A Summary and Update of Developing Annuities Markets : The Experience of Chile

Rocha, Roberto; Rudolph, Heinz P.

dc.creator	Rocha, Roberto
dc.creator	Rudolph, Heinz P.
dc.date	2012-03-19T18:40:14Z
dc.date	2012-03-19T18:40:14Z
dc.date	2010-06-01
dc.date.accessioned	2023-02-17T21:04:01Z
dc.date.available	2023-02-17T21:04:01Z
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_20100601090117
dc.identifier	http://hdl.handle.net/10986/3811
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244775
dc.description	The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5325
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	ANNUITIES MARKETS
dc.subject	ANNUITY
dc.subject	ANNUITY MARKET
dc.subject	ANNUITY PAYMENT
dc.subject	ANNUITY PROVIDERS
dc.subject	ANNUITY RATE
dc.subject	ANNUITY RATES
dc.subject	ASSET MANAGEMENT
dc.subject	ASSET MANAGERS
dc.subject	BALANCE SHEET
dc.subject	BALANCE SHEETS
dc.subject	BANK BONDS
dc.subject	BANKRUPTCY
dc.subject	BANKRUPTCY RISK
dc.subject	BANKRUPTCY RISKS
dc.subject	BARRIER TO ENTRY
dc.subject	BASIS POINTS
dc.subject	BENEFICIARIES
dc.subject	BENEFICIARY
dc.subject	BENEFIT FORMULA
dc.subject	BENEFIT PAYMENTS
dc.subject	BEQUEST
dc.subject	BEQUESTS
dc.subject	BIDDING PROCESS
dc.subject	BOND
dc.subject	BOND FUNDS
dc.subject	BOND PORTFOLIOS
dc.subject	BROKER
dc.subject	BROKERS
dc.subject	CAPITAL ADEQUACY
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKETS DEVELOPMENT
dc.subject	CAPITAL REQUIREMENT
dc.subject	CASH FLOWS
dc.subject	CENTRAL BANK
dc.subject	COMPETITIVE MARKET
dc.subject	CONTINGENT LIABILITY
dc.subject	CONTRIBUTION RATES
dc.subject	CORPORATE BOND
dc.subject	CORPORATE BONDS
dc.subject	CREDIT ENHANCEMENT
dc.subject	CREDIT RISK
dc.subject	CREDIT STANDINGS
dc.subject	DEBT
dc.subject	DEBT INSTRUMENTS
dc.subject	DEFAULTS
dc.subject	DEFERRED ANNUITIES
dc.subject	DEFERRED ANNUITY
dc.subject	DEFINED BENEFIT
dc.subject	DEFINED-CONTRIBUTION PENSION
dc.subject	DEPOSITS
dc.subject	DERIVATIVES
dc.subject	DISABILITY PENSION
dc.subject	DISABILITY PENSIONS
dc.subject	DIVERSIFIED PORTFOLIO
dc.subject	EARLY RETIREMENT PENSIONS
dc.subject	ELDERLY
dc.subject	ELECTRONIC PAYMENT SYSTEMS
dc.subject	EQUITY FUNDS
dc.subject	EXCHANGE RATE
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL MARKETS
dc.subject	FIXED ANNUITIES
dc.subject	FIXED INCOME
dc.subject	FIXED INCOME PORTFOLIO
dc.subject	FOREIGN INVESTMENTS
dc.subject	FREE BONDS
dc.subject	GLOBAL CAPITAL
dc.subject	GLOBAL CAPITAL MARKETS
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT GUARANTEES
dc.subject	GUARANTEED PERIOD
dc.subject	HOUSING FINANCE
dc.subject	INCOME INSTRUMENTS
dc.subject	INCOME LEVELS
dc.subject	INCOME STREAMS
dc.subject	INDEXED ANNUITIES
dc.subject	INDIVIDUAL ACCOUNT
dc.subject	INFLATION
dc.subject	INFLATION RISK
dc.subject	INFLATION RISKS
dc.subject	INSTRUMENT
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE COMPANY
dc.subject	INSURANCE MARKET
dc.subject	INSURANCE PREMIUM
dc.subject	INSURANCE PREMIUMS
dc.subject	INTEREST RATE
dc.subject	INTERMEDIATION SPREAD
dc.subject	INTERMEDIATION SPREADS
dc.subject	INTERNAL RATE OF RETURN
dc.subject	INTERNAL RATES OF RETURN
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL STANDARDS
dc.subject	INVESTING
dc.subject	INVESTMENT FUNDS
dc.subject	INVESTMENT HORIZON
dc.subject	INVESTMENT RATE
dc.subject	INVESTMENT RETURN
dc.subject	INVESTMENT RETURNS
dc.subject	INVESTMENT RISK
dc.subject	JOINT ANNUITIES
dc.subject	LABOR FORCE
dc.subject	LABOR INCOME
dc.subject	LABOR MARKET
dc.subject	LEVEL OF INTEREST RATES
dc.subject	LEVIES
dc.subject	LEVY
dc.subject	LIFE ANNUITIES
dc.subject	LIFE EXPECTANCY
dc.subject	LIFE INSURANCE
dc.subject	LIFE INSURANCE COMPANIES
dc.subject	LIFE INSURANCE PREMIUMS
dc.subject	LIQUID INSTRUMENTS
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY PREMIUM
dc.subject	LONG-TERM ASSETS
dc.subject	LONGEVITY INSURANCE
dc.subject	LONGEVITY RISK
dc.subject	LONGEVITY RISKS
dc.subject	LUMP SUM WITHDRAWALS
dc.subject	MANDATORY COVERAGE
dc.subject	MANDATORY SAVINGS
dc.subject	MARK-TO-MARKET
dc.subject	MARKET CONCENTRATION
dc.subject	MARKET CONDITIONS
dc.subject	MARKET INTEREST RATES
dc.subject	MARKET SHARE
dc.subject	MARKET VALUES
dc.subject	MATURITIES
dc.subject	MATURITY
dc.subject	MORAL HAZARD
dc.subject	MORTALITY
dc.subject	MORTALITY TABLE
dc.subject	MORTGAGE
dc.subject	MORTGAGE BOND
dc.subject	MORTGAGE BONDS
dc.subject	MORTGAGE-BACKED SECURITIES
dc.subject	MUTUAL FUNDS
dc.subject	NORMAL RETIREMENT AGE
dc.subject	OBLIGATORY RESERVE
dc.subject	PENSION
dc.subject	PENSION ACCOUNTS
dc.subject	PENSION ASSETS
dc.subject	PENSION FUND
dc.subject	PENSION FUND ADMINISTRATORS
dc.subject	PENSION FUND ASSETS
dc.subject	PENSION FUND MEMBERS
dc.subject	PENSION FUNDS
dc.subject	PENSION FUNDS INSURANCE
dc.subject	PENSION INSURANCE
dc.subject	PENSION LAW
dc.subject	PENSION REFORM
dc.subject	PENSION REFORMS
dc.subject	PENSION SECTOR
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEMS
dc.subject	PENSIONERS
dc.subject	PENSIONS
dc.subject	PILLAR BENEFIT
dc.subject	PORTFOLIO
dc.subject	PORTFOLIOS
dc.subject	PREPAYMENT
dc.subject	PREPAYMENT RISKS
dc.subject	PRIVATE EQUITY
dc.subject	PRIVATE PENSION
dc.subject	PRIVATE PENSION FUNDS
dc.subject	PRIVATE PENSION SYSTEMS
dc.subject	PRIVATE PLACEMENTS
dc.subject	PROFIT MARGINS
dc.subject	PRUDENTIAL REGULATION
dc.subject	PUBLIC MARKETS
dc.subject	PUBLIC PENSION
dc.subject	PUBLIC PILLAR
dc.subject	QUOTATION SYSTEM
dc.subject	RATES OF INTEREST
dc.subject	RATES OF RETURN
dc.subject	REAL INTEREST
dc.subject	REAL INTEREST RATES
dc.subject	REGULAR PAYMENTS
dc.subject	REGULATORY FRAMEWORK
dc.subject	REINVESTMENT
dc.subject	REINVESTMENT RATE
dc.subject	REPLACEMENT RATES
dc.subject	RESERVE
dc.subject	RESERVES
dc.subject	RETIREE
dc.subject	RETIREES
dc.subject	RETIREMENT
dc.subject	RETIREMENT AGE
dc.subject	RETIREMENT BENEFITS
dc.subject	RETIREMENT INCOME
dc.subject	RETIREMENT PHASE
dc.subject	RETIREMENT PRODUCT
dc.subject	RETIREMENT PRODUCTS
dc.subject	RETIREMENT SYSTEM
dc.subject	RETIRING WORKERS
dc.subject	RETURN
dc.subject	RETURNS
dc.subject	RETURNS ON EQUITY
dc.subject	RISK MANAGEMENT
dc.subject	RISK POOLING
dc.subject	RISK PREMIUMS
dc.subject	RISK PROFILES
dc.subject	RISK SHARING
dc.subject	RISK-FREE RATE
dc.subject	SHARE OF EQUITIES
dc.subject	STATE GUARANTEES
dc.subject	SUPERVISORY AGENCY
dc.subject	SURVIVOR PENSIONS
dc.subject	TAX
dc.subject	TRANSPARENCY
dc.subject	TREASURY
dc.subject	TREASURY BONDS
dc.subject	TURNOVER
dc.subject	VALUATION
dc.subject	VALUE OF ASSETS
dc.subject	VARIABLE ANNUITIES
dc.subject	WAGE GROWTH
dc.subject	WITHDRAWAL
dc.subject	YIELD CURVE
dc.title	A Summary and Update of Developing Annuities Markets : The Experience of Chile
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	Latin America & Caribbean
dc.coverage	Latin America & Caribbean
dc.coverage	South America
dc.coverage	America
dc.coverage	Chile