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Work History and the Access to Contributory Pensions in Uruguay : Some Facts and Policy Options

Autor: Bucheli, Marisa; Forteza, Alvaro; Rossi, Ianina.
Año: 2008
Resumen: Incomplete and highly fragmented work histories threaten to leave many contributors of the pension schemes in Latin America without the minimum pension guarantee or even without access to the ordinary pension. We propose a methodology to assess this risk, identify vulnerable groups and study potential determinants of the history of contributions using information from the work history records of the social security institutions. We apply this methodology to the largest social security institution of Uruguay, the Banco de Previsión Social, and show that the majority of contributors to this institution might not comply with the minimum number of years of contribution that is currently required to access an ordinary pension when they reach the retirement age.

Fuente: Banco Mundial
Clasificación: Mercado Laboral
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Risk-Based Supervision of Pension Funds : A Review of International Experience and Preliminary Assessment of the First Outcomes

Autor: Brunner, Gregory; Hinz, Richard; Rocha, Roberto.
Año: 2008
Resumen: This paper provides a review of the design and experience of risk-based pension fund supervision in several countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries including pension funds and insurers. The trend toward risk-based supervision of pensions is closely associated with movement toward the integration of pension supervision with that of banking and other financial services into a single national authority. Although similar in concept to the techniques developed in banking, the application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined provide a range of experiences that illustrate both the diversity of pension systems and approaches to risk-based supervision, but also a commonality of the focus on sound risk management and effective supervisory outcomes. The paper provides a description of pension supervision in Australia, Denmark, Mexico and the Netherlands, and an initial evaluation of the results achieved in relation to the underlying objectives.

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

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The Market for Retirement Products in Sweden

Autor: Palmer, Edward
Año: 2008
Resumen: Far-reaching changes in the regulation of financial markets and the organization of public pensions in the 1980s and 1990s transformed the landscape for retirement products in Sweden. First, banking and insurance were extensively deregulated in the 1980s, while the securities markets experienced major expansion. Insurance received a large boost from the authorization of unit-linked products in the early 1990s. Second, the public pension system was reformed. Survivor benefits for widows were eliminated from the public pillar in the late 1980s, leading to a large increase in demand for term life insurance. The old defined benefit public pension system was replaced by a notional or nonfinancial defined contribution (NDC) scheme, while a funded defined contribution (FDC) component was also created in the public pillar. The four occupational pension funds that cover the majority of Swedish workers were also converted into FDC schemes. This paper reviews the implications of these changes for the Swedish annuity market. It discusses the regulation of payout options in Sweden, highlighting the compulsory use of life annuities in the public pillar and the preference for term annuities in the occupational funds. It examines the performance of providers of retirement products, including the PPM, and reviews the increasing focus on risk-based regulation and supervision. The paper also emphasizes Sweden's success in moving in the direction of increased funding and privatization of old age insurance, while maintaining its basic character as a highly developed welfare state.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Social Transfers, Labor Supply and Poverty Reduction : The Case of Albania

Autor: Kilic, Talip; Dabalen, Andrew; Wane, Waly.
Año: 2008
Resumen: In 1993, in response to persistent unemployment, and rising poverty and social unrest, the government of Albania introduced an anti-poverty program, namely Ndihma Ekonomike; in 1995 it was extended to all poor households. This paper estimates the separate effects of participation in this income support program and the old-age pension program on objective and subjective measures of household poverty. The analysis uses the nationally representative Albanian Living Standards Measurement Surveys carried out in 2002 and 2005. Using propensity score matching methods, the paper finds that Ndihma Ekonomike households, particularly urban residents, have lower per capita consumption and are more likely to be discontented with their lives, financial situation, and consumption levels than their matched comparators. In contrast, households receiving pensions are not significantly different from their matched comparators in reference to the same set of outcomes. The paper finds that the negative impact of Ndihma Ekonomike participation on welfare is driven by a negative labor supply response among work-eligible individuals. This negative labor response is larger among women and urban residents. In contrast to Ndihma Ekonomike, the receipt of old-age pension income transfers does not significantly impact the labor supply of prime-age individuals living in pension households.

Fuente: Banco Mundial
Clasificación: Mercado Laboral
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Comparing Aggregate Investment Returns in Privately Managed Pension Funds: An Initial Assessment

Autor: Tapia, Waldo
Año: 2008
Resumen: This report presents an initial assessment of the financial performance of privately managed pension funds, both mandatory and voluntary, in Latin America and Central and Eastern Europe, as well as selected OECD countries. It provides a comparative description of private pension funds in the 23 countries included in the report, examining the value assets under management, the weight of investments in the economy and the allocation of investments among the various asset categories and financial instruments available. The report also presents a new dataset on the investment performance achieved by the privately managed pension funds, including the annual real rates of return, the annual geometric average of real returns, as well as summary statistics of these returns for all countries for the period for which data is available.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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