The Mechanics and Regulation of Variable Payout Annuities

Vittas, Dimitri

dc.creator	Vittas, Dimitri
dc.date	2012-03-19T18:04:00Z
dc.date	2012-03-19T18:04:00Z
dc.date	2011-08-01
dc.date.accessioned	2023-02-17T20:58:32Z
dc.date.available	2023-02-17T20:58:32Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110816141944
dc.identifier	http://hdl.handle.net/10986/3524
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244488
dc.description	This paper discusses the mechanics and regulation of participating and unit-linked variable payout annuities. These annuities offer benefits that are not fixed in either nominal or real terms but depend on the performance of the fund or funds in which the underlying reserve assets are invested, their profit sharing features, and the treatment of longevity risk. The paper focuses on the treatment of investment and longevity risks by different types of these annuities and underscores the challenge of establishing a robust and effective framework of regulation and supervision for these products. The paper also addresses the exposure of annuitants to integrity risk and places special emphasis on the need for a high level of meaningful transparency.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5762
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	ACCOUNTING STANDARDS
dc.subject	ACCUMULATED SAVINGS
dc.subject	ACTIVE MARKETS
dc.subject	ACTUARIES
dc.subject	ADVERSE SELECTION
dc.subject	AFFILIATED ORGANIZATIONS
dc.subject	AGENTS
dc.subject	ANNUAL RETURNS
dc.subject	ANNUITY
dc.subject	ANNUITY FACTOR
dc.subject	ANNUITY MARKET
dc.subject	ANNUITY MARKETS
dc.subject	ANNUITY PAYMENTS
dc.subject	ANNUITY PROVIDERS
dc.subject	ASSET MANAGEMENT
dc.subject	ASSET MANAGERS
dc.subject	ASSET PORTFOLIOS
dc.subject	ASSET PRICES
dc.subject	ASSETS
dc.subject	BANKRUPTCY
dc.subject	BANKRUPTCY RISK
dc.subject	BASIC PENSION
dc.subject	BENEFIT PAYMENTS
dc.subject	BEQUEST
dc.subject	BEQUESTS
dc.subject	BOND
dc.subject	BOND MARKETS
dc.subject	BROKER
dc.subject	BROKERS
dc.subject	CAPITAL REQUIREMENTS
dc.subject	COMMISSIONS
dc.subject	CONFLICTS OF INTEREST
dc.subject	CONSUMER PROTECTION
dc.subject	CONSUMERS
dc.subject	CORPORATE BONDS
dc.subject	COST OF CAPITAL
dc.subject	DEVELOPING COUNTRIES
dc.subject	DISCLOSURE
dc.subject	DISCOUNT RATE
dc.subject	DISCOUNT RATES
dc.subject	EQUITIES
dc.subject	EQUITY CAPITAL
dc.subject	EQUITY MARKETS
dc.subject	EQUITY RETURNS
dc.subject	EQUITY RISK PREMIUM
dc.subject	FAIR VALUE
dc.subject	FINANCIAL MANAGEMENT
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL PERFORMANCE
dc.subject	FINANCIAL RISKS
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	FIXED ANNUITIES
dc.subject	FIXED INCOME
dc.subject	FIXED LIABILITIES
dc.subject	FUNDED COMPONENT
dc.subject	FUNDED PENSION
dc.subject	FUTURE MORTALITY IMPROVEMENTS
dc.subject	FUTURE PAYMENTS
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT GUARANTEES
dc.subject	GOVERNMENT REGULATION
dc.subject	GUARANTEED BENEFIT
dc.subject	GUARANTEED BENEFITS
dc.subject	GUARANTEED PERIODS
dc.subject	GUARANTEED RATES
dc.subject	HEALTH STATUS
dc.subject	INCOME BONDS
dc.subject	INCOME SECURITY
dc.subject	INDEXED ANNUITIES
dc.subject	INDIVIDUAL ACCOUNTS
dc.subject	INDIVIDUAL INVESTORS
dc.subject	INFLATION
dc.subject	INFLATION RISK
dc.subject	INFLATION RISKS
dc.subject	INFORMED DECISIONS
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE MARKETS
dc.subject	INTEGRITY
dc.subject	INTEREST RATE
dc.subject	INTEREST RATE SWAPS
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INVESTING
dc.subject	INVESTMENT FUND
dc.subject	INVESTMENT FUNDS
dc.subject	INVESTMENT INCOME
dc.subject	INVESTMENT OBJECTIVE
dc.subject	INVESTMENT PERFORMANCE
dc.subject	INVESTMENT PRODUCTS
dc.subject	INVESTMENT RATE
dc.subject	INVESTMENT RETURN
dc.subject	INVESTMENT RETURNS
dc.subject	INVESTMENT RISK
dc.subject	INVESTMENT RISKS
dc.subject	INVESTMENT STRATEGY
dc.subject	LABOR MARKET
dc.subject	LACK OF TRANSPARENCY
dc.subject	LEVEL OF RISK
dc.subject	LIABILITY
dc.subject	LIFE ANNUITIES
dc.subject	LIFE EXPECTANCY
dc.subject	LIFE INSURANCE
dc.subject	LIFE INSURANCE POLICIES
dc.subject	LIQUIDITY
dc.subject	LOCAL MARKETS
dc.subject	LONG-TERM CARE
dc.subject	LONG-TERM INVESTMENTS
dc.subject	LONGEVITY ADJUSTMENT
dc.subject	LONGEVITY INSURANCE
dc.subject	LONGEVITY RISK
dc.subject	LONGEVITY RISKS
dc.subject	LOW INFLATION
dc.subject	MARKET COMPETITION
dc.subject	MARKET CONCENTRATION
dc.subject	MARKET LEVELS
dc.subject	MARKET PRACTITIONERS
dc.subject	MARKET PRICES
dc.subject	MARKET REGULATORS
dc.subject	MARKET RETURNS
dc.subject	MARKET SHARE
dc.subject	MARKET STRUCTURE
dc.subject	MARKET TRANSPARENCY
dc.subject	MARKET VALUES
dc.subject	MATURITY
dc.subject	MINIMUM BENEFITS
dc.subject	MORTALITY
dc.subject	MORTALITY TABLE
dc.subject	MORTALITY TABLES
dc.subject	MORTGAGE
dc.subject	MORTGAGE BONDS
dc.subject	MUTUAL INSURANCE COMPANIES
dc.subject	OCCUPATIONAL SCHEME
dc.subject	OLDER PERSONS
dc.subject	PAYOUT
dc.subject	PENSION
dc.subject	PENSION BENEFITS
dc.subject	PENSION FUNDS
dc.subject	PENSION SCHEME
dc.subject	PENSION SCHEMES
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEMS
dc.subject	PENSIONERS
dc.subject	PENSIONS
dc.subject	PERSONAL PENSION
dc.subject	PERSONAL PENSION PLANS
dc.subject	PERSONAL PENSIONS
dc.subject	POLICYHOLDERS
dc.subject	PORTFOLIO
dc.subject	PRIVATE PILLAR
dc.subject	PROFIT SHARING
dc.subject	PRUDENTIAL REGULATION
dc.subject	PUBLIC PENSION
dc.subject	PUBLIC PILLAR
dc.subject	PUBLIC PILLARS
dc.subject	RATE OF RETURN
dc.subject	RATES OF INTEREST
dc.subject	RATES OF RETURN
dc.subject	REGULAR PAYMENTS
dc.subject	REGULATORY AGENCIES
dc.subject	REGULATORY AUTHORITIES
dc.subject	REGULATORY AUTHORITY
dc.subject	REGULATORY FRAMEWORK
dc.subject	REGULATORY SYSTEMS
dc.subject	REINSURANCE
dc.subject	RESERVE
dc.subject	RESERVES
dc.subject	RETIREES
dc.subject	RETIREMENT
dc.subject	RETIREMENT ASSET
dc.subject	RETIREMENT INCOME
dc.subject	RETIREMENT PRODUCTS
dc.subject	RETIREMENT SAVING
dc.subject	RETIREMENT SAVINGS
dc.subject	RETIREMENT SAVINGS PLANS
dc.subject	RETIRING WORKERS
dc.subject	RETURNS
dc.subject	RETURNS ON EQUITIES
dc.subject	RISK EXPOSURE
dc.subject	RISK MANAGEMENT
dc.subject	RISK PREMIUM
dc.subject	RISK PROFILES
dc.subject	SAVINGS
dc.subject	SECURITIES
dc.subject	SECURITIES MARKETS
dc.subject	SHAREHOLDERS
dc.subject	SOLVENCY
dc.subject	SUPERVISORY FRAMEWORK
dc.subject	SUPPLEMENTARY PENSION
dc.subject	SURVIVAL BIAS
dc.subject	TAX
dc.subject	TAX ADVANTAGES
dc.subject	TRANSFER FEES
dc.subject	TRANSPARENCY
dc.subject	UNISEX TABLES
dc.subject	USE OF DERIVATIVES
dc.subject	VALUATION
dc.subject	VALUATIONS
dc.subject	VARIABLE ANNUITIES
dc.subject	WITHDRAWAL
dc.subject	YIELD CURVE
dc.title	The Mechanics and Regulation of Variable Payout Annuities
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region
dc.coverage	The World Region