawals should mandate the purchase of inflation-indexed life annuities exceeding income available from government welfare programs for the retiree and potential survivors. Proper functioning of insurance markets does not, however, require annuitizing the entire account balance. Instead, more flexibility for the choice of withdrawals could be permitted for any remaining funds, helping to tailor income streams to individual needs and living arrangements.

Suggested Citation

  • Jan Walliser, 1999. "Regulation of Withdrawals in Individual Account Systems," IMF Working Papers 99/153, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:99/153
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    Cited by:

    1. Jeffrey R. Brown & Mark J. Warshawsky, 2001. "Longevity-Insured Retirement Distributions from Pension Plans: Market and Regulatory Issues," NBER Working Papers 8064, National Bureau of Economic Research, Inc.
    2. World Bank, 2004. "Kazakhstan - The New Pensions in Kazakhstan : Challenges in Making the Transition," World Bank Other Operational Studies 14362, The World Bank.
    3. repec:pid:wpaper:2010:1 is not listed on IDEAS
    4. Alexis Direr, 2010. "Flexible Life Annuities," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 12(1), pages 43-55, February.
    5. Umaima Arif, 2010. "Pension System Reforms for Pakistan: Current Situation and Future Prospects," PIDE Monograph Series 2010:1, Pakistan Institute of Development Economics.

    More about this item

    Keywords

    Pensions; annuity; pension reform; individual accounts; retirement; pension; adverse selection; retirement income; annuities markets;

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