Developing Annuities Markets: The Experience of Chile

'Developing Annuities Markets: The Experience of Chile' is part of a multicountry World Bank project analyzing the market for retirement products. Among countries that have reformed their pension systems since the early 1990s, the Chilean case has emerged as the most relevant for drawing policy lessons on the role of the private sector in the provision of retirement income for two reasons: the depth, sophistication, and efficiency of the country's retirement products market, and the fact that this market was successfully developed from scratch by a middle-income country.The book examines in detail Chile's efforts to build a sound regulatory framework for the payout phase, concluding that a market for annuities and other retirement instruments can be built from a low base, while also identifying the reform agenda that policy makers need to implement to maximize benefits for their retiring populations.