Wharton Pension Research Council Working Papers
 

Title

Too Much Risk to Insure? The Australian (non-) Market for Annuities

Document Type

Working Paper

Date of this Version

9-1-2010

Abstract

While retirement income products have become more important in Australia in recent years, the growth in these has been predominantly in phased withdrawal products which offer no longevity insurance. The life annuity market has virtually disappeared, exposing Australians to much greater uncertainty about their well-being in later life than is necessary. We suggest that both the private market and government intervention will need to be harnessed to address this issue, including better co-ordination across key policy agencies. While inaction will lead to a long term prospect of arbitrary and ill-considered government action to meet the realised uninsured outcome, there are signs of a collaborative effort to revitalize the market.

Comments

The published version of this Working Paper may be found in the 2011 publication: Securing Lifelong Retirement Income.

Working Paper Number

WP2010-18

Copyright/Permission Statement

Opinions and conclusions are solely those of the author(s) and do not reflect views of the institutions supporting the research, with whom the authors are affiliated, or the Pension Research Council. Copyright 2010 © Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.

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Date Posted: 07 August 2019