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Policy Issues for Developing Annuities Markets

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  • Fiona Stewart

Abstract

Annuities are specifically designed to cover the risk that an individual outlives their own resources by transferring such risk to an insurance undertaking. Despite an increasing need for annuity products (due to increasing longevity, decreasing state pensions, a rise in Defined Contribution pension plans etc.), these markets remains under-developed in many OECD countries. This paper attempts to address why this is the case and what policy options exist for encouraging annuity markets to develop. Politiques pour le développement du marché viager Les rentes viagères sont particulièrement adaptées afin de couvrir le risque qu’un individu survive au-delà de ses propres ressources, en transférant un tel risque à une entreprise d’assurance. Malgré la nécessité croissante de produits de rente viagère (attribuable à l’augmentation de la longévité, la réduction de la pension publique, et le succès des plans de pension à cotisations définies), ces marchés restent sous-développés dans la plupart des pays de l’OCDE. Ce document étudie les raisons qui peuvent expliquer cette situation et quelles options de politique peuvent aider à développer ce marché.

Suggested Citation

  • Fiona Stewart, 2007. "Policy Issues for Developing Annuities Markets," OECD Working Papers on Insurance and Private Pensions 2, OECD Publishing.
  • Handle: RePEc:oec:dafaab:2-en
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    File URL: http://dx.doi.org/10.1787/268701821137
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    Citations

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    Cited by:

    1. World Bank, 2014. "Poland : Saving for Growth and Prosperous Aging," World Bank Other Operational Studies 20441, The World Bank.
    2. Ferro, Gustavo, 2008. "Un impulso al mercado de rentas vitalicias en España
      [Promoting the annuities market in Spain]
      ," MPRA Paper 20211, University Library of Munich, Germany, revised Jul 2008.
    3. Ferro, Gustavo, 2008. "On annuities: an overview of the issues," MPRA Paper 20209, University Library of Munich, Germany, revised Oct 2009.

    More about this item

    Keywords

    annuities; annuity markets; defined benefit pension plans.; defined contribution plans; marchés de rente; pensions de retraite; pensions privées; plans de pensions à prestation définie; plans de retraite à cotisations définies; private pensions; rente; rente viagère; retirement; viager;

    JEL classification:

    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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