The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan

September 1, 2002

Preview Citation

Format: Chicago

George A Mackenzie. The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan, (USA: International Monetary Fund, 2002) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Expenditure, Financial institutions, Insurance, Insurance companies, Labor, National accounts, Pension spending, Pensions, Personal income

Keywords: Annuities market, Annuity markets, Annuity payment, Deferred annuity, Indexed annuity, Individual accounts, Insurance, Insurance companies, Life insurance company, Pension spending, Pensions, Personal income, Private sector, Public pension reform, Replacement ratio, South America, WP

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2002/161
Stock No:

WPIEA1612002
ISBN:

9781451857825
ISSN:

1018-5941

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