Publication:
The Mechanics and Regulation of Variable Payout Annuities

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dc.contributor.authorVittas, Dimitri
dc.date.accessioned2012-03-19T18:04:00Z
dc.date.available2012-03-19T18:04:00Z
dc.date.issued2011-08-01
dc.description.abstractThis paper discusses the mechanics and regulation of participating and unit-linked variable payout annuities. These annuities offer benefits that are not fixed in either nominal or real terms but depend on the performance of the fund or funds in which the underlying reserve assets are invested, their profit sharing features, and the treatment of longevity risk. The paper focuses on the treatment of investment and longevity risks by different types of these annuities and underscores the challenge of establishing a robust and effective framework of regulation and supervision for these products. The paper also addresses the exposure of annuitants to integrity risk and places special emphasis on the need for a high level of meaningful transparency.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110816141944
dc.identifier.doi10.1596/1813-9450-5762
dc.identifier.urihttps://hdl.handle.net/10986/3524
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5762
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectACCUMULATED SAVINGS
dc.subjectACTIVE MARKETS
dc.subjectACTUARIES
dc.subjectADVERSE SELECTION
dc.subjectAFFILIATED ORGANIZATIONS
dc.subjectAGENTS
dc.subjectANNUAL RETURNS
dc.subjectANNUITY
dc.subjectANNUITY FACTOR
dc.subjectANNUITY MARKET
dc.subjectANNUITY MARKETS
dc.subjectANNUITY PAYMENTS
dc.subjectANNUITY PROVIDERS
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGERS
dc.subjectASSET PORTFOLIOS
dc.subjectASSET PRICES
dc.subjectASSETS
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY RISK
dc.subjectBASIC PENSION
dc.subjectBENEFIT PAYMENTS
dc.subjectBEQUEST
dc.subjectBEQUESTS
dc.subjectBOND
dc.subjectBOND MARKETS
dc.subjectBROKER
dc.subjectBROKERS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCOMMISSIONS
dc.subjectCONFLICTS OF INTEREST
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMERS
dc.subjectCORPORATE BONDS
dc.subjectCOST OF CAPITAL
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISCLOSURE
dc.subjectDISCOUNT RATE
dc.subjectDISCOUNT RATES
dc.subjectEQUITIES
dc.subjectEQUITY CAPITAL
dc.subjectEQUITY MARKETS
dc.subjectEQUITY RETURNS
dc.subjectEQUITY RISK PREMIUM
dc.subjectFAIR VALUE
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL RISKS
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFIXED ANNUITIES
dc.subjectFIXED INCOME
dc.subjectFIXED LIABILITIES
dc.subjectFUNDED COMPONENT
dc.subjectFUNDED PENSION
dc.subjectFUTURE MORTALITY IMPROVEMENTS
dc.subjectFUTURE PAYMENTS
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT GUARANTEES
dc.subjectGOVERNMENT REGULATION
dc.subjectGUARANTEED BENEFIT
dc.subjectGUARANTEED BENEFITS
dc.subjectGUARANTEED PERIODS
dc.subjectGUARANTEED RATES
dc.subjectHEALTH STATUS
dc.subjectINCOME BONDS
dc.subjectINCOME SECURITY
dc.subjectINDEXED ANNUITIES
dc.subjectINDIVIDUAL ACCOUNTS
dc.subjectINDIVIDUAL INVESTORS
dc.subjectINFLATION
dc.subjectINFLATION RISK
dc.subjectINFLATION RISKS
dc.subjectINFORMED DECISIONS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE MARKETS
dc.subjectINTEGRITY
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE SWAPS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTING
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT OBJECTIVE
dc.subjectINVESTMENT PERFORMANCE
dc.subjectINVESTMENT PRODUCTS
dc.subjectINVESTMENT RATE
dc.subjectINVESTMENT RETURN
dc.subjectINVESTMENT RETURNS
dc.subjectINVESTMENT RISK
dc.subjectINVESTMENT RISKS
dc.subjectINVESTMENT STRATEGY
dc.subjectLABOR MARKET
dc.subjectLACK OF TRANSPARENCY
dc.subjectLEVEL OF RISK
dc.subjectLIABILITY
dc.subjectLIFE ANNUITIES
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE POLICIES
dc.subjectLIQUIDITY
dc.subjectLOCAL MARKETS
dc.subjectLONG-TERM CARE
dc.subjectLONG-TERM INVESTMENTS
dc.subjectLONGEVITY ADJUSTMENT
dc.subjectLONGEVITY INSURANCE
dc.subjectLONGEVITY RISK
dc.subjectLONGEVITY RISKS
dc.subjectLOW INFLATION
dc.subjectMARKET COMPETITION
dc.subjectMARKET CONCENTRATION
dc.subjectMARKET LEVELS
dc.subjectMARKET PRACTITIONERS
dc.subjectMARKET PRICES
dc.subjectMARKET REGULATORS
dc.subjectMARKET RETURNS
dc.subjectMARKET SHARE
dc.subjectMARKET STRUCTURE
dc.subjectMARKET TRANSPARENCY
dc.subjectMARKET VALUES
dc.subjectMATURITY
dc.subjectMINIMUM BENEFITS
dc.subjectMORTALITY
dc.subjectMORTALITY TABLE
dc.subjectMORTALITY TABLES
dc.subjectMORTGAGE
dc.subjectMORTGAGE BONDS
dc.subjectMUTUAL INSURANCE COMPANIES
dc.subjectOCCUPATIONAL SCHEME
dc.subjectOLDER PERSONS
dc.subjectPAYOUT
dc.subjectPENSION
dc.subjectPENSION BENEFITS
dc.subjectPENSION FUNDS
dc.subjectPENSION SCHEME
dc.subjectPENSION SCHEMES
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONERS
dc.subjectPENSIONS
dc.subjectPERSONAL PENSION
dc.subjectPERSONAL PENSION PLANS
dc.subjectPERSONAL PENSIONS
dc.subjectPOLICYHOLDERS
dc.subjectPORTFOLIO
dc.subjectPRIVATE PILLAR
dc.subjectPROFIT SHARING
dc.subjectPRUDENTIAL REGULATION
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC PILLAR
dc.subjectPUBLIC PILLARS
dc.subjectRATE OF RETURN
dc.subjectRATES OF INTEREST
dc.subjectRATES OF RETURN
dc.subjectREGULAR PAYMENTS
dc.subjectREGULATORY AGENCIES
dc.subjectREGULATORY AUTHORITIES
dc.subjectREGULATORY AUTHORITY
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY SYSTEMS
dc.subjectREINSURANCE
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETIREES
dc.subjectRETIREMENT
dc.subjectRETIREMENT ASSET
dc.subjectRETIREMENT INCOME
dc.subjectRETIREMENT PRODUCTS
dc.subjectRETIREMENT SAVING
dc.subjectRETIREMENT SAVINGS
dc.subjectRETIREMENT SAVINGS PLANS
dc.subjectRETIRING WORKERS
dc.subjectRETURNS
dc.subjectRETURNS ON EQUITIES
dc.subjectRISK EXPOSURE
dc.subjectRISK MANAGEMENT
dc.subjectRISK PREMIUM
dc.subjectRISK PROFILES
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSHAREHOLDERS
dc.subjectSOLVENCY
dc.subjectSUPERVISORY FRAMEWORK
dc.subjectSUPPLEMENTARY PENSION
dc.subjectSURVIVAL BIAS
dc.subjectTAX
dc.subjectTAX ADVANTAGES
dc.subjectTRANSFER FEES
dc.subjectTRANSPARENCY
dc.subjectUNISEX TABLES
dc.subjectUSE OF DERIVATIVES
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.subjectVARIABLE ANNUITIES
dc.subjectWITHDRAWAL
dc.subjectYIELD CURVE
dc.titleThe Mechanics and Regulation of Variable Payout Annuitiesen
dspace.entity.typePublication
okr.crossref.titleThe Mechanics and Regulation of Variable Payout Annuities
okr.date.disclosure2011-08-01
okr.date.doiregistration2025-04-10T11:18:34.988798Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110816141944
okr.guid549761468147876533
okr.identifier.doi10.1596/1813-9450-5762
okr.identifier.externaldocumentum000158349_20110816141944
okr.identifier.internaldocumentum14818213
okr.identifier.reportWPS5762
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/08/16/000158349_20110816141944/Rendered/PDF/WPS5762.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
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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