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Mauritius: Modernizing an Advanced Pension System

Autor: Banco Mundial
Año: 2004
Resumen: The report examines the pension system in Mauritius, a country which over the past two decades, has made enormous progress in economic development, and poverty reduction, and which today, is facing a much earlier demographic transition in its development cycle, than other upper income, and high income countries have experienced. The questions being addressed are whether the current pensions arrangements will be financially sustainable, given the projected ageing of the population, and whether they will be equitable and efficient, at a time when the system will be relied on by a growing number of people. Mauritius has a three-tiered pension system that helps the poor, and provides moderate (although declining, in the case of the private sector) replacement income for working people, and no regulatory protection for voluntary retirement schemes. The un-funded nature of the universal scheme, together with the income maintenance scheme of the civil service, are endangering the country's economic stability. At the same time, declining benefits to the working class, are jeopardizing living standards at retirement, while the lack of a regulatory environment for private savings, discourages maintaining private savings through the formal financial system. Concurrently, public sector management of the private contributory schemes, deprives contributors of maximum returns, and concentrates risk only on the local economy, enhances government consumption, and deprives the domestic private sector of financing sources. The poor performance of the contributory tiers, exercises upward pressure on the un-funded tier, increasing the system's fiscal risks. The report adopts an approach that seeks to diversify the economic, and political risks inherent in pension systems, for while economic risk can come from fiscal concerns, particularly of un-funded schemes, and from re-distributive concerns, political risks otherwise, arise from outside the country's financing capacity. The approach suggests maintaining a small, and efficient un-funded re-distributive component (first pillar) to meet the needs of the poor, and, a dual, funded, and privately managed component for income maintenance, and life-time consumption appease. The dual character of the funded component aims to assure moderate replacement income, via a mandatory privately managed scheme (second pillar), and to provide as well, opportunities for private provision to meet individual preferences, or labor market response for supplementary pensions (third pillar).

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Informes
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Proving Incentives for Long-Term Investment by Pension Funds: The Use of Outcome-based Benchmarks

Autor: Stewart, Fiona
Año: 2004
Resumen: A fundamental goal of any pension system is to ensure that members receive an adequate income when they retire. Although traditional defined benefit pension plans set out how pension income will be determined in advance and then strive to deliver this, the growing number of defined contribution plans accumulate a sum of assets which can then be turned into a pension income on retirement. However, the amount of this retirement income is not predefined This frequently leads to a focus by not only most pension providers, but also regulators and pension plan members themselves on the short-term accumulation of pension assets rather than the longer-term goal of securing an adequate retirement income. This paper discusses a possible solution to this challenge: the use of benchmarks to encourage pension funds to invest with the longer-term goal of delivering adequate retirement income in mind. Examples are provided of leading pension funds that already work with long-term, outcome-based benchmarks. The paper suggests a methodology for pension regulators to use in order to incentivize pension funds in their jurisdictions to adopt a similar approach.

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

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Public Pension Fund Management : Governance, Accountability, and Investment Policies

Autor: Musalem, Alberto R.; Palacio, Robert J.. Musalem, Alberto R.; Palacio, Robert J.
Año: 2004
Resumen: This report highlights the key themes and findings of the Second Public Pension Fund Management Conference that was organized by the Bank and took place in May 2003. This book addresses issues of governance, accountability, and investment policies and aims to foster ongoing dialogue and exchange of experiences across regions and between emerging and developed economies.

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

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Cash Transfers for Older People Reduce Poverty and Inequality

Autor: Barrientos, Armando
Año: 2004
Resumen: The development of non-contributory pension program as institutions for poverty and inequality reduction in Brazil, South Africa and Bangladesh is examined.

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

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Pension Funds and Emerging Markets

Autor: Chan-Lau, Jorge A.
Año: 2004
Resumen: This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in developed countries. Second, it assesses how pension funds in emerging markets have contributed to the development of local securities markets. Third, it analyzes the determinants of pension funds' investment performance. The paper concludes with a discussion of why the emerging market asset allocation of pension funds in developed countries is likely to increase and what the challenges faced by pension funds in emerging markets are.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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