George A. (Sandy) Mackenzie is Assistant Director, Research Department, International Monetary Fund (IMF) in Washington, DC. He was born in Halifax, Nova Scotia, and educated at Dalhousie University and Oxford, which he attended on a Rhodes Scholarship. Mr Mackenzie has been a member of the economic staff of the IMF for more than 27 years. His interest in pensions issues is longstanding, and his work in the area includes advising South American governments on individual accounts reform, and a number of papers on related issues. He has published papers in Finanzarchive, Public Finance/Finances Publiques, and the Journal of Budgeting and Finance.
1. The demand side of the annuity market
2. The supply side of the annuity market
3. The regulation of annuity providers
4. Experience with individual account reforms
5. Individual liberty versus security in retirement, and the government's role
6. Policy issues with both public and private sector provision of mandatory annuities
7. Policy issues with privatization of the provision of annuities
8. Conclusions and recommendations
Appendix 1. The economics and financing of annuities
Appendix 2. Aging and its impact on pension systems
Glossary.