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The Role of the Annuity's Value on the Decision (Not) to Annuitize: Evidence from a Large Policy Change
Social Science Research Network [SSRN] 
Dec. 3, 2008
Excerpt: This paper presents new evidence on how the annuitization decision is affected by changes in the annuity's value. We take advantage of an unprecendented change in policy, which in 2004 moderated the super-mandatory Swiss occupational pension scheme: The 20 percent reduction in the rate at which retirement capital is translated into a life-long annuity equates to a net present value loss of approximately 20'000 SFR (20'000 US$) for the average retiree.
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