Preliminary result of a continuing research project that analyzes annuity markets in various countries. The projects focussed on understanding whether annuity makerts can be relied upon to provide reliable retirement income at reasonable prices

Pension reforms normally focus on the accumulation phase, plus term insurance that provides bnefits for the disabled and for dependent survivors, all of which are immediate concerns. Decumulation of the capital in workers' retirement savings accounts appears to be far in the future. But in the...