The Payout Phase of Pension Systems : A Comparison of Five Countries

This paper provides a comparative summary of the payout phase of pension systems in five countries -- Australia, Chile, Denmark, Sweden, and Switzerland. All five countries have large pension systems with mandatory or quasi-mandatory retirement sav...

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Bibliographic Details
Main Authors:	Rocha, Roberto, Vittas, Dimitri, Rudolph, Heinz P.
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCESS TO FUNDS ACCOUNT HOLDER ACCUMULATED SAVINGS ADVERSE SELECTION ANNUITY ANNUITY CONVERSION ANNUITY CONVERSION FACTOR ANNUITY CONVERSION FACTORS ANNUITY MARKET ANNUITY OPTION ANNUITY OPTIONS ANNUITY PAYMENTS ANNUITY PROVIDERS ANNUITY PROVISION ASSET MANAGEMENT ASSET MANAGERS AUCTION AVERAGE BENEFIT BASIC BENEFITS BASIC PENSION BENEFICIARIES BENEFICIARY BENEFIT PAYMENTS BEQUEST BEQUESTS BOND RATE BOND RATES BOND YIELD CURVE BONDS BROKER BROKERS CAPITAL MARKETS DEVELOPMENT CAPITAL REQUIREMENTS COMPANY PENSIONS CONTRIBUTION PERIOD CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORD CONTRIBUTION RECORDS CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS DECENTRALIZATION DEFERRED ANNUITIES DEFINED BENEFIT DEFINED BENEFIT PLANS DEFINED-CONTRIBUTION PENSION DEMOGRAPHIC DEVELOPING COUNTRIES DISCOUNT RATES EQUITIES EXPOSURE FAIR PRICES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FIXED ANNUITY FOREIGN CURRENCY FUNDED COMPONENT FUNDED SCHEMES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT BOND GOVERNMENT BOND YIELD GOVERNMENT BONDS GOVERNMENT REGULATION GOVERNMENT REGULATIONS GUARANTEED BENEFITS GUARANTEED PERIOD GUARANTEED PERIODS GUARANTEED RATE GUARANTEED RATES HEALTH SYSTEMS INCOME STREAMS INCOMES INDEXED ANNUITIES INDIVIDUAL ACCOUNTS INDIVIDUAL PENSIONERS INFLATION INSURANCE COMPANIES INSURANCE PREMIUMS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INVESTING INVESTMENT FUNDS INVESTMENT PERFORMANCE INVESTMENT REGULATIONS INVESTMENT RETURN INVESTMENT RETURNS INVESTMENT RISK INVESTMENT RISKS LABOR MARKET LEVIES LIABILITY LIFE ANNUITIES LIFE ANNUITY LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURERS LOCAL GOVERNMENT LONGEVITY INSURANCE LONGEVITY RISK LONGEVITY RISKS MANDATORY PILLAR MANDATORY RETIREMENT MANDATORY SYSTEM MARKET DEVELOPMENT MARKET RETURNS MARKET STRUCTURE MATURITY MEANS-TESTED SUPPLEMENT MINIMUM BENEFITS MORTALITY NATIONAL PENSION NORMAL RETIREMENT AGE OCCUPATIONAL PENSION PLANS OCCUPATIONAL SCHEMES OPEN MARKET PENSION PENSION BENEFIT PENSION BENEFITS PENSION COMPANIES PENSION FACTOR PENSION FOUNDATIONS PENSION FUND PENSION FUND ADMINISTRATOR PENSION FUND ADMINISTRATORS PENSION FUND ASSETS PENSION FUND MANAGERS PENSION FUNDS PENSION INCOME PENSION LAW PENSION PAYMENTS PENSION PLAN PENSION PLANS PENSION REFORM PENSION REFORMS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PERFORMANCE DATA PERSONAL DATA PERSONAL PENSION PERSONAL PENSION PLANS PILLAR BENEFIT PILLAR BENEFITS PORTFOLIO PORTFOLIOS PRICE CONTROLS PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSION SYSTEMS PRIVATE PILLAR PRIVATE PILLARS PRIVATE SECTOR DEVELOPMENT PROFIT MARGINS PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PUBLIC FUND PUBLIC PENSION PUBLIC PENSIONS PUBLIC PILLAR PUBLIC PILLARS PUBLIC SCHEME PUBLIC SCHEMES QUOTATION SYSTEM RATE OF GROWTH RATE OF RETURN RATES OF INTEREST RATES OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RESERVES RETAIL FUNDS RETIREE RETIREES RETIREMENT ACCOUNTS RETIREMENT ASSETS RETIREMENT DECISION RETIREMENT INCOME RETIREMENT PRODUCTS RETIREMENT SAVINGS RETIREMENT SYSTEMS RETIRING WORKERS RISK AVERSION RISK MANAGEMENT RISK POOLING RISK PREMIUMS RISK SHARING RISK-FREE RATE SAVINGS SCHEMES SHAREHOLDERS SINGLE LIFE ANNUITIES SOCIAL SECURITY SOCIAL SECURITY SYSTEM SOLVENCY SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPPLEMENTARY PENSION TAX TAX INCENTIVES TAX PURPOSES TAX TREATMENT TAX-ADVANTAGED SAVINGS TRUSTEES VALUATION VARIABLE ANNUITIES VARIABLE ANNUITY VOLUNTARY PENSION WAGE GROWTH WITHDRAWAL YIELD CURVE YIELD CURVES
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100429154401 http://hdl.handle.net/10986/3775

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Summary:	This paper provides a comparative summary of the payout phase of pension systems in five countries -- Australia, Chile, Denmark, Sweden, and Switzerland. All five countries have large pension systems with mandatory or quasi-mandatory retirement savings schemes. But they exhibit important differences in the structure and role of different pillars, regulation of payout options, level of annuitization, market structure, capital regulations, risk management, and use of risk sharing arrangements. The paper summarizes the experience of these countries and highlights the lessons they offer to other countries.

The Payout Phase of Pension Systems : A Comparison of Five Countries

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