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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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Tax, Welfare, and Pension Reforms in Slovenia: Implications for Work Incentives and Labor Participation

Autor: Egoume-Bossogo, Philippe; Tuladhar, Anita
Año: 2006
Resumen: The labor participation rate in Slovenia has been lower than in the EU-15 (the members states prior to May 2004), particularly for the low-income and older individuals. Using simulations of tax and social benefits and public pensions, the paper shows how the current tax, welfare, and pension systems create disincentives to work among these groups. The paper finds that incentives to retire early are strong for men, especially low-wage earners. The marginal effective tax rates also make it costly for low-income individuals to work and negatively affect the probability of participating. The paper proposes reform measures to enhance work incentives and labor participation, which will be crucial for dealing with population aging and for achieving higher potential growth in Slovenia.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Mercado Laboral
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Competition and Performance in the Hungarian Second Pillar

Autor: Impavido, Gregorio
Año: 2006
Resumen: The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in terms of costs, and a less than aggressive commitment on the part of the Hungarian Financial Supervisory Authority to a low-cost, transparent, and competitive equilibrium. In the accumulation phase, the authorities would need to further promote transparency and comparability of information on costs and investment performance, facilitate migration to lower cost funds, and more generally promote competition. The regulatory framework of the payout phase needs to be overhauled before the first cohort of workers retires.

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

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Social Protection in the Maldives : Options for Reforming Pensions and Safety Nets

Autor: Banco Mundial
Año: 2006
Resumen: This report aims to assist the Government of the Maldives in designing and implementing social protection reforms, in particular for pensions and safety nets. The report gives an overview of poverty, risk and vulnerability in Maldives and analyzes the role and effectiveness of pensions and social assistance policies in helping poor households mitigate and cope with risks. Based on the analysis, the study delineates a menu of options for reforming the existing pension and social safety net system. The structure of the study follows the issues outlined above. Chapter 1 sets the stage with an overview of growth, inequality, poverty and vulnerability. Chapter 2 discusses old-age pensions and pension reform options. Chapter 3 covers safety nets (social assistance), while annexes describe the data sources and contain the analytical findings underpinning the recommendations. The executive summary details the main findings and policy options proposed in the report.

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

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