The Market For Retirement Products In Australia
The Market For Retirement Products In Australia:

Australia introduced a mandatory retirement savings scheme in 1992. This built on pre-existing voluntary occupational plans. The new scheme has been very successful in expanding coverage and mobilizing large financial savings that are equal to close to 100 percent of GDP. However, Australia does not...

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Bibliographische Detailangaben
1. Verfasser: Brunner, Gregory Gordon (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 2008
Schlagworte:
Bankruptcy and Resolution of Financial Distress
Debt Markets
Economic Theory and Research
Emerging Markets
Finance and Financial Sector Development
Financial markets
Financial savings
Financial systems
Home ownership
International bank
Investment and Investment Climate
Labor Policies
Life insurance
Life insurance companies
Macroeconomics and Economic Growth
Pension
Pensions and Retirement Systems
Private Sector Development
Prudential regulation
Safety net
Social Protections and Labor
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Volltext
Zusammenfassung:Australia introduced a mandatory retirement savings scheme in 1992. This built on pre-existing voluntary occupational plans. The new scheme has been very successful in expanding coverage and mobilizing large financial savings that are equal to close to 100 percent of GDP. However, Australia does not impose restrictions on payout options. The payout phase used to be dominated by lump sum withdrawals, which accounted for 80 percent of benefit payments as recently as 2002. But pension payments increased in recent years and now represent 45 percent of total payments. The vast majority of these pension payments take the form of term annuities and allocated annuities. The latter are similar to phased withdrawals in Chile but run for fixed terms of up to 25 years rather than for lifetime terms. The demand for life annuities and lifetime phased withdrawals is very limited. The paper discusses the factors that have shaped the pattern of demand for retirement products, including the availability of the universal age pension and the effect of clawback provisions, the impact of the high level of home ownership, and the widespread preference of retiring workers for reliance on self-annuitization. The paper also reviews the prudential regulation of superannuation funds and life insurance companies
Beschreibung:1 Online-Ressource (1 online resource (52 p.))
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