The Market For Retirement Products In Australia PDF Download
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| Author | : Gregory Gordon Brunner |
| Publisher | : |
| Total Pages | : 52 |
| Release | : 2008 |
| Genre | : Bankruptcy and Resolution of Financial Distress |
| ISBN | : |
Download The Market For Retirement Products In Australia Book in PDF, ePub and Kindle
Abstract: Australia introduced a mandatory retirement savings scheme in 1992. This built on pre-existing voluntary occupational plans. The new scheme has been very successful in expanding coverage and mobilizing large financial savings that are equal to close to 100 percent of GDP. However, Australia does not impose restrictions on payout options. The payout phase used to be dominated by lump sum withdrawals, which accounted for 80 percent of benefit payments as recently as 2002. But pension payments increased in recent years and now represent 45 percent of total payments. The vast majority of these pension payments take the form of term annuities and allocated annuities. The latter are similar to phased withdrawals in Chile but run for fixed terms of up to 25 years rather than for lifetime terms. The demand for life annuities and lifetime phased withdrawals is very limited. The paper discusses the factors that have shaped the pattern of demand for retirement products, including the availability of the universal age pension and the effect of clawback provisions, the impact of the high level of home ownership, and the widespread preference of retiring workers for reliance on self-annuitization. The paper also reviews the prudential regulation of superannuation funds and life insurance companies.
| Author | : Gregory Gordon Brunner |
| Publisher | : |
| Total Pages | : 52 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Download The Market for Retirement Products in Australia Book in PDF, ePub and Kindle
Australia introduced a mandatory retirement savings scheme in 1992. This built on pre-existing voluntary occupational plans. The new scheme has been very successful in expanding coverage and mobilizing large financial savings that are equal to close to 100 percent of GDP. However, Australia does not impose restrictions on payout options. The payout phase used to be dominated by lump sum withdrawals, which accounted for 80 percent of benefit payments as recently as 2002. But pension payments increased in recent years and now represent 45 percent of total payments. The vast majority of these pension payments take the form of term annuities and allocated annuities. The latter are similar to phased withdrawals in Chile but run for fixed terms of up to 25 years rather than for lifetime terms. The demand for life annuities and lifetime phased withdrawals is very limited. The paper discusses the factors that have shaped the pattern of demand for retirement products, including the availability of the universal age pension and the effect of clawback provisions, the impact of the high level of home ownership, and the widespread preference of retiring workers for reliance on self-annuitization. The paper also reviews the prudential regulation of superannuation funds and life insurance companies.
| Author | : Gregory Gordon Brunner |
| Publisher | : |
| Total Pages | : |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
Download The Market for Retirement Products in Australia Book in PDF, ePub and Kindle
Australia introduced a mandatory retirement savings scheme in 1992. This built on pre-existing voluntary occupational plans. The new scheme has been very successful in expanding coverage and mobilizing large financial savings that are equal to close to 100 percent of GDP. However, Australia does not impose restrictions on payout options. The payout phase used to be dominated by lump sum withdrawals, which accounted for 80 percent of benefit payments as recently as 2002. But pension payments increased in recent years and now represent 45 percent of total payments. The vast majority of these pension payments take the form of term annuities and allocated annuities. The latter are similar to phased withdrawals in Chile but run for fixed terms of up to 25 years rather than for lifetime terms. The demand for life annuities and lifetime phased withdrawals is very limited. The paper discusses the factors that have shaped the pattern of demand for retirement products, including the availability of the universal age pension and the effect of clawback provisions, the impact of the high level of home ownership, and the widespread preference of retiring workers for reliance on self-annuitization. The paper also reviews the prudential regulation of superannuation funds and life insurance companies.
| Author | : Roberto Rezende Rocha |
| Publisher | : World Bank Publications |
| Total Pages | : 376 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 0821385747 |
Download Annuities and Other Retirement Products Book in PDF, ePub and Kindle
In the 1990s many emerging economies in Central Europe and Latin America initiated their pension reforms. While most analysis to date has focused on the accumulation phase, there are a number of lessons to be shared as countries start to prepare the retirement options for their contributors, with this book addressing these issues from a public policy perspective.
| Author | : Australia. Treasury |
| Publisher | : |
| Total Pages | : 18 |
| Release | : 2016 |
| Genre | : Old age pensions |
| ISBN | : 9781925220193 |
Download Retirement Income Streams Review Book in PDF, ePub and Kindle
This report presents the recommendations of The Treasury review into the minimum withdrawal amounts for account-based pensions and the regulatory barriers currently restricting the availability of relevant and appropriate income stream products in the Australian market. This review was part of the Government's policy during the 2013 election and involved consultations and a public discussion paper, 'Review of retirement income stream regulation'. It finds that the current annual minimum drawdown requirements are appropriate and should be maintained, but they should be reviewed every five years. There are also recommendations regarding the development of other annuity-style retirement income stream products and product rules.
| Author | : Malcolm L. Edey |
| Publisher | : |
| Total Pages | : 35 |
| Release | : 1996 |
| Genre | : Capital market |
| ISBN | : |
Download Australia's Retirement Income System Book in PDF, ePub and Kindle
Australia is in the early stages of introducing a system of self-provision for retirement through mandatory contributions to private superannuation funds. For most employees, the scheme will eventually replace, either fully or partially, the government age pension, currently relied upon by a large majority of retirees. The scheme has been implemented reasonably smoothly by building on existing financial infrastructure for voluntary superannuation. This paper summarises the historical background of mandatory superannuation in Australia, reviews its potential impact on saving and capital markets, and highlights some remaining policy issues. Perhaps the most important of these is the impact of the system on retirement decisions. A number of features of the system contribute to incentives favouring early retirement and continued reliance on the government pension. Also important is the increasing complexity of the system, a result of the layering of rule changes and grandfathering of existing rights at each stage of the process.
| Author | : John Daley |
| Publisher | : |
| Total Pages | : |
| Release | : 2018-11-06 |
| Genre | : |
| ISBN | : 9780648331179 |
Download Money in Retirement Book in PDF, ePub and Kindle
| Author | : Hazel Bateman |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 253 |
| Release | : 2007-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1847202829 |
Download Retirement Provision in Scary Markets Book in PDF, ePub and Kindle
The past few decades have witnessed a global move towards private provision for retirement through individual defined contribution pensions at the expense of publicly provided and employer-sponsored defined benefit pensions. As a consequence, workers and retirees are becoming increasingly exposed to uncertainties in financial, labour and economic markets. The contributors to this book analyse the implications for retirement income policy, workers and retirees in view of the current climate of heightened exposure to scary markets. The implications of a broad range of scary market scenarios are presented, and novel solutions prescribed. Retirement incomes across a number of countries including the US, the UK, Japan and Australia are explored, and uncertainties examined include: extreme stock price volatility; discontinuous labour market participation; and regulatory failure and macroeconomic instability. Concluding with the observation that regulatory reforms could be almost as scary as the underlying macroeconomic conditions, this book will prove a fascinating read for scholars, researchers, practitioners and policymakers with an interest in pensions and pension policy, financial economics and public sector economics.
| Author | : Collectif |
| Publisher | : OECD |
| Total Pages | : 108 |
| Release | : 2016-12-05 |
| Genre | : Business & Economics |
| ISBN | : 9264267794 |
Download Life Annuity Products and Their Guarantees Book in PDF, ePub and Kindle
This publication helps policy makers to better understand annuity products and the guarantees they provide in order to optimise the role that these products can play in financing retirement. Product design is a crucial factor in the potential role of annuity products within the pension system, along with the cost and demand for these products, and the resulting risks that are borne by the annuity providers. Increasingly complex products, however, pose additional challenges concerning consumer protection. Consumers need to be aware of their options and have access to unbiased and comprehensible advice and information about these products.
| Author | : Gregg McClymont |
| Publisher | : Rowman & Littlefield |
| Total Pages | : 85 |
| Release | : 2016-02-17 |
| Genre | : Political Science |
| ISBN | : 1783487496 |
Download Towards a New Pensions Settlement Book in PDF, ePub and Kindle
This volume presents the recent experiences of pension reform in seven countries: Australia, Canada, Germany, Netherlands, Poland, Sweden and the United Kingdom. Faced with common problems of ageing societies and constraints on taxation levels, all are increasingly passing responsibility for saving for retirement to citizens. However, there is enormous variety between countries in the degree to which the state intervenes to mitigate the risks which the individual can face in saving for a pension.
