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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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This paper examines the policy issues, constraints and options facing policymakers in promoting the development of sound markets for retirement products. It discusses the various risks faced by pensioners and the risk characteristics of alternative retirement products and also reviews the risks faced by providers of retirement products and the management and regulatory challenges of dealing with these risks. The paper focuses on policies that could be adopted by developing and transitioning countries where financial and insurance markets are not well developed. It argues for promoting an adequate level of annuitization but avoiding excessive annuitization. It also argues for favoring combinations of payout options, covering different products at a particular point in time as well as different payout options over time. The paper also discusses the choice between centralized and decentralized markets and highlights the basic elements of an effective regulation of risk management.

Bequest --- Bequests --- Capital Markets Development --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial Institutions --- Global Capital --- Global Capital Markets --- Indexed bonds --- Inflation --- Insurance --- Insurance & Risk Mitigation --- Insurance markets --- International Bank --- Investing --- Liquidity --- Liquidity risks --- Non Bank Financial Institutions --- Pension --- Pension reforms --- Pension Systems --- Pensions & Retirement Systems --- Private Sector Development --- Risk management --- Risk sharing --- Social Protections and Labor --- Variable Annuities

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Developing Annuities Markets: The Experience of Chile is part of a multicounty World Bank project analyzing the market for retirement products. Among countries that have reformed their pension systems since the early 1990's, 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

Money market. Capital market --- Social security law --- Chile --- Annuities --- Investments --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Pensions

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The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement.

Brokers --- Capital Markets Development --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial Institutions --- Financial Markets --- Global Capital --- Global Capital Markets --- Inflation --- Insurance --- Insurance & Risk Mitigation --- Insurance Companies --- Insurance Premiums --- International Bank --- Non Bank Financial Institutions --- Pension --- Pension reform --- Pension reforms --- Pension System --- Pension systems --- Pensions --- Pensions & Retirement Systems --- Private Sector Development --- Prudential regulation --- Risk Management --- Risk sharing --- Social Protections and Labor

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• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement.

Brokers --- Capital Markets Development --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial Institutions --- Financial Markets --- Global Capital --- Global Capital Markets --- Inflation --- Insurance --- Insurance & Risk Mitigation --- Insurance Companies --- Insurance Premiums --- International Bank --- Non Bank Financial Institutions --- Pension --- Pension reform --- Pension reforms --- Pension System --- Pension systems --- Pensions --- Pensions & Retirement Systems --- Private Sector Development --- Prudential regulation --- Risk Management --- Risk sharing --- Social Protections and Labor