Download e-book for iPad: Annuity Markets and Pension Reform by George A. (Sandy) Mackenzie

By George A. (Sandy) Mackenzie

ISBN-10: 0511226195

ISBN-13: 9780511226199

ISBN-10: 0521846323

ISBN-13: 9780521846325

This booklet treats very important yet missed public coverage matters: how should still distributions from person money owed be regulated, and the way can the marketplace for deepest annuities functionality greater? It presents a accomplished survey of the problems that come up while participants to person bills develop into eligible for distributions. It additionally addresses the questions of no matter if annuitization or different regulations on distributions can be essential, and if this is the case, can the availability of annuities be privatized? Its analytical framework is acceptable to a wide variety of nations. Given the diminishing value of public pensions worldwide, the becoming variety of the aged, and the expanding significance of outlined contribution plans, the voluntary call for for personal annuities goes to develop. it is important that annuities be low-priced and that the annuity marketplace be successfully regulated. The e-book investigates either matters, and proposes reforms to reinforce the potency of the annuity marketplace.

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36 The Demand Side of the Annuity Market Reverse Mortgages Markets for reverse mortgages are found in Australia, the United Kingdom (where the arrangement is known as a lifetime mortgage with a roll up feature), and the United States. These markets are very little developed in other countries if they exist at all, although other countries are considering the potential role they might play in increasing the cash income of the elderly. In the United States, a reverse mortgage allows an older homeowner to draw on that part of her wealth embodied in her principal residence to finance consumption without requiring her either to give up title to the home or to service a mortgage.

S. market for reverse mortgages appears to be growing rapidly, albeit from a very small base. As of 2000, there were only 60,000 reverse mortgages outstanding, or less than 1 percent of the estimated market (Eschtruth and Tran, 2001). More recently, a trade association report shows that new federally insured reverse mortgages amounted to 18,000 in the twelve months ending in September 2003, which suggests that market penetration has increased somewhat, even if it remains very low in comparison with that for conventional mortgages.

2002). However, the structure of the CPF together with other policies creates a strong incentive to invest in housing, raising the possibility, as McCarthy et al. (2002) discuss, that many retired Singaporeans will be asset rich and cash poor. Australia’s pension system has a privately managed individual accounts component, known as the Superannuation Guarantee, which applies to most workers. Employers are required to remit a contribution of 9 percent of salary to complying superannuation funds.

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Annuity Markets and Pension Reform by George A. (Sandy) Mackenzie


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