By George A. (Sandy) Mackenzie

This publication treats important yet missed public coverage concerns: how should still distributions from person debts be regulated, and the way can the marketplace for inner most annuities functionality greater? It presents a finished survey of the problems that come up whilst members to person bills turn into eligible for distributions. It additionally addresses the questions of no matter if annuitization or different regulations on distributions will be needed, and if this is the case, can the supply of annuities be privatized? Its analytical framework is acceptable to a huge variety of nations. Given the diminishing significance of public pensions worldwide, the transforming into variety of the aged, and the expanding value of outlined contribution plans, the voluntary call for for personal annuities goes to develop. it will be important that annuities be low cost and that the annuity industry be successfully regulated. The ebook investigates either concerns, and proposes reforms to augment the potency of the annuity industry.

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They are popular in Chile and Israel, two countries with low inflation rates today but with an inflationary past. A market for indexed annuities exists in the United Kingdom as well, but is not very large, perhaps because the initial payments are substantially lower than those of nominal or level annuities. In the United States, as Reno et al. (2005, p. 51) note, the market for indexed annuities barely exists. S. Treasury has been issuing indexed debt (Treasury inflation-protected securities or TIPS) since 1997, the total stock of these instruments remains small.

Old age) pension is subject to a minimum retirement age of 65 years for men (6112 for women) and to a means test that applies to both income and wealth. ) These conditions create an incentive for account holders to elect the lump sum withdrawal option under the Superannuation Guarantee program and spend the money quickly in order to increase the size of their age pension. Partly because of this disincentive to annuitization, and partly because of a shortage of longterm bonds for insurance companies to hold to finance payments to annuitants who survive a long time after annuitization, the Australian annuity market remains comparatively small.

26 The Demand Side of the Annuity Market Some concern has been expressed that in light of the modest level of the minimum sum (S$ 80,000 or about $52,000) and the lack of a strong interest in annuitization, Singaporeans will be vulnerable to outlasting their resources. Recently, the interest of life insurers in the market may have declined because of changes to their capital requirements that effectively increase the cost of provisioning. The supply of life annuities has also been inhibited by a shortage of long-dated bonds (this point will be taken up more generally in Chapter 2).

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