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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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The Swedish Annuity Market: Where it is and Where it's Headed

The Swedish Annuity Market: Where it is and Where it's Headed

(p.13) Chapter 2 The Swedish Annuity Market: Where it is and Where it's Headed
Securing Lifelong Retirement Income

Edward Palmer

Bo Larsson

Oxford University Press

This chapter analyzes the structure of demand for retirement products in Sweden using both aggregate and individual data. We show that all occupational groups except white-collar workers are more likely to choose a five-year withdrawal rather than a life annuity, as are women and those with less education. The result for women possibly reflects the fact that most in the cohort examined qualify for a public widow's benefit, available to women born prior to 1945, so the litmus test is still to come. Information on tax deductions indicates that future demand for private annuities will be strong, but it is unclear whether the pattern of taking short-term withdrawals will reverse.

Keywords:   Sweden, defined benefit, defined contribution, social insurance, taxation, mortality, longevity, term annuity, life annuity, pensions

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