Rocha, RobertoVittas, DimitriRudolph, Heinz P.2012-03-192012-03-192010-04-01https://hdl.handle.net/10986/3775This paper provides a comparative summary of the payout phase of pension systems in five countries -- Australia, Chile, Denmark, Sweden, and Switzerland. All five countries have large pension systems with mandatory or quasi-mandatory retirement savings schemes. But they exhibit important differences in the structure and role of different pillars, regulation of payout options, level of annuitization, market structure, capital regulations, risk management, and use of risk sharing arrangements. The paper summarizes the experience of these countries and highlights the lessons they offer to other countries.CC BY 3.0 IGOACCESS TO FUNDSACCOUNT HOLDERACCUMULATED SAVINGSADVERSE SELECTIONANNUITYANNUITY CONVERSIONANNUITY CONVERSION FACTORANNUITY CONVERSION FACTORSANNUITY MARKETANNUITY OPTIONANNUITY OPTIONSANNUITY PAYMENTSANNUITY PROVIDERSANNUITY PROVISIONASSET MANAGEMENTASSET MANAGERSAUCTIONAVERAGE BENEFITBASIC BENEFITSBASIC PENSIONBENEFICIARIESBENEFICIARYBENEFIT PAYMENTSBEQUESTBEQUESTSBOND RATEBOND RATESBOND YIELD CURVEBONDSBROKERBROKERSCAPITAL MARKETS DEVELOPMENTCAPITAL REQUIREMENTSCOMPANY PENSIONSCONTRIBUTION PERIODCONTRIBUTION RATECONTRIBUTION RATESCONTRIBUTION RECORDCONTRIBUTION RECORDSCORPORATE BONDCORPORATE BOND MARKETCORPORATE BONDSDECENTRALIZATIONDEFERRED ANNUITIESDEFINED BENEFITDEFINED BENEFIT PLANSDEFINED-CONTRIBUTION PENSIONDEMOGRAPHICDEVELOPING COUNTRIESDISCOUNT RATESEQUITIESEXPOSUREFAIR PRICESFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFIXED ANNUITYFOREIGN CURRENCYFUNDED COMPONENTFUNDED SCHEMESGLOBAL CAPITALGLOBAL CAPITAL MARKETSGOVERNMENT BONDGOVERNMENT BOND YIELDGOVERNMENT BONDSGOVERNMENT REGULATIONGOVERNMENT REGULATIONSGUARANTEED BENEFITSGUARANTEED PERIODGUARANTEED PERIODSGUARANTEED RATEGUARANTEED RATESHEALTH SYSTEMSINCOME STREAMSINCOMESINDEXED ANNUITIESINDIVIDUAL ACCOUNTSINDIVIDUAL PENSIONERSINFLATIONINSURANCE COMPANIESINSURANCE PREMIUMSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINVESTINGINVESTMENT FUNDSINVESTMENT PERFORMANCEINVESTMENT REGULATIONSINVESTMENT RETURNINVESTMENT RETURNSINVESTMENT RISKINVESTMENT RISKSLABOR MARKETLEVIESLIABILITYLIFE ANNUITIESLIFE ANNUITYLIFE EXPECTANCYLIFE INSURANCELIFE INSURANCE COMPANIESLIFE INSURERSLOCAL GOVERNMENTLONGEVITY INSURANCELONGEVITY RISKLONGEVITY RISKSMANDATORY PILLARMANDATORY RETIREMENTMANDATORY SYSTEMMARKET DEVELOPMENTMARKET RETURNSMARKET STRUCTUREMATURITYMEANS-TESTED SUPPLEMENTMINIMUM BENEFITSMORTALITYNATIONAL PENSIONNORMAL RETIREMENT AGEOCCUPATIONAL PENSION PLANSOCCUPATIONAL SCHEMESOPEN MARKETPENSIONPENSION BENEFITPENSION BENEFITSPENSION COMPANIESPENSION FACTORPENSION FOUNDATIONSPENSION FUNDPENSION FUND ADMINISTRATORPENSION FUND ADMINISTRATORSPENSION FUND ASSETSPENSION FUND MANAGERSPENSION FUNDSPENSION INCOMEPENSION LAWPENSION PAYMENTSPENSION PLANPENSION PLANSPENSION REFORMPENSION REFORMSPENSION SCHEMEPENSION SCHEMESPENSION SYSTEMPENSION SYSTEMSPENSIONERSPENSIONSPERFORMANCE DATAPERSONAL DATAPERSONAL PENSIONPERSONAL PENSION PLANSPILLAR BENEFITPILLAR BENEFITSPORTFOLIOPORTFOLIOSPRICE CONTROLSPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE PENSION SYSTEMSPRIVATE PILLARPRIVATE PILLARSPRIVATE SECTOR DEVELOPMENTPROFIT MARGINSPRUDENTIAL REGULATIONPRUDENTIAL REGULATIONSPUBLIC FUNDPUBLIC PENSIONPUBLIC PENSIONSPUBLIC PILLARPUBLIC PILLARSPUBLIC SCHEMEPUBLIC SCHEMESQUOTATION SYSTEMRATE OF GROWTHRATE OF RETURNRATES OF INTERESTRATES OF RETURNREGULATORY FRAMEWORKREPLACEMENT RATEREPLACEMENT RATESRESERVESRETAIL FUNDSRETIREERETIREESRETIREMENT ACCOUNTSRETIREMENT ASSETSRETIREMENT DECISIONRETIREMENT INCOMERETIREMENT PRODUCTSRETIREMENT SAVINGSRETIREMENT SYSTEMSRETIRING WORKERSRISK AVERSIONRISK MANAGEMENTRISK POOLINGRISK PREMIUMSRISK SHARINGRISK-FREE RATESAVINGS SCHEMESSHAREHOLDERSSINGLE LIFE ANNUITIESSOCIAL SECURITYSOCIAL SECURITY SYSTEMSOLVENCYSUPERVISORY AGENCYSUPERVISORY AUTHORITYSUPPLEMENTARY PENSIONTAXTAX INCENTIVESTAX PURPOSESTAX TREATMENTTAX-ADVANTAGED SAVINGSTRUSTEESVALUATIONVARIABLE ANNUITIESVARIABLE ANNUITYVOLUNTARY PENSIONWAGE GROWTHWITHDRAWALYIELD CURVEYIELD CURVESWorld Bank10.1596/1813-9450-5288