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A Summary and Update of Developing Annuities Markets : The Experience of Chile

Autor: Rocha, Roberto; Rudolph, Heinz P.
Año: 2010
Resumen: The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the development of the Chilean annuity market. The update focuses on the numerous changes that were introduced in 2008. The most striking aspect of the Chilean experience is the very high rate of annuitization. This has been linked to the restrictions that have been applied to lump-sum withdrawals, the offer of inflation-protected annuities, and the robust prudential regulation of providers. But the level of annuitization has also been supported by the annuitization incentives provided to early retirees and the influence of brokers and sales agents. The recent regulatory changes have weakened the impact of the last two factors, while strengthening the demand for annuities at normal retirement.

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

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Lifelong Learning

Autor: Comisión Económica de la Organización de las Naciones Unidas para Europa (UNECE)
Año: 2010
Resumen: Populations in the UNECE region are ageing rapidly. To maintain economic growth and standard of living, people would need to work longer before they can retire. Regarding people who are currently in their working age, demographic change may require to include those into the labour market who were previously not fully integrated, such as early school leavers, women and migrants. In a knowledge society, this all requires a good standard of basic education as well as vocational training, tertiary education, information and communication technology (ICT) and language skills.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Mercado Laboral
Tipo de Publicación: Artículo Académico
Idioma:

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Strengthening Caribbean Pensions: Improving Equity and Sustainability

Autor: Banco Mundial
Año: 2010
Resumen: This report aims to provide additional insights to existing analyses of public pension and social security schemes in the Caribbean. Such analyses have been undertaken with the support of the Inter-American Development Bank, the Caribbean Development Bank, the Canadian International Development Agency, the Economic Commission for Latin America, and the Caribbean and the International Social Security Association. By making cross-country comparisons within the region and across the world, this report will review fiscal vulnerability, sustainability, labor market efficiency, migration, financial market development, and other pension-related areas. Finally, governance and investment management should be strengthened by: (i) strengthening the governance structure, including authority and accountability of Board members; (ii) improving governance mechanisms with the assistance of external oversight and improved information disclosure; (iii) introducing codes of conduct for the governing body and management; and (iv) introducing a number of measures to strengthen the investment policies, investment strategy, asset allocation, and performance evaluation.

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

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Challenges of the Mandatory Funded Pension System in the Russian Federation

Autor: Rudolph, Heinz P.; Holtzer, Peter
Año: 2010
Resumen: The overwhelming number of contributors that have been allocated into the default option is one of the main characteristics of the Russian second pillar. This finding confirms that the level of financial literacy for most of the participants is not sufficient to make informed portfolio selections. The authors argue that the current system is perfectly consistent with a solid second pillar, but the authorities should focus their attention in the strategic asset allocation of pension funds. Since in the short and medium term it is unlikely to see improvements in financial literacy of individuals that may overcome the complexity of these decisions, the authorities can play an important role in designing default investment portfolios that can be aligned with expected replacement rates for the contributors. The current investment regulation of the default option induces investment in inefficient portfolios that are unlikely to bring returns above inflation, and probably will result in very low replacement rates for contributors. Further liberalization of the investments of the pension portfolio; improvements in the governance and supervision of the pension system; and greater certainty about the ownership of the funds are necessary steps to complete the pension reform launched in 2002.

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

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Modeling Pension Reform: The World Bank's Pension Reform Options Simulation Toolkit

Autor: Banco Mundial
Año: 2010
Resumen: Today's pension policies can affect retirement incomes and the public finances for decades to come. Retirement income systems that are affordable today, will often prove unsustainable in the future, given the twin pressures of demographic aging and the maturing of pension schemes. The World Bank's pension reform options simulation toolkit (PROST) models pension contributions, entitlements, system revenues, and system expenditures over a long time frame. The model is designed to promote informed policymaking, bridging the gap between quantitative and qualitative analysis of pension regimes. It is a flexible, computer-based toolkit, easily adapted to wide range of countries' circumstances.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Informes
Idioma:

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