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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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2008
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 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 (52 Seiten)) |
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| 520 | 3 | |a 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 | |
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| spelling | Brunner, Gregory Gordon Verfasser aut The Market For Retirement Products In Australia Brunner, Gregory Gordon Washington, D.C The World Bank 2008 1 Online-Ressource (52 Seiten)) txt rdacontent c rdamedia cr rdacarrier 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 Online-Ausg 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 Thorburn, Craig Sonstige oth Brunner, Gregory Gordon Sonstige oth Brunner, Gregory Gordon The Market For Retirement Products In Australia http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4749 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Brunner, Gregory Gordon The Market For Retirement Products In Australia 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 |
| title | The Market For Retirement Products In Australia |
| title_auth | The Market For Retirement Products In Australia |
| title_exact_search | The Market For Retirement Products In Australia |
| title_exact_search_txtP | The Market For Retirement Products In Australia |
| title_full | The Market For Retirement Products In Australia Brunner, Gregory Gordon |
| title_fullStr | The Market For Retirement Products In Australia Brunner, Gregory Gordon |
| title_full_unstemmed | The Market For Retirement Products In Australia Brunner, Gregory Gordon |
| title_short | The Market For Retirement Products In Australia |
| title_sort | the market for retirement products in australia |
| topic | 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 |
| topic_facet | 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 |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4749 |
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