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The Challenge of Public Pension Reform in Advanced and Emerging Economies

Autor: Fondo Monetario Internacional (FMI)
Año: 2011
Resumen: Public pension reform will be a key policy challenge in both advanced and emerging economies over coming decades. Pension spending is projected to rise in advanced and emerging economies by an average of 1 and 2½ percentage points of GDP over the next two and four decades, respectively, and is subject to a number of risks. The appropriate reform mix depends on country circumstances and preferences, although increasing retirement ages has many advantages.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Romania: Considering Options for Extending Social Protection Coverage to Elderly Farmers

Autor: Banco Mundial
Año: 2011
Resumen: The Romanian government recognizes that there are current and future problems related to the risk of old-age poverty among elderly farmers, and has been working on sustainable solutions to avert this risk. The main objective of this report is to provide recommendations to the policy makers in Romania in designing a non-contributory program for poor elderly, including farmers. To this end, the report (i) evaluates the current semi-subsistence farming structure and the income situation of farmers in Romania, including access to EU support programs; (ii) provides an overview of the social protection currently available to elderly farmers in Romania through the existing social insurance and social assistance system; and (iii) presents options for a non-contributory scheme for the elderly poor, including farmers, and analyzes the fiscal and poverty impact and the administrative feasibility of each option.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
Idioma:

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Stress Tests for Defined Benefit Pension Plans – A Primer

Autor: Impavido, Gregorio
Año: 2011
Resumen: Stress testing is a useful and increasingly popular, yet sometimes misunderstood, method of analyzing the resilience of financial systems to adverse events. This paper aims to help demystify stress tests and illustrate their strengths and weaknesses. Using an Excel-based template with institution-specific data, readers are walked through the basics of liability valuation and stress testing of assets and liabilities of a typical defined benefit plan.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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A Fiscal Indicator for Assessing First and Second Pillar Pension Reforms

Autor: Soto, Mauricio; Eich, Frank; Clements, Benedict J.
Año: 2011
Resumen: Traditional deficit and debt indicators focus on the health of public finances today, but fail to capture the future impact of different public programs. This weakness is evident in the treatment of pension reforms, which often strengthen the long-term fiscal outlook but do not necessarily improve—and sometimes worsen—fiscal balance and debt indicators in the near term. This has raised concerns that assessments based on traditional deficit and debt indicators create incentives to delay or even reverse reforms. […]This “pension-adjusted” budget balance complements traditional indicators of fiscal health, such as the overall and primary budget balance and the level of gross government debt. The pension-adjusted budget balance builds on other approaches that capture the long-term budgetary position of the government, including intergenerational accounting (Auerbach, Gokhale, and Kotlikoff, 1994), comprehensive measures of fiscal imbalances (Gokhale and Smetters, 2003) and fiscal gaps (Auerbach, Gale, Orszag, and Potter, 2003), sustainability indicators (EC, 2009c), and comprehensive public sector balance sheets (Buiter, 1983; Traa, 2009; and Velculescu, 2010). The proposed indicator thus takes account of the intertemporal pension balance rather than just the current balance of the pension system. The pension-adjusted budget balance can be monitored in the short run and captures the impact of pension reforms on long-term fiscal sustainability.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Notas de Pensiones
Idioma:

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New Policies for Mandatory Defined Contribution Pensions : Industrial Organization Models and Investment Products

Autor: Impavido, Gregorio; Lasagabaster, Esperanza; Garcia-Huitron, Manuel.
Año: 2010
Resumen: The recent financial crisis is challenging the reform approach to mandated pension a scheme that has emerged over recent decades across the world. This reform approach is characterized by a move toward multi-pillar pension systems and includes the creation or extension of a mandatory funded pillar with defined contribution design. The rationale and viability of such a pillar is contingent on an enabling environment and the delivery of high risk-adjusted net rates of return that beat the natural benchmark, which is the internal rate of return that an unfunded mandated scheme is able to achieve. Two key aspects of mandated and funded defined contribution schemes have been under discussion and investigation since dedicated pension funds were created: (a) the high fees levied by privately organized pension funds and the consequence for the net rate of return; and (b) the investment products of these funds and their capability to address the investment risks and to deliver the expected retirement income in a life-cycle context. To this end, country policies have experimented with a variety of approaches to improve outcomes with some important leads but overall modest results. This book proposes to take a fresh and highly innovative look at both policy issues. It suggests stepping back and looking at the underlying causes of the issues at stake instead of merely trying to address their symptoms. In addressing the high fees of pension funds, it focuses on the less-than-ideal conditions inert consumers facing firms with market powers and proposes to apply solutions derived from industrial organization models and pricing methods that better reflect the cost structure of the supply of pension services. In addressing the investment risks, it asks how to improve fund managers' risk-adjusted investment performance when participants are inert.

Fuente: Banco Mundial
Clasificación: Regulación y Supervisión
Tipo de Publicación: Libros
Idioma:

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