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The Payout Stage in Chile: Who Annuitizes and Why?

Author

Listed:
  • Estelle James
  • Guillermo Martinez
  • Augusto Iglesias

    (Studies Division, Chilean Pension Supervisor)

Abstract

El año 1981 Chile adoptó su nuevo sistema de pensiones caracterizado por la existencia de cuentas de ahorro individual. En 1983 el nuevo sistema comenzó a pagar pensiones, existiendo un conjunto de reglas muy detalladas que se aplican al cálculo y procedimientos de contratación de los beneficios. En consecuencia, el sistema chileno nos ofrece una oportunidad para examinar cómo los pensionados y los proveedores de pensiones reaccionan cuando un sistema de capitalización individual reemplaza a un sistema de beneficios definidos, y cómo las regulaciones influyen sobre estos comportamientos..

Suggested Citation

  • Estelle James & Guillermo Martinez & Augusto Iglesias, 2005. "The Payout Stage in Chile: Who Annuitizes and Why?," Working Papers 14, Superintendencia de Pensiones, revised May 2007.
    • Handle: RePEc:sdp:sdpwps:14
    as

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    File URL: https://repec.spensiones.cl/repec/3_doctrabajos/14_2005_quien_compra_rentas_vitalicias_y_porque.pdf
    File Function: Revised version, 2007
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    References listed on IDEAS

    as
    1. Jeffrey R. Brown & Olivia S. Mitchell & James M. Poterba, 2001. "The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program," NBER Chapters, in: Risk Aspects of Investment-Based Social Security Reform, pages 321-370, National Bureau of Economic Research, Inc.
    2. Estelle James & Xue Song, 2001. "Annuities Markets Around the World: Money’s Worth and Risk Intermediation," CeRP Working Papers 16, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    3. Ivica Dus & Raimond Maurer & Olivia S. Mitchell, 2003. "Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans," Working Papers wp063, University of Michigan, Michigan Retirement Research Center.
    4. Alberto Arenas de Mesa & Jere Behrman & David Bravo, 2001. "Characteristics of and determinants of the density of contributions in a Private Social Security System," Working Papers wp077, University of Michigan, Michigan Retirement Research Center.
    5. Valdes-Prieto, Salvador, 1998. "Risks in pensions and annuities : efficient designs," Social Protection Discussion Papers and Notes 20847, The World Bank.
    6. Monika Bütler & Federica Teppa, 2007. "The Choice between an Annuity and a Lump Sum: Results from Swiss Pension Funds," NBER Chapters, in: Public Policy and Retirement, Trans-Atlantic Public Economics Seminar (TAPES), pages 1944-1966, National Bureau of Economic Research, Inc.
    7. David McCarthy & Olivia S. Mitchell, 2003. "International Adverse Selection in Life Insurance and Annuities," NBER Working Papers 9975, National Bureau of Economic Research, Inc.
    8. Saul Pleeter & John T. Warner, 2001. "The Personal Discount Rate: Evidence from Military Downsizing Programs," American Economic Review, American Economic Association, vol. 91(1), pages 33-53, March.
    9. Amy Finkelstein & James Poterba, 1999. "Selection Effects in the Market for Individual Annuities: New Evidence from the United Kingdom," NBER Working Papers 7168, National Bureau of Economic Research, Inc.
    10. Estelle James & Alejandra Cox Edwards, 2005. "Do Individual Accounts Postpone Retirement: Evidence from Chile," Working Papers wp098, University of Michigan, Michigan Retirement Research Center.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Asher, Mukul G. & Vasudevan, Deepa, 2008. "Lessons for Asian Countries from Pension Reforms in Chile," PIE/CIS Discussion Paper 381, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.

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