World Bank2012-08-132012-08-132005-01https://hdl.handle.net/10986/11236There are many ways to structure mandatory private pension funds that rely on individual accounts. As in any market there are products and firms that provide them. Both are typically circumscribed by the government for public policy reasons. Relevant legislation will specify the agent responsible for making key choices as to who manages the money and where it is invested. As discussed below, the focus of decision-making in funded schemes varies widely with potentially important implications for the performance of the scheme. In the context of mandated private pensions, this note looks at what investment and withdrawal products can be offered, who can offer them, and who chooses from among the alternatives available in this market.CC BY 3.0 IGOACCUMULATION PERIODADMINISTRATIVE COSTSAFFILIATEAGENCY PROBLEMSAGENTSANNUITIESANNUITYANNUITY MARKETSANNUITY PROVIDERSASSET MANAGEMENTASSET MANAGERASSET MANAGERSBARGAINING POWERBENEFICIARIESBIDDING PROCESSBONDSCOMMISSIONSCONSUMERSCOVERAGEFINANCIAL MARKETSFUNDED SCHEMESGOVERNMENT INTERVENTIONGOVERNMENT REGULATIONGUARANTEED RATEHUMAN DEVELOPMENTINDIVIDUAL ACCOUNT SYSTEMSINDIVIDUAL ACCOUNTSINFLATIONINFORMATION COSTSINSURANCE COMPANIESINSURANCE COMPANYINTEREST RATEINVESTMENT CHOICESINVESTMENT OPTIONSJOINT ANNUITYLEGISLATIONLEVEL PLAYING FIELDLIFE INSURANCELIFE INSURANCE COMPANIESLOCAL FINANCIAL INSTITUTIONSLONGEVITY INSURANCELUMP SUM WITHDRAWALSMARKET ENTRYMORAL HAZARDMULTIPILLAR PENSION SCHEMESMUTUAL FUNDMUTUAL FUNDSPENSION PLANPENSION REFORMPENSIONSPERSONAL PENSIONSPORTFOLIOPORTFOLIO CHOICEPRIVATE MANAGEMENTPRIVATE PENSIONPRIVATE PENSION FUNDSPROVIDENT FUNDSPUBLIC POLICYREPLACEMENT RATESRETAIL MARKETRETIREMENTRETIREMENT AGERETIREMENT INCOMERETIREMENT SAVINGSSOCIAL PROTECTIONSOCIAL SECURITYTRADEOFFSTRUSTSVOLUNTARY PENSIONSWILLINGNESS TO PAYWorld Bank10.1596/11236