A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees

Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, trad...

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Main Authors:	Impavido, Gregorio, Thorburn, Craig, Wadsworth, Mike
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
Subjects:	ACTUARIES ADVERSE SELECTION ANNUITIES ANNUITIES MARKETS ANNUITY ANNUITY PROVIDERS ASSETS ASYMMETRIC INFORMATION BANK DEPOSITS BASIC PENSION BONDS CAPITAL MARKETS CAPITAL REQUIREMENTS COMPETITIVENESS CONCEPTUAL FRAMEWORK CONSUMERS CPI DEFERRED ANNUITIES DISCOUNT RATE DISCOUNT RATES DISPOSABLE INCOME DISTRIBUTION OF WEALTH ECONOMIES OF SCALE EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPIRICAL STUDIES EXPECTED PRESENT VALUE EXPECTED PRESENT VALUES EXPECTED UTILITY FINANCIAL ASSETS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FUTURE RESEARCH GDP GROWTH POTENTIAL HOUSING INCOMPLETE MARKETS INDEXED ANNUITY INDIFFERENCE CURVES INDIVIDUAL ACCOUNTS INFLATION INFLATION RISK INSURANCE INSURANCE MARKETS INSURANCE PRODUCTS INSURANCE RESERVES INSURERS INTEREST RATE INTEREST RATES INTERGENERATIONAL TRANSFERS INVESTMENT RISK LESS DEVELOPED COUNTRIES LIFE ANNUITIES LIFE CYCLE HYPOTHESIS LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUMS LIQUIDITY LONGEVITY INSURANCE LONGEVITY RISK MANDATORY SAVINGS MARGINAL UTILITY MORTALITY TABLES NET WORTH PENSION LIABILITIES PENSION PLANS PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY MAKERS PORTFOLIO CHOICE PREMIUMS PRIVATE INFORMATION PRIVATE SAVINGS RATES REAL INTEREST RATE RESERVES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT INCOME RISK AVERSE RISK AVERSION RISK SHARING SAVINGS SINGLE LIFE ANNUITY SOCIAL SAFETY NET SOCIAL SECURITY STOCKS STREAMS SUBSTITUTION EFFECT TAX TREATMENT UTILITY FUNCTION UTILITY FUNCTIONS VALUATION VARIABLE ANNUITIES VOLUNTARY ANNUITY MARKETS WEALTH RETIREMENT INVESTMENT STOCKS & SHARES RISK FACTORS POVERTY
Online Access:	http://documents.worldbank.org/curated/en/2004/02/3911875/conceptual-framework-retirement-products-risk-sharing-arrangements-between-providers-retirees http://hdl.handle.net/10986/14315

id	okr-10986-14315
recordtype	oai_dc
spelling	okr-10986-143152021-04-23T14:03:20Z A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees Impavido, Gregorio Thorburn, Craig Wadsworth, Mike ACTUARIES ADVERSE SELECTION ANNUITIES ANNUITIES MARKETS ANNUITY ANNUITY PROVIDERS ASSETS ASYMMETRIC INFORMATION BANK DEPOSITS BASIC PENSION BONDS CAPITAL MARKETS CAPITAL REQUIREMENTS COMPETITIVENESS CONCEPTUAL FRAMEWORK CONSUMERS CPI DEFERRED ANNUITIES DISCOUNT RATE DISCOUNT RATES DISPOSABLE INCOME DISTRIBUTION OF WEALTH ECONOMIES OF SCALE EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPIRICAL STUDIES EXPECTED PRESENT VALUE EXPECTED PRESENT VALUES EXPECTED UTILITY FINANCIAL ASSETS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FUTURE RESEARCH GDP GROWTH POTENTIAL HOUSING INCOMPLETE MARKETS INDEXED ANNUITY INDIFFERENCE CURVES INDIVIDUAL ACCOUNTS INFLATION INFLATION RISK INSURANCE INSURANCE MARKETS INSURANCE PRODUCTS INSURANCE RESERVES INSURERS INTEREST RATE INTEREST RATES INTERGENERATIONAL TRANSFERS INVESTMENT RISK LESS DEVELOPED COUNTRIES LIFE ANNUITIES LIFE CYCLE HYPOTHESIS LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUMS LIQUIDITY LONGEVITY INSURANCE LONGEVITY RISK MANDATORY SAVINGS MARGINAL UTILITY MORTALITY TABLES NET WORTH PENSION LIABILITIES PENSION PLANS PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY MAKERS PORTFOLIO CHOICE PREMIUMS PRIVATE INFORMATION PRIVATE SAVINGS RATES REAL INTEREST RATE RESERVES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT INCOME RISK AVERSE RISK AVERSION RISK SHARING SAVINGS SINGLE LIFE ANNUITY SOCIAL SAFETY NET SOCIAL SECURITY STOCKS STREAMS SUBSTITUTION EFFECT TAX TREATMENT UTILITY FUNCTION UTILITY FUNCTIONS VALUATION VARIABLE ANNUITIES VOLUNTARY ANNUITY MARKETS WEALTH RETIREMENT ANNUITIES PENSIONS INVESTMENT STOCKS & SHARES RISK FACTORS POVERTY Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, traditional products available in most countries can require excessive minimum capital requirements for given investment opportunities available to providers. Investment and longevity risk should be shared between providers and annuitants so that supply constraints can be relaxed. Alternative annuity products, which imply risk sharing, could be backed by substantially lower capital investments or, equivalently, provided at substantially lower prices to consumers. 2013-07-01T18:38:33Z 2013-07-01T18:38:33Z 2004-02 http://documents.worldbank.org/curated/en/2004/02/3911875/conceptual-framework-retirement-products-risk-sharing-arrangements-between-providers-retirees http://hdl.handle.net/10986/14315 English en_US Policy Research Working Paper;No.3208 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACTUARIES ADVERSE SELECTION ANNUITIES ANNUITIES MARKETS ANNUITY ANNUITY PROVIDERS ASSETS ASYMMETRIC INFORMATION BANK DEPOSITS BASIC PENSION BONDS CAPITAL MARKETS CAPITAL REQUIREMENTS COMPETITIVENESS CONCEPTUAL FRAMEWORK CONSUMERS CPI DEFERRED ANNUITIES DISCOUNT RATE DISCOUNT RATES DISPOSABLE INCOME DISTRIBUTION OF WEALTH ECONOMIES OF SCALE EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPIRICAL STUDIES EXPECTED PRESENT VALUE EXPECTED PRESENT VALUES EXPECTED UTILITY FINANCIAL ASSETS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FUTURE RESEARCH GDP GROWTH POTENTIAL HOUSING INCOMPLETE MARKETS INDEXED ANNUITY INDIFFERENCE CURVES INDIVIDUAL ACCOUNTS INFLATION INFLATION RISK INSURANCE INSURANCE MARKETS INSURANCE PRODUCTS INSURANCE RESERVES INSURERS INTEREST RATE INTEREST RATES INTERGENERATIONAL TRANSFERS INVESTMENT RISK LESS DEVELOPED COUNTRIES LIFE ANNUITIES LIFE CYCLE HYPOTHESIS LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUMS LIQUIDITY LONGEVITY INSURANCE LONGEVITY RISK MANDATORY SAVINGS MARGINAL UTILITY MORTALITY TABLES NET WORTH PENSION LIABILITIES PENSION PLANS PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY MAKERS PORTFOLIO CHOICE PREMIUMS PRIVATE INFORMATION PRIVATE SAVINGS RATES REAL INTEREST RATE RESERVES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT INCOME RISK AVERSE RISK AVERSION RISK SHARING SAVINGS SINGLE LIFE ANNUITY SOCIAL SAFETY NET SOCIAL SECURITY STOCKS STREAMS SUBSTITUTION EFFECT TAX TREATMENT UTILITY FUNCTION UTILITY FUNCTIONS VALUATION VARIABLE ANNUITIES VOLUNTARY ANNUITY MARKETS WEALTH RETIREMENT ANNUITIES PENSIONS INVESTMENT STOCKS & SHARES RISK FACTORS POVERTY
spellingShingle	ACTUARIES ADVERSE SELECTION ANNUITIES ANNUITIES MARKETS ANNUITY ANNUITY PROVIDERS ASSETS ASYMMETRIC INFORMATION BANK DEPOSITS BASIC PENSION BONDS CAPITAL MARKETS CAPITAL REQUIREMENTS COMPETITIVENESS CONCEPTUAL FRAMEWORK CONSUMERS CPI DEFERRED ANNUITIES DISCOUNT RATE DISCOUNT RATES DISPOSABLE INCOME DISTRIBUTION OF WEALTH ECONOMIES OF SCALE EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPIRICAL STUDIES EXPECTED PRESENT VALUE EXPECTED PRESENT VALUES EXPECTED UTILITY FINANCIAL ASSETS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FUTURE RESEARCH GDP GROWTH POTENTIAL HOUSING INCOMPLETE MARKETS INDEXED ANNUITY INDIFFERENCE CURVES INDIVIDUAL ACCOUNTS INFLATION INFLATION RISK INSURANCE INSURANCE MARKETS INSURANCE PRODUCTS INSURANCE RESERVES INSURERS INTEREST RATE INTEREST RATES INTERGENERATIONAL TRANSFERS INVESTMENT RISK LESS DEVELOPED COUNTRIES LIFE ANNUITIES LIFE CYCLE HYPOTHESIS LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUMS LIQUIDITY LONGEVITY INSURANCE LONGEVITY RISK MANDATORY SAVINGS MARGINAL UTILITY MORTALITY TABLES NET WORTH PENSION LIABILITIES PENSION PLANS PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY MAKERS PORTFOLIO CHOICE PREMIUMS PRIVATE INFORMATION PRIVATE SAVINGS RATES REAL INTEREST RATE RESERVES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT INCOME RISK AVERSE RISK AVERSION RISK SHARING SAVINGS SINGLE LIFE ANNUITY SOCIAL SAFETY NET SOCIAL SECURITY STOCKS STREAMS SUBSTITUTION EFFECT TAX TREATMENT UTILITY FUNCTION UTILITY FUNCTIONS VALUATION VARIABLE ANNUITIES VOLUNTARY ANNUITY MARKETS WEALTH RETIREMENT ANNUITIES PENSIONS INVESTMENT STOCKS & SHARES RISK FACTORS POVERTY Impavido, Gregorio Thorburn, Craig Wadsworth, Mike A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees
relation	Policy Research Working Paper;No.3208
description	Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, traditional products available in most countries can require excessive minimum capital requirements for given investment opportunities available to providers. Investment and longevity risk should be shared between providers and annuitants so that supply constraints can be relaxed. Alternative annuity products, which imply risk sharing, could be backed by substantially lower capital investments or, equivalently, provided at substantially lower prices to consumers.
format	Publications & Research :: Policy Research Working Paper
author	Impavido, Gregorio Thorburn, Craig Wadsworth, Mike
author_facet	Impavido, Gregorio Thorburn, Craig Wadsworth, Mike
author_sort	Impavido, Gregorio
title	A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees
title_short	A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees
title_full	A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees
title_fullStr	A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees
title_full_unstemmed	A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees
title_sort	conceptual framework for retirement products: risk sharing arrangements between providers and retirees
publisher	World Bank, Washington, D.C.
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/02/3911875/conceptual-framework-retirement-products-risk-sharing-arrangements-between-providers-retirees http://hdl.handle.net/10986/14315
_version_	1764430293681307648

A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees

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