This paper examines policies for the decumulation of pension wealth in the Netherlands. It suggests a design framework based on economic theory and international evidence. The central message is that a well-designed pension system has an important – although certainly not exclusive – role...

It is common practice for pension schemes to offer their participants the option to delay benefit claiming until after the normal retirement age and adjust the annual benefit level as a result. This adjustment is often not actuarially neutral with respect to the age at which benefits are...