THE PENSION NOTE: PENSION MODES IN THE FULLY-FUNDED SYSTEMS IS NOW AVAILABLE

The purpose of this Pension Note is to analyse the different pension modes existing in the individually funded systems, with particular emphasis on the conditions that must be met.

The first section of the document analyses the pension process, i.e. the mechanism whereby members choose their pension mode. The next section reviews both the traditional pension modes (immediate life annuity and programmed withdrawals) as well as some non-traditional pension modes. Finally, it presents the proposal of introducing a longevity insurance as a solution to improve pensions.

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