By George A. (Sandy) Mackenzie
This e-book treats important yet overlooked public coverage concerns: how may still distributions from person bills be regulated, and the way can the marketplace for deepest annuities functionality larger? It presents a accomplished survey of the problems that come up while individuals to person debts turn into eligible for distributions. It additionally addresses the questions of no matter if annuitization or different regulations on distributions might be necessary, and if this is the case, can the supply of annuities be privatized? Its analytical framework is acceptable to a large variety of nations. Given the diminishing value of public pensions around the globe, the transforming into variety of the aged, and the expanding significance of outlined contribution plans, the voluntary call for for personal annuities goes to develop. it can be crucial that annuities be inexpensive and that the annuity industry be successfully regulated. The publication investigates either concerns, and proposes reforms to reinforce the potency of the annuity marketplace.
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Additional info for Annuity Markets and Pension Reform
There are good reasons to believe that annuity markets should flourish even without the artificial stimulus to demand that is created when the state requires the annuitization of the balances of individual accounts or defined contributions plans, or provides tax incentives for the purchase of annuities. WHY THE DEMAND FOR ANNUITIES IS LIMITED That the private voluntary annuity market is small in most countries is not in dispute. Why this should be so is less obvious. Some economists regard the limited demand for annuities as a paradox.
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.
The conditional rate of return to an annuity would have to be very high to make selling a home, buying an annuity and renting the preferred strategy. In any case, tax considerations are only one influence on the decision to own rather than rent a home. The favorable tax treatment of retirement savings vehicles like the IRA and the 401(k) plan in the United States, and the Registered Retirement Savings Plan in Canada may have an indirect impact on annuity demand. The funds that accumulate in these accounts typically must be withdrawn within a few years of the normal retirement age.