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Ageing and the Payout Phase of Pensions, Annuities and Financial Markets

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  • Pablo Antolín

    (OECD)

Abstract

This paper reviews the impact of ageing on private pensions, in particular on the payout phase, assesses the part that annuities can play in financing retirement, and examines the role of financial markets in facilitating the allocation on assets accumulated in defined contribution pension plans. A comprehensive set of recommendations for discussion is provided at the end of the paper. Le vieillissement de la population et la phase de versement des pensions, rentes viagères et marchés financiers Ce document examine l’impact du vieillissement de la population sur les pensions privées, spécialement sur la phase de versement des pensions, évalue le rôle que les rentes viagères peuvent jouer pour financier la retraite, et examine le rôle de les marchés financiers pour faciliter l’allocation des actifs accumulés dans les plans de retraite à cotisations définies. Un ensemble de recommandations pour discussion est fourni à la fin du document.

Suggested Citation

  • Pablo Antolín, 2008. "Ageing and the Payout Phase of Pensions, Annuities and Financial Markets," OECD Working Papers on Insurance and Private Pensions 29, OECD Publishing.
    • Handle: RePEc:oec:dafaab:29-en
    DOI: 10.1787/228645045336
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    Cited by:

    1. Roy, Amlan, 2012. "Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West," ADBI Working Papers 353, Asian Development Bank Institute.

    More about this item

    Keywords

    annuities; annuity markets; annuity providers; bons à long terme; compagnie d’assurances; deferred life annuities; defined contribution plans; indice de longévité; insurance companies; long-term bonds; longevity risk; longevity-indexed bonds; lump-sums; marchés des rentes viagères; plans de retraite à cotisations définies; programmed withdrawal; rente viagère; rentes viagères différées; retirement income; retrait programmé; revenu des retraites; risque de longévité; versement unique;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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