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Regulation of withdrawals in individual account systems

Author

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  • Walliser,Jan

Abstract

Funded mandatory pension systems based on individual accounts are spreading around the world. With the maturation of those systems, regulating the withdrawal of retirement savings will become increasingly important. Government regulation of withdrawals should mandate the purchase of inflation-indexed life annuities exceeding income available from government welfare programs for the retiree and potential survivors. However, proper functioning of insurance markets does not require annuitizing the entire account balance. Instead, more flexibility for the choice of withdrawals could be permitted for any remaining funds, helping to tailor income streams to individual needs and living arrangements.

Suggested Citation

  • Walliser,Jan, 2000. "Regulation of withdrawals in individual account systems," Policy Research Working Paper Series 23069, The World Bank.
    • Handle: RePEc:wbk:wbrwps:23069
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    Cited by:

    1. World Bank, 2004. "Kazakhstan - The New Pensions in Kazakhstan : Challenges in Making the Transition," World Bank Publications - Reports 14362, The World Bank Group.

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