The Mexican Pension Annuity Market

Impavido, Gregorio

World Bank, Washington, DC

关键词: ACCUMULATED SAVINGS;    ACCUMULATION PERIOD;    ACCUMULATION RATE;    ACTUARIES;    AGENTS;   

DOI  :  10.1596/1813-9450-4236
RP-ID  :  WPS4236

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper analyzes the performance anddevelopment of the Mexican pension annuity marketestablished as a consequence of the 1997 pension reform. TheMexican experience displays interesting characteristicsproviding lessons for other countries that still need todesign the decumulation phase of their newly establishedsecond pillars. At the same, time it raises some technicaland policy concerns that need addressing as they couldhamper, in the future, the healthy development of themarket. The paper concludes that: 1) general life insurancecompanies may better hedge longevity risk than specializedannuity companies; 2) competition should be based on pricesrather than additional products; 3) better disclosure ofoptions under the 1973 and 1997 social security laws shouldbe given to disability and life annuitants; and 4) variousmeasures should be taken to improve asset liabilitymanagement including allowing companies to trade over thecounter derivatives and substituting over time theregulatory asset liability management framework with aneconomic asset liability management framework.