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Regulating Private Pension Schemes: Trends and Challenges

Autor: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Año: 2002
Resumen: Providing appropriate financial security for retirement is an issue of crucial importance to OECD Member and non-member countries alike. The approaches adopted to implement the necessary reforms vary depending on each country’s economic, social and demographic environment. Increasingly, however, reform programmes involve the establishment or extension of private pension arrangements -- the focus of attention of the International Network of Pension Regulators and Supervisors (INPRS), a group of over 130 regulatory and supervisory authorities representing more than 60 countries. In April 2001, the INPRS and the OECD (which provides the Secretariat for the Network) brought together policy makers and experts to analyse the key policy implications arising from the growth of private pensions. This volume contains a selection of the papers presented at that meeting.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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On the Governance of Public Pension Fund Management

Autor: Impavido, Gregorio
Año: 2002
Resumen: The author surveys the empirical literature on the relationship between governance of public pension fund management and investment performance. He makes a preliminary attempt to identify good governance practices and distill governance guidelines aimed at reducing the political risk that is associated with central, public pension fund management. The author highlights the need for further work to support the development of a satisfactory set of governance guidelines.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Pooling, Savings, and Prevention: Mitigating the Risk of Old Age Poverty in Chile

Autor: Packard, Truman G.
Año: 2002
Resumen: Using data collected in a survey on risk, and social insurance in Chile, the author funds that workers who entered the labor market after the pension reform of 1981, have a greater "contribution density" than those who contributed to the previous social security system. Further, the expectation of care from children, and the amount spent on their education, significantly lowers the likelihood of contribution to the pension system. Workers who have met the contributory requirements to qualify for the minimum pension guaranteed by the government, are significantly less likely to continue making contributions. The likelihood of contributions beyond the eligibility threshold being lowered further, the greater the market rental value of respondents' homes. Furthermore, individuals with a greater tolerance for risk contribute, suggesting that there are retirement security investments in Chile, that are perceived as relatively less risky than saving in the reformed pension system. The results indicate that housing could be one such investment.

Fuente: Banco Mundial
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Revealed Preference and Self-Insurance: Can We Learn from the Self-Employed in Chile?

Autor: Barr, Abigail ; Packard, Truman
Año: 2002
Resumen: Financial sector development is a critical area of effective social protection policy. A well-regulated financial sector can complement government efforts to keep households from falling into poverty - by supplying the instruments needed to pool risks, or to self-insure against losses because of the death, or disability of a household member, unexpected loss of employment, or inability to work in old age. But many of the policy recommendations that can be drawn from the social risk management framework, rest on the strong assumption that risk, and time preferences are uniform across individuals, or households. Policies meant to encourage participation in public pension systems, and to reduce evasion where such systems are mandatory (by more closely aligning benefits with payroll contributions, or introducing individual retirement accounts) implicitly attempt to emulate the savings behavior of individuals, and households faced with fully functioning capital markets, and perfect information. If no allowance is made for variation in preferences, however, the welfare effects of policy reforms will vary across the target population. Mandated social security, even if actuarially fair for most, is likely to impose welfare losses on those less inclined to save, and insure. That said, a clearer picture of individual and household preferences, and how they vary across the population, can help governments design social security systems that complement private savings, and insurance instruments. The authors present the results of a field experiment, designed to produce an empirical measure of risk aversion, and time preferences of selected groups in Chile, which in 1981 pioneered social security reform with a transition to individual retirement accounts. The experiment was designed primarily to establish whether the time, and risk preferences of the self-employed differ significantly from those of wage, and salaried workers. They find no significant differences in mean risk, and time preferences between the self-employed, and employees, or between the contributing, and non-contributing employees. But they find significant differences in these preferences between the contributing, and non-contributing self-employed. Among the self-employed, those who are more patient choose to contribute to the pension system. However, the contributing self-employed are significantly more tolerant of risk than the non-contributing self-employed, a finding that conflicts with the assumption that the formal pension system is the only source of insurance against poverty in old age. The Chilean pension system may be viewed with some trepidation by its pool of potential clients. Since risk aversion declines with education, the participation of the economically active who are free to choose, could be enhanced by a campaign carefully designed to raise awareness, allay fears, and inform people of the benefits of saving for retirement in the formal pension system.

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

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Mercados de trabajo y sistemas de pensiones

Autor: Uthoff, Andras
Año: 2002
Resumen: América Latina experimenta un proceso simultáneo de envejecimiento de la población y de precarización del empleo que desafía a los sistemas de pensiones contributivos. Los pilares de reparto ven afectada su solvencia por seculares descensos en el número de personas activas que contribuyen a financiar los beneficios de las personas retiradas. Los beneficios de los pilares de capitalización individual son sensibles a la densidad de cotización necesaria para acumular capitales y financiar pensiones por un período cada vez más largo de sobrevivencia del afiliado. El presente trabajo ilustra la forma en que este desafío se manifiesta en la actualidad, y explora las responsabilidades que tendrá la sociedad en su superación.

Fuente: Comisión Económica para América Latina (CEPAL)
Clasificación: Mercado Laboral
Tipo de Publicación: Documentos de Trabajo
Idioma:

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