Session 3 - Pablo Antolin - OECD.pdf

1、FACILITATING EFFECTIVE DECUMULATIONDESIGN AND SUPERVISION RETIREMENT PHASEPablo Antolin Head of Insurance and PensionsOECD Directorate of Financial and Enterprise AffairsIstanbul,7 November 2025Restricted Use-usage restreintObjective Main message How to facilitate effective decumulation?Through life

2、-time income What is effective decumulation?Protection against LR How can people achieve it?Converting into life-time payments part of their assets accumulated How can policy makers make sure that people understand and appreciates annuitization?Good mortality tables Nudging and information(individua

3、l dashboard)2Restricted Use-usage restreintWhat is effective decumulation?OECD Recommendation for the Good Design of DC Pensions Plans#7:Ensure(effective decumulation requires that)all retirees are protected against longevity risk.What is longevity risk(LR)?Outliving;not using all resources(frugal)3

4、Restricted Use-usage restreintHow can people achieve protection from LR?Linking accumulation and decumulation;smooth transition;products-mechanisms allow for it Denmark,Sweden,TIAA-CREFT USA Instruments available for decumulation Traditional:lump-sums,drawdowns and life annuities New approaches:NGLT

5、I,combinations Providing protection against LR(LA;NGLTI,combinations)The choice depend on desired balance between the cost of guarantees and the stability of retirement income.Also,the balance to strike between flexibility and protection.4Restricted Use-usage restreintInstruments to provide life-tim

6、e retirement income Lump-sums:no pension,no protection from LR#7:Full lump-sums should be discouraged in general,except for low account balances or extreme circumstances.Life-time income vehicles with guaranteed payments or non-guaranteed arrangements where longevity risk is pooled among participant