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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).

Suggested Citation

  • Pablo Antolín, 2008. "Policy Options for the Payout Phase," OECD Working Papers on Insurance and Private Pensions 25, OECD Publishing.
  • Handle: RePEc:oec:dafaab:25-en
    DOI: 10.1787/238030285260

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    Cited by:

    1. Johannes Hagen, 2015. "The determinants of annuitization: evidence from Sweden," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(4), pages 549-578, August.
    2. József Banyáry & Koppany Nagy & Ferenc Szebelédi & László Windisch & Zoltán Zubor, 2014. "Background to the pension insurance recommendation," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 9(2), pages 23-35, July.
    3. Renuka Sane & Susan Thomas, 2014. "The way forward for India's National Pension System," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2014-022, Indira Gandhi Institute of Development Research, Mumbai, India.
    4. Halimah Sani SAMBO & Shehu Jafaru SALISU, 2020. "Impact Of Life Annuity As Payment Option On Nigerian Pension Funds," Proceedings of Administration and Public Management International Conference, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 16(1), pages 103-111, October.

    More about this item


    annuities; annuity markets; annuity providers; compagnie d’assurances; deferred life annuities; insurance companies; longevity risk; lump-sums; marchés des rentes viagères; pourvoyeurs des rentes viagères; programmed withdrawal; rente viagère; rentes viagères diffères; retirement income; retrait programmé; revenu des retraites; risque de longévité; versement unique;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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