The Payout Phase of Pension Systems: A Comparison of Five Countries

56 Pages Posted: 20 Apr 2016

See all articles by Roberto de Rezende Rocha

Roberto de Rezende Rocha

World Bank - Middle East & North Africa Region; National Bureau of Economic Research (NBER)

Dimitri Vittas

World Bank - Financial Sector Development

Heinz P. Rudolph

The World Bank

Date Written: April 1, 2010

Abstract

This paper provides a comparative summary of the payout phase of pension systems in five countries -- Australia, Chile, Denmark, Sweden, and Switzerland. All five countries have large pension systems with mandatory or quasi-mandatory retirement savings schemes. But they exhibit important differences in the structure and role of different pillars, regulation of payout options, level of annuitization, market structure, capital regulations, risk management, and use of risk sharing arrangements. The paper summarizes the experience of these countries and highlights the lessons they offer to other countries.

Keywords: Pensions & Retirement Systems, Debt Markets, Emerging Markets, Insurance & Risk Mitigation, Investment and Investment Climate

Suggested Citation

Rocha, Roberto de Rezende and Vittas, Dimitri and Rudolph, Heinz P., The Payout Phase of Pension Systems: A Comparison of Five Countries (April 1, 2010). World Bank Policy Research Working Paper No. 5288. Available at SSRN: https://ssrn.com/abstract=1598155

Roberto de Rezende Rocha (Contact Author)

World Bank - Middle East & North Africa Region ( email )

1818 H Street N.W
Washington, DC 20433
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Dimitri Vittas

World Bank - Financial Sector Development ( email )

Washington, DC 20433
United States

HOME PAGE: http://www.worldbank.org/wbi/banking/insurance/contractual/vittas.html

Heinz P. Rudolph

The World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

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