The Role Of Private Sector Annuities Markets In An Individual Accounts Reform Of A Public Pension Plan PDF Download
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Author | : G. A. Mackenzie |
Publisher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 2002-09 |
Genre | : Business & Economics |
ISBN | : |
Download The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan Book in PDF, ePub and Kindle
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.
Author | : George A. (Sandy) Mackenzie |
Publisher | : Cambridge University Press |
Total Pages | : 37 |
Release | : 2006-07-24 |
Genre | : Business & Economics |
ISBN | : 1139458086 |
Download Annuity Markets and Pension Reform Book in PDF, ePub and Kindle
This 2006 book treats two vital public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions. It also addresses the questions of whether annuitization or other restrictions on distributions should be mandatory, and if so, can the provision of annuities be privatized? Its analytical framework is applicable to a broad range of countries. Given the diminishing importance of public pensions around the world, the growing number of the elderly, and the increasing importance of defined contribution plans, the voluntary demand for private annuities is going to grow. It is vital that annuities be reasonably priced and that the annuity market be effectively regulated. The book investigates both issues, and proposes reforms to enhance the efficiency of the annuity market.
Author | : Alain Jousten |
Publisher | : International Monetary Fund |
Total Pages | : 42 |
Release | : 2007-02 |
Genre | : Business & Economics |
ISBN | : |
Download Public Pension Reform Book in PDF, ePub and Kindle
The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal Retirement Accounts proposal in particular. A particular emphasis is put on annuitization and risk-taking in the economy. Our discussion signals some inadequacy of the proposed measures with respect to the goals of viability of the system and individual financial security during retirement.
Author | : Stephen J. Kay |
Publisher | : Oxford University Press, USA |
Total Pages | : 446 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 0199226806 |
Download Lessons from Pension Reform in the Americas Book in PDF, ePub and Kindle
Provides an analysis of pension reform in all the major countries in the Americas, including successes and failures.
Author | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 484 |
Release | : 2008-04-15 |
Genre | : Political Science |
ISBN | : 0226241823 |
Download Privatizing Social Security Book in PDF, ePub and Kindle
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Author | : Roberto Rezende Rocha |
Publisher | : World Bank Publications |
Total Pages | : 292 |
Release | : 2007 |
Genre | : Business & Economics |
ISBN | : 082136667X |
Download Developing Annuities Markets Book in PDF, ePub and Kindle
Developing Annuities Markets: The Experience of Chile is part of a multicountry World Bank project analyzing the market for retirement products. Among countries that have reformed their pension systems since the early 1990s, the Chilean case has emerged as the most relevant for drawing policy lessons on the role of the private sector in the provision of retirement income for two reasons: the depth, sophistication, and efficiency of the country's retirement products market, and the fact that this market was successfully developed from scratch by a middle-income country. The book examines in det.
Author | : George A. Mackenzie |
Publisher | : |
Total Pages | : 248 |
Release | : 2006 |
Genre | : Electronic books |
ISBN | : 9780511317965 |
Download Annuity Markets and Pension Reform Book in PDF, ePub and Kindle
This book treats two vital but neglected public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions.
Author | : United States. General Accounting Office |
Publisher | : |
Total Pages | : 76 |
Release | : 1999 |
Genre | : Capital market |
ISBN | : |
Download Social Security Book in PDF, ePub and Kindle
Discusses individual investment accounts as a component of social security reform. Considers effect on private capital and annuities markets and national savings, potential returns and risks to individuals, and requirements for educating the public about investment choices.
Author | : Jeffrey R. Brown |
Publisher | : |
Total Pages | : 62 |
Release | : 1999 |
Genre | : Annuities |
ISBN | : |
Download The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program Book in PDF, ePub and Kindle
We explore four issues concerning annuitization options that retirees might use in the decumulation phase of an individual accounts' retirement saving system. First, we investigate the operation of both real and nominal annuity individual annuity markets in the United Kingdom. The widespread availability of real annuities in the U.K. dispels the argument that private insurance markets could not, or would not, provide real annuities to retirees. Second, we consider the current structure of two inflation-linked insurance products available in the United States, only one of which proves to be a real annuity. Third, we evaluate the potential of assets such as stocks, bonds, and bills, to provide retiree protection from inflation. Because equity real returns have been high over the last seven decades, a retiree who received income linked to equity returns would have fared very well on average. Nevertheless we cast doubt on the inflation insurance' aspect of equity, since this is mainly due to stocks' high average return, and not because stock returns move in tandem with inflation. Finally, we use a simulation model to assess potential retiree willingness to pay for real, nominal, and variable payout equity-linked annuities. For plausible degrees of risk aversion, inflation protection appears to have only modest value. People would be expected to value a variable payout equity-linked annuity more highly than a real annuity because the additional real returns associated with common stocks more than compensate for the volatility of prospective payouts. These finding are germane to concerns raised in connection with Social Security reform plans that include individual accounts.
Author | : Larry N. Willmore |
Publisher | : |
Total Pages | : 20 |
Release | : 1998 |
Genre | : Old age pensions |
ISBN | : |
Download Public Versus Private Provision of Pensions Book in PDF, ePub and Kindle