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Financial Sector Assessment Program Update: Republic of Poland - Competition and Performance in the Polish Second Pillar

Autor: Banco Mundial; Fondo Monetario Internacional (FMI)
Año: 2006
Resumen: In March 1999, Poland implemented a systemic pension reform that involved the introduction of a multi-pillar pension system to replace the defined benefit (DB), pay-as-you-go (PAYG) system that had been operating since 1949. This technical note on the pension sector was elaborated as part of the Poland Financial Sector Assessment Program, or FSAP update that took place in April-May 2006. The note assesses the structure and performance of the second pillar, as well as its regulatory and supervisory framework. The note is structured as follows. Section two provides an overview of the whole pension system after the 1999 reform, including coverage and fiscal policy in the transition to the new system. Section three analyses the structure and performance of the second pillar, including asset growth, portfolio composition, investment returns, and fees. Section four examines the regulatory and supervisory framework for the second pillar. Section five analyzes briefly the status of capital market development and the main obstacles to the further development of financial instruments suitable to pension funds. Finally, section six provides a number of policy recommendations.

Fuente: Banco Mundial
Clasificación: Ahorro Previsional
Tipo de Publicación: Notas de Pensiones
Idioma:

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Civil-service Pension Schemes Around the World

Autor: Palacios, Robert; Whitehouse, Edward
Año: 2006
Resumen: There are separate pension schemes for civil servants in about half of the world s countries, including some of the largest developing economies, such as Brazil, China and India. In the higher-income, OECD countries, spending on pensions for public-sector workers makes up one quarter of total pension spending. In less developed countries, this proportion is usually higher. Yet, very little has been written on the design and reform of civil-service pension plans, especially when compared with the voluminous literature on national pension programs. This paper compares civil service pension schemes across countries in terms of benefit provision and cost. We find that in many developing countries, these expenditures are a greater fiscal burden than in higher income countries where the tax base is larger. The paper also compares schemes within the same country covering private sector workers. Finally, we review key policy issues related to pension schemes covering civil servants as well as other public sector workers. In particular, we find that there is little justification for maintaining parallel schemes in the long run.

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

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Poverty, Inequality and Policy Affecting Vulnerable Groups in Moldova

Autor: Cornia, Giovanni Andrea
Año: 2006
Resumen: This paper analyzes the changes that have intervened in the field of income poverty and human poverty since the onset of the transition in Moldova. With a biblical contraction of GDP, a fast rise in inequality, a drop in social expenditure and a weakening of civil society, most indicators of income poverty and human poverty deteriorated sharply since 1991. A clear improvement is evident since 2001, but most indicators of wellbeing still have to recover their pre-transition levels. Poverty in Moldova is largely a rural problem affecting agricultural labourers, small farmers and households in declining mono-industry towns. Children living in families with three or more children, in single-parent families or with substitute guardians, as well as pre-school age children living in remote rural areas (where public support systems collapsed) are particularly vulnerable. Social policy has moderated substantially the impact of the crisis in some areas (as in primary and secondary education, child health and poverty among pensioners) but not in other (poverty, adult mortality, kindergarten enrolments, and social marginalisation). In addition, the mass migration that took place to respond to the spread of poverty solved some problems but concurrently created new ones, especially in the field of child socialisation and family stability. There is some scope for social and macroeconomic policy to help reducing the negative inheritance of the first ten years of transition. Macroeconomic policy is rather deflationary, and keeps aggregate growth below what is needed to eradicate poverty quickly while paying little attention to its impact on inequality. There is a room therefore to place greater emphasis on an equitable pro-poor growth characterized by greater investment in agriculture and higher overall employment intensity, as well as a better allocation of migrant remittances and stronger social policies.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Pension Reform: Issues and Prospects for Non-Financial Defined Contribution Schemes

Autor: Holzmann, Robert; Palmer, Edward
Año: 2006
Resumen: The previous decade has been one of pension reform throughout the world. In high income countries, the driving force has been the threat that current systems will become unaffordable in coming decades, with demographic developments presenting a major risk. In another setting, countries in the process of transition from a command, to a market economy are confronted with the challenge of introducing a public pension system that will provide social security in old age, but that also supports the fundamentals of a market economy. In the latter sense, it is important to examine carefully the experiences of developed market economies. Even in these countries, the driving force behind reform is demographic change and affordability. In a third setting, middle and lower-middle income countries are faced with the question of what system will best serve the interests of their specific country goals for the future. In all of these settings "NDC"-non-financial defined contribution-pension schemes have been on the agenda in discussions of possible options. Sweden is one of the few countries to have implemented an NDC scheme in the 1990s, when NDC came into its own as a concept, implemented in four European Union (EU) countries (Italy, Latvia, and Poland are the other three). NDC has become a reform option considered by many countries, understandably since most of Europe has a pay-as-you-go tradition, and NDC constitutes a new way to "organize" a mandatory, universal pay-as-you-go pension system. With some experience of NDC schemes implemented, it is felt particularly relevant for Sweden to host a conference devoted to discussing both the conceptual and institutional aspects of NDC. The goal was even more ambitious, however: to contribute to creating a synthesis of current knowledge on this new topic. This book is the realization of that goal. It comprises discussion papers on the status of NDC, its concept and the reform strategies that follow. Papers also discuss the conceptual issues of design and implementation , lessons from countries with NDC contribution schemes, and finalizes on the potential of NDC contribution schemes in other countries' reforms.

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

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An Assessment Of Reform Options For The Public Service Pension Fund In Uganda

Autor: Bogomolova, Tatiana; Impavido, Gregorio; Pallares-Miralles, Montserrat.
Año: 2006
Resumen: This paper analyzes the future liabilities that the Ugandan Public Service Pensions Fund might accumulate under the provisions of the Pensions Act (CAP 286) unless it is reformed. It then discusses alternative reform options that can be used in designing an educated homegrown reform of the fund. The paper supports a hybrid (two-pillar) reform option composed of a small defined benefit scheme and a complementary defined contribution scheme, instead of a pure defined contribution (monopillar) reform option discussed by policymakers in the country. The main reason for this is related to the fact that hybrid and pure defined contribution reforms will have the same impact on reducing pension expenditure (for the same grandfathering rules and surplus in the first pillar). In addition, everything else being equal, the hybrid reform is likely to produce higher average replacement rates due to the redistributive and pooling properties of the small defined benefit pillar.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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