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The Role Of Private Sector Annuities Markets In An Individual Accounts Reform Of A Public Pension Plan
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Book Synopsis The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan by : G. A. Mackenzie
Download or read book The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan written by G. A. Mackenzie and published by International Monetary Fund. This book was released on 2002-09 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Annuity Markets and Pension Reform by : George A. (Sandy) Mackenzie
Download or read book Annuity Markets and Pension Reform written by George A. (Sandy) Mackenzie and published by Cambridge University Press. This book was released on 2006-07-24 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Social Security Reform by : United States. General Accounting Office
Download or read book Social Security Reform written by United States. General Accounting Office and published by . This book was released on 1999 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Pension Reform by : Alain Jousten
Download or read book Public Pension Reform written by Alain Jousten and published by International Monetary Fund. This book was released on 2007-02 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Lessons from Pension Reform in the Americas by : Stephen J. Kay
Download or read book Lessons from Pension Reform in the Americas written by Stephen J. Kay and published by Oxford University Press, USA. This book was released on 2008 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an analysis of pension reform in all the major countries in the Americas, including successes and failures.
Book Synopsis Annuity Markets and Pension Reform by : George A. Mackenzie
Download or read book Annuity Markets and Pension Reform written by George A. Mackenzie and published by . This book was released on 2006 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Social Security by : United States. General Accounting Office
Download or read book Social Security written by United States. General Accounting Office and published by . This book was released on 1999 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program by : Jeffrey R. Brown
Download or read book The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program written by Jeffrey R. Brown and published by . This book was released on 1999 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Public Versus Private Provision of Pensions by : Larry N. Willmore
Download or read book Public Versus Private Provision of Pensions written by Larry N. Willmore and published by . This book was released on 1998 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter by : Gregorio Impavido
Download or read book How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter written by Gregorio Impavido and published by International Monetary Fund. This book was released on 2009-07 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending's import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves to offset the real appreciation would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness resulting from "Dutch Disease" effects could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.
Book Synopsis Individual Accounts for Social Security Reform by : John A. Turner
Download or read book Individual Accounts for Social Security Reform written by John A. Turner and published by W.E. Upjohn Institute. This book was released on 2006 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the current state of workers' freedom to form unions and bargain collectively and looks at the obstacles facing America's workers who seek to organize into unions in the 21st century.
Book Synopsis Privatizing Social Security by : Martin Feldstein
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Social Security by : Tamara E. Cross
Download or read book Social Security written by Tamara E. Cross and published by DIANE Publishing. This book was released on 2000-07 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Social Security program faces a financing challenge primarily due to the aging of the U.S. population. Proposals have been advanced by various groups calling for individual accounts as a component of Social Security reform. To better understand the potential implications of individual accounts, this report provides information on how such accounts could affect private capital & annuities markets as well as national savings, & determines the potential risk & returns to individuals under such a program. It also determines the disclosure & educational efforts needed to inform the public about individual accounts. Charts & tables.
Author :Organisation for Economic Co-operation and Development. Private Pensions and Insurance Unit Publisher :OECD Publishing ISBN 13 : Total Pages :284 pages Book Rating :4.F/5 ( download)
Book Synopsis Private Pensions Systems by : Organisation for Economic Co-operation and Development. Private Pensions and Insurance Unit
Download or read book Private Pensions Systems written by Organisation for Economic Co-operation and Development. Private Pensions and Insurance Unit and published by OECD Publishing. This book was released on 2001 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a description of private pension systems in selected OECD countries as well as information on administrative costs and related policy issues.
Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura
Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Book Synopsis The Role of Annuity Markets in Financing Retirement by : Jeffrey R. Brown
Download or read book The Role of Annuity Markets in Financing Retirement written by Jeffrey R. Brown and published by MIT Press. This book was released on 2001-11-09 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annuity insurance products help protect retirees against outliving their incomes. Dramatic advances in life expectancy mean that today's retirees must plan on living into their eighties, their nineties, and even beyond. Longer life expectancies are the symbol of a prosperous society, but this progress also means that some retirees will need to plan conservatively and cut back substantially on their living standards or risk living so long that they exhaust their resources. This book examines the role that life annuities can play in helping people protect themselves against such outcomes. A life annuity is an insurance product that pays out a periodic amount for as long as the annuitant is alive, in exchange for a premium. The book begins with a history of life annuity markets during the twentieth century in the United States and elsewhere. It then explores recent trends in annuity pricing and money's worth, as well as the economic value generated for purchasers of these products. The book explains the potential importance of inflation-protected annuities and stock-market-linked variable annuities in providing more complete retirement security. The concluding chapters examine life annuities in various institutional settings and the tax treatment of annuity products.
Book Synopsis The Challenge of Public Pension Reform in Advanced and Emerging Economies by : Mr.Benedict J. Clements
Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
