Wharton Pension Research Council Working Papers

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Working Paper

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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.

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Opinions and errors are solely those of the authors and do not reflect views of the institutions supporting the research nor with whom the authors are affiliated. © 2009 Mitchell and Ruiz. All rights reserved.


This paper was prepared for presentation at a conference in January of 2009 by the International Conference on Annuity Markets: Structure, Trends and Innovations at Institute of Economic Research, Hitotsubashi University, Tokyo. The authors acknowledge research support from the Boettner Center for Pensions and Retirement Security and Pension Research Council at the University of Pennsylvania, and Ruiz acknowledges help with data afforded by Osvaldo Macias.

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Date Posted: 23 August 2019