Rocha, RobertoVittas, DimitriRudolph, Heinz P.2012-03-192012-03-192011-02-18978-0-8213-8573-9https://hdl.handle.net/10986/2272This book examines recent changes in the landscape of retirement products and annuity markets in five countries. All the selected countries (Australia, Chile, Denmark, Sweden, and Switzerland) have mandatory or quasi-mandatory savings schemes. But they also exhibit significant differences in the structure of their pension systems, the relative importance of public pillars, the role and structure of private provision, the level of annuitization, and the structure and focus of their regulatory frameworks. Five studies have been commissioned to examine the state of annuity markets in each of these countries. The findings of these studies are summarized in the last five chapters of this book. The chapters of this book is discusses the various risks faced by pensioners and the risk characteristics of alternative retirement products, and it reviews the risks faced by providers of retirement products and the management and regulatory challenges of dealing with those risks. The chapter then discusses the risks faced by providers and reviews the challenges of various regulatory issues, ranging from the institutional organization of the market for retirement products to the regulation of marketing and pricing policies and the regulation of risk management. The chapter concludes with a brief summary of main points and conclusions.CC BY 3.0 IGOACCOUNTINGADVERSE SELECTIONANNUITIESANNUITIES MARKETSANNUITYANNUITY CONVERSIONANNUITY CONVERSION FACTORANNUITY CONVERSION FACTORSANNUITY MARKETANNUITY MARKETSANNUITY PAYMENTSANNUITY PROVIDERSANNUITY RATEASSET LIABILITY MATCHINGASSET MANAGEMENTBANK BONDBANKRUPTCYBANKRUPTCY RISKBASIC PENSIONBENEFIT PAYMENTBENEFIT PAYMENTSBEQUESTBEQUESTSBOND RATEBROKERSCAPITAL FUNDCAPITAL LOSSCAPITAL MARKETSCAPITAL REQUIREMENTSCENTRAL BANKCOMPANY PENSIONCOMPANY PENSIONSCONSUMER PRICE INDEXCONTRIBUTION RATESCONTRIBUTION RECORDSCORPORATE BONDCORPORATE PENSIONCORPORATE PENSIONSCOUPONDEFERRED ANNUITIESDEFERRED ANNUITYDEFINED BENEFITDEFINED CONTRIBUTION SYSTEMSDEVELOPING COUNTRYELDERLYEQUITY MARKETSFAIR VALUEFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PORTFOLIOFINANCIAL SAVINGSFINANCIAL SYSTEMFUNDED COMPONENTFUNDED SCHEMESFUTURE INCOMEGOVERNMENT BONDGOVERNMENT PENSIONGOVERNMENT POLICYGROSS DOMESTIC PRODUCTGUARANTEED BENEFITSGUARANTEED PERIODGUARANTEED PERIODSHEALTH CAREHOME OWNERSHIPINCOME STREAMINCOME STREAMSINDEXED ANNUITIESINDEXED BONDSINDIVIDUAL ACCOUNTINDIVIDUAL ACCOUNTSINDIVIDUAL BENEFITSINDIVIDUAL DATAINDIVIDUAL PENSIONERSINFLATIONINFLATION RISKINFLATION RISKSINSTRUMENTINSURANCE COMPANIESINSURANCE COMPANYINSURANCE MARKETSINSURANCE PREMIUMSINSURANCE PRODUCTSINSURANCE PROVIDERSINTEREST RATEINTEREST RATE SWAPINTERNATIONAL BANKINVESTINGINVESTMENT CHOICESINVESTMENT INCOMEINVESTMENT PERFORMANCEINVESTMENT POLICIESINVESTMENT PORTFOLIOINVESTMENT RETURNSINVESTMENT RISKINVESTMENT RISKSJOINT ANNUITIESLABOR FORCELABOR FORCE PARTICIPATIONLABOR MARKETLENDERSLIABILITYLIFE ANNUITIESLIFE EXPECTANCIESLIFE EXPECTANCYLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDITYLIQUIDITY RISKLONG-TERM ASSETSLONG-TERM INTERESTLONG-TERM INTEREST RATELONGEVITY INSURANCELONGEVITY RISKLONGEVITY RISKSMANDATORY PILLARMANDATORY SAVINGSMANDATORY SYSTEMMARKET CONCENTRATIONMARKET CONDITIONSMARKET INTEREST RATESMARKET RETURNSMATURITYMINIMUM BENEFITMORTALITYMORTALITY TABLESMULTIPILLAR PENSION SCHEMESMUTUAL FUNDSNATIONAL PENSIONOCCUPATIONAL PENSION PLANSOCCUPATIONAL PENSIONSPENSIONPENSION ASSETSPENSION BENEFITPENSION CONTRIBUTIONSPENSION COSTPENSION COVERAGEPENSION FUNDPENSION FUND ADMINISTRATORPENSION FUNDSPENSION LAWPENSION PAYMENTSPENSION REFORMPENSION REFORMSPENSION SAVINGSPENSION SCHEMEPENSION SCHEMESPENSION SYSTEMPENSION SYSTEMSPENSIONERPENSIONERSPENSIONSPERSONAL PENSIONPERSONAL PENSION PLANSPERSONAL PENSIONSPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE PENSION SYSTEMSPRIVATE PILLARSPRUDENTIAL REGULATIONPRUDENTIAL REGULATIONSPUBLIC PENSIONPUBLIC PILLARPUBLIC PILLARSQUOTATION SYSTEMREGULATORY FRAMEWORKREGULATORY FRAMEWORKSREPLACEMENT RATEREPLACEMENT RATESRETIREESRETIREMENTRETIREMENT ACCOUNTSRETIREMENT AGERETIREMENT ASSETSRETIREMENT INCOMERETIREMENT PRODUCTRETIREMENT PRODUCTSRETIREMENT PROGRAMRETIREMENT SAVINGSRETIREMENT SAVINGS ACCOUNTRETIREMENT SYSTEMRETIREMENT SYSTEMSRETIRING WORKERSRETURNRETURNS ON EQUITYRISK MANAGEMENTRISK SHARINGRISK-FREE RATESAVINGS SCHEMESSECURITIESSOCIAL INSURANCESOCIAL PENSIONSOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY SYSTEMSOCIAL SECURITY SYSTEMSSOLVENCYSOLVENCY REQUIREMENTSSTATE GUARANTEESSUPERVISORY AUTHORITIESSUPERVISORY AUTHORITYSUPERVISORY FRAMEWORKSUPPLEMENTARY PENSIONTAXTAX INCENTIVESTRADE UNIONTRANSPARENCYVARIABLE ANNUITIESVOLUNTARY ANNUITY MARKETSWITHDRAWALYIELD CURVEWorld Bank10.1596/978-0-8213-8573-9