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Policy Options for the Payout Phase

  • Pablo Antolín

This paper assesses how countries‘ pension arrangements and regulation shape the appropriate structure and flexibility of retirement payout options. The paper aims at providing a guide to policy makers on how to address the diverse questions posed when designing the payout phase or promoting DC pension arrangements, as well as encouraging a market for annuities. The paper addresses questions concerning the type of retirement payout options for accumulated assets in DC plans a country should allow, which entities should provide annuities, and the type of annuity products that could be allowed. The main recommendation is for policy makers to consider mandating deferred life annuities that start paying at very old ages (e.g. at age 85) and allow for the remaining assets accumulated in DC accounts to be allocated as programmed withdrawals (preferably with flexibility to face contingencies). Options s'offrant aux pouvoirs publics pour la phase de versement des pensions Ce document examine comment les dispositions et réglementations prises par les pays en matière de pensions influent sur la structure et la flexibilité des options qui s‘offrent en phase de versement, une fois la retraite venue. Il vise à servir de guide pour les responsables publics en leur montrant comment aborder les diverses questions qui se posent au moment de fixer les modalités de la phase de versement, ou pour promouvoir des dispositifs de pension à cotisations définies, et aussi encourager un marché de rentes. Le document examine les options qui peuvent s‘envisager en phase de versement des avoirs accumulés sur les plans à cotisations définies, quelles entités devraient être habilitées à servir des rentes et le type de produits de rente qui peut être autorisé. La principale recommandation à l‘intention des responsables publics est d‘imposer des rentes viagères différées qui ne commenceront d‘être servies qu‘à un âge très avancé (par exemple à partir de 85 ans) et de prévoir que le solde des actifs accumulés sur les comptes à cotisations définies pourra être perçu sous la forme de retraits programmés (de préférence avec une marge de flexibilité pour faire face à des imprévus).

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File URL: http://dx.doi.org/10.1787/238030285260
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Paper provided by OECD Publishing in its series OECD Working Papers on Insurance and Private Pensions with number 25.

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Date of creation: Sep 2008
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Handle: RePEc:oec:dafaab:25-en
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