1887

OECD Working Papers on Insurance and Private Pensions

Selected studies on insurance and private pensions policy prepared for use within the OECD and addressing such policy issues as risk management, governance, types of investments, and benefit protection. This working papers series has been discontinued; it is superseded by ‘OECD Working Papers on Finance, Insurance and Private Pensions’ available via: http://dx.doi.org/10.1787/20797117.

English

Ageing and the Payout Phase of Pensions, Annuities and Financial Markets

This paper reviews the impact of ageing on private pensions, in particular on the payout phase, assesses the part that annuities can play in financing retirement, and examines the role of financial markets in facilitating the allocation on assets accumulated in defined contribution pension plans. A comprehensive set of recommendations for discussion is provided at the end of the paper.

English

Keywords: lump-sums, insurance companies, deferred life annuities, retirement income, annuity providers, programmed withdrawal, annuity markets, long-term bonds, defined contribution plans, longevity risk, annuities, longevity-indexed bonds
JEL: G38: Financial Economics / Corporate Finance and Governance / Corporate Finance and Governance: Government Policy and Regulation; D14: Microeconomics / Household Behavior and Family Economics / Household Saving; Personal Finance; G11: Financial Economics / General Financial Markets / Portfolio Choice; Investment Decisions; D91: Microeconomics / Micro-Based Behavioral Economics / Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making; J26: Labor and Demographic Economics / Demand and Supply of Labor / Retirement; Retirement Policies; J14: Labor and Demographic Economics / Demographic Economics / Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination; D11: Microeconomics / Household Behavior and Family Economics / Consumer Economics: Theory; E21: Macroeconomics and Monetary Economics / Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy / Macroeconomics: Consumption; Saving; Wealth
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