Policy Options for the Payout Phase

Pablo Antolíni iOECD

Organisation for Economic Co-operation and Development

关键词: annuities;    retirement income;    programmed withdrawal;    annuity providers;    deferred life annuities;    lump-sums;    insurance companies;    annuity markets;    longevity risk;   

DOI  :  https://doi.org/10.1787/238030285260

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

This paper assesses how countries‘ pension arrangements and regulation shape the appropriate structure and flexibility of retirement payout options. The paper aims at providing a guide to policy makers on how to address the diverse questions posed when designing the payout phase or promoting DC pension arrangements, as well as encouraging a market for annuities. The paper addresses questions concerning the type of retirement payout options for accumulated assets in DC plans a country should allow, which entities should provide annuities, and the type of annuity products that could be allowed. The main recommendation is for policy makers to consider mandating deferred life annuities that start paying at very old ages (e.g. at age 85) and allow for the remaining assets accumulated in DC accounts to be allocated as programmed withdrawals (preferably with flexibility to face contingencies).