Publication:
The Market for Retirement Products in Australia

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dc.contributor.authorBrunner, Gregory Gordon
dc.contributor.authorThorburn, Craig
dc.date.accessioned2012-06-01T21:14:49Z
dc.date.available2012-06-01T21:14:49Z
dc.date.issued2008-10
dc.description.abstractAustralia introduced a mandatory retirement savings scheme in 1992. This built on pre-existing voluntary occupational plans. The new scheme has been very successful in expanding coverage and mobilizing large financial savings that are equal to close to 100 percent of GDP. However, Australia does not impose restrictions on payout options. The payout phase used to be dominated by lump sum withdrawals, which accounted for 80 percent of benefit payments as recently as 2002. But pension payments increased in recent years and now represent 45 percent of total payments. The vast majority of these pension payments take the form of term annuities and allocated annuities. The latter are similar to phased withdrawals in Chile but run for fixed terms of up to 25 years rather than for lifetime terms. The demand for life annuities and lifetime phased withdrawals is very limited. The paper discusses the factors that have shaped the pattern of demand for retirement products, including the availability of the universal age pension and the effect of clawback provisions, the impact of the high level of home ownership, and the widespread preference of retiring workers for reliance on self-annuitization. The paper also reviews the prudential regulation of superannuation funds and life insurance companies.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/10/9918348/market-retirement-products-australia
dc.identifier.doi10.1596/1813-9450-4749
dc.identifier.urihttps://hdl.handle.net/10986/6934
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 4749
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectACCOUNT HOLDER
dc.subjectACCOUNTING
dc.subjectADDITIONAL CONTRIBUTIONS
dc.subjectADMINISTRATIVE COST
dc.subjectAFFORDABLE HOUSING
dc.subjectANNUAL CONTRIBUTIONS
dc.subjectANNUAL EARNINGS
dc.subjectANNUAL INCOME
dc.subjectANNUAL WAGE
dc.subjectASSET HOLDINGS
dc.subjectAVERAGE EARNINGS
dc.subjectAVERAGE WAGE
dc.subjectBALANCE SHEET
dc.subjectBANK DEPOSIT
dc.subjectBANKS
dc.subjectBENEFICIARIES
dc.subjectBENEFICIARY
dc.subjectBENEFIT ENTITLEMENTS
dc.subjectBUDGET STATEMENTS
dc.subjectBUSINESS OPERATIONS
dc.subjectBUSINESS PLAN
dc.subjectCALCULATION
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCASH FLOW
dc.subjectCOMMUNITY SERVICES
dc.subjectCOMPETITIVE FINANCIAL SYSTEM
dc.subjectCOMPULSORY CONTRIBUTIONS
dc.subjectCONSUMER
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMERS
dc.subjectCONTRIBUTION
dc.subjectCONTRIBUTION RATE
dc.subjectCONTRIBUTION RATES
dc.subjectCONTRIBUTION SCHEMES
dc.subjectCREDIT RISK
dc.subjectCREDIT UNIONS
dc.subjectCURRENT EXPENDITURES
dc.subjectCURRENT PENSIONERS
dc.subjectDEBT
dc.subjectDEFINED BENEFIT PENSIONS
dc.subjectDEFINED CONTRIBUTION PENSION
dc.subjectDEPOSIT
dc.subjectDEPOSIT ACCOUNTS
dc.subjectDEPOSITORS
dc.subjectDISABILITY
dc.subjectDISCLOSURE OF INFORMATION
dc.subjectDISCOUNT RATE
dc.subjectEARLY RETIREMENT
dc.subjectEARNINGS
dc.subjectECONOMIC SHOCKS
dc.subjectEMPLOYER CONTRIBUTION
dc.subjectEMPLOYER CONTRIBUTIONS
dc.subjectEQUITY MARKETS
dc.subjectEXEMPT INVESTMENT
dc.subjectEXPENDITURE
dc.subjectFINANCIAL AFFAIRS
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL BEHAVIOR
dc.subjectFINANCIAL CIRCUMSTANCES
dc.subjectFINANCIAL GROUP
dc.subjectFINANCIAL HARDSHIP
dc.subjectFINANCIAL INDEPENDENCE
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL POSITION
dc.subjectFINANCIAL SAVINGS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECURITY
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL POSITION
dc.subjectFUND ASSETS
dc.subjectGENERAL PUBLIC
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT LEGISLATION
dc.subjectGOVERNMENT PENSION
dc.subjectGOVERNMENT POLICIES
dc.subjectGROSS INCOME
dc.subjectHOME LOANS
dc.subjectHOME OWNERSHIP
dc.subjectHOMEOWNERS
dc.subjectHOUSEHOLD WEALTH
dc.subjectINCOME GROUPS
dc.subjectINCOME INCREASES
dc.subjectINCOME LEVEL
dc.subjectINCOME STREAM
dc.subjectINCOME STREAMS
dc.subjectINCOME TAX
dc.subjectINDEBTEDNESS
dc.subjectINFLATION
dc.subjectINSURANCE POLICY
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTING
dc.subjectINVESTMENT ACCOUNT
dc.subjectINVESTMENT CHOICE
dc.subjectINVESTMENT CHOICES
dc.subjectINVESTMENT EARNINGS
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT RETURN
dc.subjectINVESTMENT RETURNS
dc.subjectINVESTMENT RISK
dc.subjectINVESTMENT STRATEGY
dc.subjectLEVEL OF CONTRIBUTION
dc.subjectLEVEL OF RISK
dc.subjectLEVELS OF RISK
dc.subjectLIABILITY
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIFE INSURANCE COMPANY
dc.subjectLIFE INSURANCE POLICIES
dc.subjectLIFE INSURANCE PREMIUMS
dc.subjectLIFE INSURER
dc.subjectLIFE INSURERS
dc.subjectLIFETIME
dc.subjectLIMITED INCOME
dc.subjectLOAN
dc.subjectLUMP SUM
dc.subjectLUMP SUMS
dc.subjectMARKET PARTICIPANT
dc.subjectMARKET VALUE
dc.subjectMARKETING
dc.subjectMINIMUM BENEFIT
dc.subjectMINIMUM BENEFITS
dc.subjectMINIMUM CONTRIBUTION
dc.subjectMINIMUM PENSION
dc.subjectNATIONAL SAVING
dc.subjectNET WORTH
dc.subjectOCCUPATIONAL PLANS
dc.subjectOCCUPATIONAL SCHEME
dc.subjectOCCUPATIONAL SCHEMES
dc.subjectOTHER ASSETS
dc.subjectPAYMENT AMOUNTS
dc.subjectPENSION
dc.subjectPENSION AGE
dc.subjectPENSION ASSET
dc.subjectPENSION ASSETS
dc.subjectPENSION BENEFIT
dc.subjectPENSION BENEFITS
dc.subjectPENSION COVERAGE
dc.subjectPENSION ENTITLEMENT
dc.subjectPENSION ENTITLEMENTS
dc.subjectPENSION FRAMEWORK
dc.subjectPENSION FUND
dc.subjectPENSION FUNDS
dc.subjectPENSION INCOME
dc.subjectPENSION LITERATURE
dc.subjectPENSION POWERS
dc.subjectPENSION PROVIDERS
dc.subjectPENSION REFORMS
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONABLE AGE
dc.subjectPENSIONER
dc.subjectPENSIONERS
dc.subjectPERSONAL INCOME
dc.subjectPOPULATION AGEING
dc.subjectPOVERTY ALLEVIATION
dc.subjectPRESENT VALUE
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE SAVINGS
dc.subjectPROBABILITY
dc.subjectPRODUCTIVITY
dc.subjectPRUDENT RISK MANAGEMENT
dc.subjectPRUDENTIAL REGULATION
dc.subjectPRUDENTIAL STANDARDS
dc.subjectPUBLIC PENSIONS
dc.subjectRATE OF GROWTH
dc.subjectRATES OF INTEREST
dc.subjectREAL ESTATE
dc.subjectREGULAR INCOME
dc.subjectREGULAR PAYMENTS
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPAYMENTS
dc.subjectREPLACEMENT RATE
dc.subjectREPLACEMENT RATES
dc.subjectRESERVES
dc.subjectRETIREMENT
dc.subjectRETIREMENT AGE
dc.subjectRETIREMENT BENEFIT
dc.subjectRETIREMENT INCOME
dc.subjectRETIREMENT INCOMES
dc.subjectRETIREMENT PLANS
dc.subjectRETIREMENT PRODUCTS
dc.subjectRETIREMENT SAVINGS
dc.subjectRETIREMENT SAVINGS ACCOUNT
dc.subjectRISK TOLERANCE
dc.subjectRISK TOLERANCE LEVELS
dc.subjectSAFETY NET
dc.subjectSALE
dc.subjectSALES
dc.subjectSECURITIES
dc.subjectSOCIAL SECURITY
dc.subjectSOLVENCY
dc.subjectSOURCE OF RETIREMENT INCOME
dc.subjectSOURCES OF INCOME
dc.subjectSTATUTORY FUND
dc.subjectSTATUTORY FUNDS
dc.subjectSTOCK MARKET
dc.subjectSUPERANNUATION SYSTEM
dc.subjectSUPERVISORY AUTHORITY
dc.subjectTAX RATE
dc.subjectTAX TREATMENT
dc.subjectTAXABLE INCOME
dc.subjectTERMINATION
dc.subjectTREASURY
dc.subjectTRUST DEED
dc.subjectTRUSTEE
dc.subjectTRUSTEES
dc.subjectTYPES OF PENSIONS
dc.subjectUNDERLYING ASSETS
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.subjectVALUE OF ASSETS
dc.subjectVOLUNTARY SAVINGS
dc.subjectWAGE GROWTH
dc.subjectWAGES
dc.subjectWITHDRAWAL
dc.titleThe Market for Retirement Products in Australiaen
dspace.entity.typePublication
okr.crossref.titleThe Market For Retirement Products In Australia
okr.date.doiregistration2025-04-10T12:23:53.897746Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/10/9918348/market-retirement-products-australia
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid434151468206058280
okr.identifier.doi10.1596/1813-9450-4749
okr.identifier.externaldocumentum000158349_20081007162956
okr.identifier.internaldocumentum9918348
okr.identifier.reportWPS4749
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/10/07/000158349_20081007162956/Rendered/PDF/WPS4749.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryAustralia
okr.topicEconomic Theory and Research
okr.topicPensions and Retirement Systems
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth
okr.topicSocial Protections and Labor
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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