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A Conceptual Framework for Retirement Products: Risk Sharing Arrangements Between Providers and Retirees

Autor: Impavido, Gregorio; Thorburn, Craig; Wadsworth, Mike
Año: 2004
Resumen: Voluntary annuity markets are, in most countries, smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, traditional products available in most countries can require excessive minimum capital requirements for given investment opportunities available to providers. Investment and longevity risk should be shared between providers and annuitants so that supply constraints can be relaxed. Alternative annuity products, which imply risk sharing, could be backed by substantially lower capital investments or, equivalently, provided at substantially lower prices to consumers.

Fuente: Banco Mundial
Clasificación: Regulación y Supervisión
Tipo de Publicación: Informes
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Governance of Public Pension Funds : Lessons from Corporate Governance and International Evidence

Autor: Hess, David; Impavido, Gregorio.
Año: 2003
Resumen: An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.

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

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Los sistemas de la seguridad social frente a poblaciones longevas: Diez cuestiones críticas

Autor: Asociación Internacional de la Seguridad Social (AISS)
Año: 2003
Resumen: El documento comienza con una revisión de los efectos del envejecimiento de la población y del margen para la acción política y el cambio en la sociedad, especialmente respecto de la promoción del empleo como clave para satisfacer las presiones demográficas en los sistemas de protección social. Se puede ejercer un control de las presiones demográficas ejercidas en los sistemas de protección social si éstas van acompañadas por un crecimiento económico sostenible y por elevadas tasas de participación en el mercado del trabajo (1). Un elemento importante de las políticas de apoyo es el cambio de rumbo de la tendencia hacia la jubilación anticipada (2). Al abordar el estrecho vínculo entre el empleo y la seguridad social desde otro ángulo, la tercera cuestión se refiere a la garantía de seguridad de los ingresos para los trabajadores con empleo precario y en la economía informal, quienes a menudo no están cubiertos por la seguridad social o lo están insuficientemente (3). La siguiente cuestión vuelve a analizar este tema desde una perspectiva más amplia, centrándose en la interrogante relativa a cuánto riesgo pueden asumir las personas que se preparan para la jubilación (4). Al reconocer la importancia de la obtención de un equilibrio viable entre las responsabilidades individuales y colectivas en la seguridad de los ingresos durante la vejez, los dos aspectos siguientes acentúan la necesidad del mantenimiento de la seguridad de los ingresos en la edad avanzada (5) y analizan el papel del Estado en la protección social de una sociedad que envejece (6). Estrechamente vinculada con estos aspectos, está la necesidad de abordar la igualdad de género en los regímenes de pensiones (7). Una estrategia de ajuste integral ayudará también a paliar los efectos del envejecimiento de la población en los regímenes de asistencia médica y de cuidados de larga duración, junto con una mejor utilización de los recursos de asistencia médica y las reformas adecuadas de los regímenes de asistencia médica y de cuidados de larga duración (8). Se ha de prestar especial atención a los retos específicos impuestos por las poblaciones longevas a los países de ingresos bajos y medios, muchos de los cuales hacen frente a rápidas transformaciones demográficas en condiciones económicas y sociales adversas (9). Por último, se aborda la cuestión del papel que desempeña la protección social como condición para un proceso de envejecimiento activo (10).

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

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Pension Reform in Europe: Process and Progress

Autor: Orenstein, Mitchell; Holzmann, Robert; Rutkowski, Michal
Año: 2003
Resumen: Pension reform is an important topic, high on the agendas of most European countries, where countries are profoundly affected by an aging population, the result of lower fertility, and increased life expectancy, changes in family structure, and the effects of globalization. The book presents seven papers on the political economy of European pension reform, where clearly, major reforms are needed, to ensure the sustainability of retirement income systems. However, reform programs will need to combine measures to delay retirement; introduce changes in the benefit structure; and, diversify the sources of retirement income, to better balance individuals' risks. Subjects address the need to accelerate the European pension reform agenda, and compares the making of pension privatization in Latin America with that in Eastern Europe. Furthermore, subjects look at democracy and structural pension reform in continental Europe, focusing on the aging population, the electoral behavior, and early retirement impacts, on the basis of commitment, and consensus - or the lack thereof - to pension reform. Most interestingly, one of the subjects questions, and further analyzes, the wide differences of social policy models among transition economies, to finalize with a look at the diffusion of pension innovation. These subjects provide insight into the process, and progress of European pension reform, to the benefit of the reform agenda in other regions as well.

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

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The Role of Occupational Pension Funds in Mauritius

Autor: Vittas, Dimitri
Año: 2003
Resumen: Mauritius belongs to a select group of developing countries where contractual savings-savings with insurance companies and pension funds-exceed 40 percent of GDP and represent a major potential force in the local financial system. Pension funds account for 75 percent of contractual savings. Contractual savings institutions invest in government securities, housing loans, corporate securities, real estate and bank deposits. They currently hold 35 percent of government securities and also account for 36 percent of total outstanding housing loans.Given their strong demand for long-duration assets, they can stimulate the issue of long-term government bonds (both inflation-linked and zero-coupon) and the development of corporate debentures, mortgage bonds, and mortgage-backed securities.Mauritius has a balanced and well-managed multipillar pension system. In addition to several public components, such as the Basic Retirement Pension, the National Pensions Fund (NPF), the National Savings Fund, and the Civil Service Pension Scheme, there are over 1,000 funded occupational pension schemes that play an increasingly important part in the whole system. The funded schemes are divided into two main groups-those insured and/or administered by insurance companies, and those that are self-administered and are registered with the Registrar of Associations. Coverage of the funded schemes is estimated at about 10 percent of the labor force. Together with the unfunded civil service scheme, occupational pension schemes cover about 100,000 employees or 20 percent of the labor force. All types of pension funds, including the public ones, report low operating costs. This reflects the absence of marketing and selling costs and, in the case of large private pension funds, the assumption of some costs by sponsoring employers. The investment performance of the self-administered funds was less than fully satisfactory in the late 1990s, reflecting poor returns on the local and foreign equity markets. Funds insured or administered by insurance companies as well the NPF performed better during this period because of their heavier allocations in government securities and housing loans. However, over a longer period, the private pension funds probably outperformed the NPF. The regulatory framework, though fragmented, is not unreasonable. It has many important provisions, such as observance of internationally acceptable accounting and actuarial standards and minimum vesting and portability rules, and it does not impose prescribed limits on investments. However, consolidation and modernization of the regulatory framework is required, while supervision, which is currently nonexistent, needs to be developed and to be proactive.

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

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