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

Autor: 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: Regulación y Supervisión
Tipo de Publicación: Libros
Idioma:

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Kazakhstan - The New Pensions in Kazakhstan : Challenges in Making the Transition

Autor: Banco Mundial
Año: 2004
Resumen: This report discuses Kazakhstan's pension system reform which is nearing the completion of the sixth year of its implementation. In addition to the need to address the design and operation of the payout phase of the pension system, the report finds two main areas in which changes and refinements to the pension system should be considered: (1) Changes to the basic benefit and financing structure of the system, during both the transitional and fully implemented stage. These should be aimed at improving the capacity of the system to provide adequate and equitable benefits; and (2) Improvements to the institutional and regulatory infrastructure to enhance the security and efficiency of the pension system. The report also provides recommendations for changes to the initial framework that would enhance the capacity of the reform to achieve the long-term goal of a sustainable, affordable and equitable pension system. This study reviews the experience gained, in the light of current conditions and projected outcomes, and draws conclusions about the likely medium and long-term consequences of the current design of the pension system. The report also provides recommendations for changes to the initial framework that would enhance the capacity of the reform to achieve the long-term goal of a sustainable, affordable and equitable pension system.

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

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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
Idioma:

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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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