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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
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Risk Management and the Pension Fund Industry

Autor: Fondo Monetario Internacional (FMI), Departamento Monetario y Mercado de Capitales
Año: 2004
Resumen: This paper looks at the longer-term challenges pension funds face as population age and key issues to address to enhance their risk management practices and their role as long-term investors. The paper focuses primarily on Japan, the Netherlands, Switzerland, the United Kingdom, and the United States, where funded pension plans are most developed. The size of pension savings in these countries, their projected growth, and the recent development of funded pension schemes in other countries highlight the fast-growing importance of pension funds for international capital markets and to financial stability.

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

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Keeping the Promise of Old Age Income Security in Latin America

Autor: Packard, Truman G.
Año: 2004
Resumen: Many Latin American governments have radically restructured their old age income security systems, starting with Chile's 1981 pension reform. The reforms move national pension system from purely social to largely individual responsibility; from risk pooling to individual savings accounts. They maintain reduced public risk pooling features, combined with mandatory and voluntary individual private savings to finance pensions and diversify the risks to adequate income in old age-the multi-pillar approach.

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

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Integrating a Unified Revenue Administration for Tax and Social Contribution Collections: Experiences of Central and Eastern European Countries

Autor: Fondo Monetario Internacional (FMI)
Año: 2004
Resumen: During the 1990s, a failure to collect social contributions in Central and Eastern European countries deprived pension schemes of resources needed to meet their obligations. Based on these countries’ experience, this paper examines the trend to increase coordination of tax and contribution collections. It sets out the rationale for establishing a unified agency as the best long-term strategy, and discusses policy and administrative issues in implementing this approach. The appendix presents three case studies for Albania, Bulgaria, and Romania, which are establishing a unified revenue administration. Another case study is presented for Sweden, which successfully integrated tax and social contributions collections in the 1980s.

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

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Chile: Household Risk Management and Social Protection

Autor: Banco Mundial
Año: 2004
Resumen: This report is part of the World Bank's advisory and analytical assistance to the Government of Chile. The report examines whether Chile has a social protection "system" - broadly defined to include policy interventions, public institutions, and the regulation of private institutions that lower the welfare costs of adverse shocks to income from job loss and extended unemployment, health episodes, old age, and life-time poverty - or simply a set of loosely coordinated programs. Further, the report assesses whether households are provided with appropriate tools to mitigate risks to their income, identifying gaps in coverage and where instruments are missing. Finally, the report provides the Government with a set of guidelines, grounded in a conceptual framework that if carefully applied, could increase the effectiveness of social protection.

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

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