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A Summary and Update of Developing Annuities Markets: The Experience of Chile

Autor: Rocha, Roberto; Rudolph, Heinz P.
Año: 2010
Resumen: The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement. The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Social Protection in Latin America : Achievements and Limitations

Autor: Ferreira, Francisco H.G.; Robalino, David.
Año: 2010
Resumen: Social protection systems in Latin America have been transformed in the past two decades. Until the 1980s, those who were not covered by the social security arrangements available primarily in the urban formal sector received little public assistance beyond universal subsidies for some food or fuel purchases. Since the 1990s, the introduction of non-contributory social insurance programs (including "social pensions") and conditional cash transfers has substantially extended the coverage and improved the incidence of social assistance. However, the organic growth of subsidized social assistance in parallel to the older social insurance system, financed largely out of taxes on formal sector employment, has led to a dual system that is neither properly equitable nor efficient. The twin challenges that now face social protection in Latin America are to better integrate those two halves of the system, and to develop programs that promote sustainable self-reliance, by moving from "safety nets" to "opportunity ropes."

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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A Summary and Update of Developing Annuities Markets : The Experience of Chile

Autor: Rocha, Roberto; Rudolph, Heinz P.
Año: 2010
Resumen: The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Lifelong Learning

Autor: Comisión Económica de la Organización de las Naciones Unidas para Europa (UNECE)
Año: 2010
Resumen: Populations in the UNECE region are ageing rapidly. To maintain economic growth and standard of living, people would need to work longer before they can retire. Regarding people who are currently in their working age, demographic change may require to include those into the labour market who were previously not fully integrated, such as early school leavers, women and migrants. In a knowledge society, this all requires a good standard of basic education as well as vocational training, tertiary education, information and communication technology (ICT) and language skills.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Mercado Laboral
Tipo de Publicación: Artículo Académico
Idioma:

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Strengthening Caribbean Pensions: Improving Equity and Sustainability

Autor: Banco Mundial
Año: 2010
Resumen: This report aims to provide additional insights to existing analyses of public pension and social security schemes in the Caribbean. Such analyses have been undertaken with the support of the Inter-American Development Bank, the Caribbean Development Bank, the Canadian International Development Agency, the Economic Commission for Latin America, and the Caribbean and the International Social Security Association. By making cross-country comparisons within the region and across the world, this report will review fiscal vulnerability, sustainability, labor market efficiency, migration, financial market development, and other pension-related areas. Finally, governance and investment management should be strengthened by: (i) strengthening the governance structure, including authority and accountability of Board members; (ii) improving governance mechanisms with the assistance of external oversight and improved information disclosure; (iii) introducing codes of conduct for the governing body and management; and (iv) introducing a number of measures to strengthen the investment policies, investment strategy, asset allocation, and performance evaluation.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
Idioma:

Para visualizar el documento, clic aquí »

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