---

Peru : Restoring the Multiple Pillars of Old Age Income Security

Autor: Banco Mundial
Año: 2004
Resumen: In this report, the components of a national retirement security system are categorized - as "pillars", or as "tiers" according to their objective. This is in marked contrast to other publications that categorize the branches of a pension system in accordance with who administers them (the public or private sector); how are benefits structured (final-salary defined benefit formula, or defined contributions); or, their financing mechanism (pay-as-you-go, or full funding). Thus, the term "first pillar" or "pillar one" refers to that part of a pension system intended to keep elderly out of poverty; "second pillar" or "pillar two" to that part intended to help individuals smooth consumption over their life-cycle, i.e., to prevent a dramatic fall in income at retirement time; and, "third pillar" or "pillar three" to the instruments, and institutions available on a voluntary basis for workers to increase their income in old age. This report intends to explore, and present policy options to extend formal protection against old age poverty risks, at a fiscally sustainable cost, and aims as well at restoring the multiple pillars of formal old age income security. The report reviews the current pillars of Peru's retirement security system, grown weak, and by and large, has failed to diversify the risks to old-age income. The public branch of the "second pillar" still threatens the Government's fiscal stance, and constrains management of the economy. The private branch is costly, risky and administered by a private oligopoly. The "third pillar" of voluntary savings, and insurance instruments is weak, costly, lacks transparency and fails to complement benefits from the mandatory pillars. The report takes a comprehensive approach in its analysis of Peru's retirement security institutions, and, is divided into five sections. Following this introduction, Section II presents the dimensions of Peru's vulnerability to poverty in old age, by examining the nature of the risks to income from ageing in Peru. The section continues with a look at how well Government administered and/or mandated pension plans are covering these risks. Section III provides the institutional background, reviews reforms to formal social security institutions in the 1990's, and the progress achieved, and, examines the serious problems remaining. Section lV presents an analysis of proposals for reforms to each branch of the retirement security system, while Section V concludes by presenting policy options - some straight forward measures, while others, deeper, more controversial reforms - consistent with meeting the stated objective of extending protection against poverty in old age, in a fiscally, sustainable manner.

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

Para visualizar el documento, clic aquí »

---

Financing social protection

Autor: Cichon, Michael; Scholz, Wolfgang; van de Meerendonk, Arthur; Hagemejer, Krzysztof; Bertranou, Fabio; Plamondon, Pierre
Año: 2004
Resumen: Social protection systems are pivotal elements in national governance. They embody the social values of any society. Social protection systems have three main objectives: to guarantee access to essential goods and services for all members of a society, to promote active socio-economic security, and to advance individual and social potential for poverty reduction and societal development.1 Social protection is an investment in the social and economic development of societies and individuals. It thus not only helps people to cope with risks and reduces inequalities, but also enables them to develop full potential for personal growth and meaningful contributions to their societies throughout their life. […] ILO and ISSA believe that books like this one always remain works in progress. We therefore encourage readers to contribute to the development of knowledge in the field of social protection financing by providing us with comments and suggestions for further work. We can thus develop together our knowledge base in social protection financing.

Fuente: Asociación Internacional de la Seguridad Social (AISS)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Libros
Idioma:

Para visualizar el documento, clic aquí »

---

Seguridad del ingreso de jubilación para hombres y mujeres

Autor: Ståhlberg, A Ann-Charlotte; Cohen Birman, Marcela; Kruse, Agneta; Sundén, Annika
Año: 2004
Resumen: Todas las sociedades deben afrontar el problema de que las personas no pueden ganarse la vida con su propio trabajo durante todos los períodos de su vida, por motivos, por ejemplo, de enfermedad, desempleo, discapacidad, viudez y vejez. Pueden distinguirse tres formas principales de proteger a las personas cuando llega este momento: la familia, el mercado y el Estado. En la mayoría de las sociedades coexisten estas tres formas, y una de ellas predomina. El modelo familiar predomina en los países en desarrollo, mientras que en los países industrializados es más frecuente un modelo estatal que establece un régimen de pensiones público basado en un sistema de reparto (pay-as-you-go (PAYG)). […] Estas características son importantes, porque el comportamiento de las mujeres en el mercado laboral es distinto al de los hombres. En particular, las mujeres trabajan a tiempo parcial, interrumpen su carrera y reciben salarios inferiores con más frecuencia que los hombres. Asimismo la esperanza de vida de las mujeres es superior, por lo que tienen más probabilidades de enviudar. Es importante que la pensión y la sustitución de los ingresos sean adecuadas, pero un régimen de pensiones no debería compensar las diferencias que existen entre hombres y mujeres en el mercado laboral, ya que esto reforzaría los papeles que ambos sexos desempeñan tradicionalmente y fomentaría la discriminación en dicho mercado.

Fuente: Asociación Internacional de la Seguridad Social (AISS)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
Idioma:

Para visualizar el documento, clic aquí »

---

Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds

Autor: Fondo Monetario Internacional (FMI); Banco Mundial
Año: 2004
Resumen: The objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance of the pension sector. It also discusses different investment alternatives and development options for the domestic Kazakhstani capital market. The note aims to be realistic and pragmatic, based on the best professional judgment of the author.1 It is concluded that neither the regulators nor industry participants appear to fully appreciate the risks attached to the practice of focusing on short-term and high yield investments, which exposes pensioners to higher reinvestment and issuer risk. The recommendations are summarized in the last section of this note.

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

Para visualizar el documento, clic aquí »

---

Can the Private Annuity Market Provide Secure Retirement Income?

Autor: Schrager, Allison C.; Mackenzie, George A.
Año: 2004
Resumen: Annuity premiums are often assumed to be constant, although they can be expected to vary with the yield curve. Variations in premiums will become an important public policy issue as defined-contribution (DC) pension plans play an increasingly prominent role in providing retirement income. As DC plan holders retire, many will annuitize at least a part of their account balances. In the absence of current data on annuity prices, the paper relies on U.S. Treasury interest rate data to simulate the impact of interest rate variation on annuity premiums. For a spectrum of feasible interest rates, the variation in retirement income is not negligible.

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

Para visualizar el documento, clic aquí »

---