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Securing Lifelong Retirement IncomeGlobal Annuity Markets and Policy$
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Olivia S. Mitchell, John Piggott, and Noriyuki Takayama

Print publication date: 2011

Print ISBN-13: 9780199594849

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199594849.001.0001

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Payouts in Switzerland: Explaining Developments in Annuitization

Payouts in Switzerland: Explaining Developments in Annuitization

(p.195) Chapter 11 Payouts in Switzerland: Explaining Developments in Annuitization
Securing Lifelong Retirement Income

Monika Bütler

Stefan Staubli

Oxford University Press

Switzerland is one of the few countries with long-term experience in withdrawal decisions made by retirees in fully funded pension plans. Switzerland is also atypical in its unusually high annuitization rates, and indeed, a majority of retirees covered by mandatory occupational pension plans chooses an annuity at retirement. This chapter revisits the historical role of occupational pension plans in the provision of old-age income, and examines the role of regulation in the payout phase. Recent developments in both market conditions and regulations are used to assess the impact of certain determinants of the annuitization decision, such as money's worth ratios, means-tested benefits, and behavioral factors.

Keywords:   annuitization, mandatory participation, money's worth, annuity equivalent wealth, behavioral economics, Switzerland, pensions

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