PARC Working Paper Series

Document Type

Working Paper

Date of this Version

8-2009

Comments

Mitchell, Olivia S. and Jose Ruiz. 2009. "Pension Payouts in Chile: Past, Present, and Future Prospects." PARC Working Paper Series, WPS 09-02.

Abstract

One of the most interesting features of the Chilean pension system is that approximately two-thirds of all retirees purchase annuities, resulting in annuitization rates much higher than in other countries. In this paper we review recent developments in the payout market for Chilean pensions, focusing particularly on the role of annuities, and we discuss what makes the payout market in Chile so different from those in other nations.

Keywords

Defined contribution, Payout market, Phased withdrawal, Life annuity

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Date Posted: 01 September 2009