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The Intragenerational Redistributive Effects of Unfunded Pension Programs

Autor: Cubeddu, Luis M.
Año: 1998
Resumen: This paper provides a quantitative evaluation of the intracohort redistributive elements of the U.S. social security system in the context of a computable general equilibrium model. It determines how the well-being of individuals that differ by gender, race, and education is affected by the government's social security policy. Differences in life expectancy and labor productivity translate into differences in capital accumulation and labor supply distortions that are responsible for the observed welfare difference between individuals of the same age cohort.

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

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Aging in the Asian “Tigers”: Challenges for Fiscal Policy

Autor: Heller, Peter S.
Año: 1997
Resumen: The paper assesses the government expenditure effects from changing demographics in the Asian "Tiger" economies through 2050. With some exceptions, their limited social insurance commitments initially suggest that aging populations may not adversely affect fiscal balances. Yet for all the Tigers, changing illness patterns and medical modernization may combine with demographics to intensify budgetary pressures. The paper notes the implications of the Tigers' reliance on private sector pension and medical insurance systems; the need for an active public role; and the complications for fiscal analysis when private sector instruments are used, in a mandatory way, as public policy instruments.

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

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Civil Service Pension Scheme

Autor: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Año: 1997
Resumen: This publication is a tool for designers of new civil service pension schemes in central and eastern Europe. It presents civil service pension schemes in five OECD Member countries and ten central and eastern European countries. In most central and eastern European countries, people employed in the public administration are covered under common national pension schemes, usually defined in a common pension law. As part of efforts to improve the professionalisation and quality of public administration, countries are defining civil service categories of personnel through civil service legislation. Some countries will introduce specific pension provisions for the public administration employees subject to this legislation. There are at least three obvious reasons for this: to secure the independence of civil servants, to make a public sector career more attractive, and to shift the costs of current remuneration into the future. In most OECD Member countries, civil servants have separate and specially designed pension schemes. These are either totally independent of the common national pension schemes or complementary to them. Conditions vary between countries and so do principles for financing. In one country there might also be several schemes for various categories of state officials and employees. “Pay-as-you-go” schemes financed by the annual state budget exist in several OECD Member countries. When they were introduced, national civil services were small and common pension schemes for the working population at large were lacking. Over the last 30 years, the rapid growth of western public services has not had any major impact on pension costs in pay-as-you-go schemes for demographic reasons and, until recently, the financing of pensions has in many countries stayed unchanged. The long-term nature of pension schemes and the strong interest that civil servants and their unions have in keeping them intact has added to the difficulty of changing them. With changing demography, pensions are becoming a heavy burden on the budget. Pensions imply both considerable running costs and heavy long-term liabilities. That is why many OECD Member countries today are trying to find new solutions to fund the financing costs. Different funding and actuarial techniques can be used to achieve this.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Private Pensions in OECD Countries The United Kingdom

Autor: E. Philip Davis
Año: 1997
Resumen: This volume is part of a series of monographs on private pensions in OECD countries. Previous titles have considered the situation in Canada, Ireland, New Zealand and the United States. The United Kingdom pension system has some distinctive characteristics. Publicly-provided pensions have become less important as a source of retirement income. The ageing of the population will shrink the numbers of those working relative to those receiving old-age pensions, but because of the low rates of public pension payments, contribution rates will not need to rise dramatically to cover pension costs. Funded company-based schemes are extensive, with one of the highest asset to GDP ratios among the OECD countries. Personal private pensions are growing rapidly in coverage. Evidence suggests that these pension funds have boosted saving and increased the supply of long-term funds, so stimulating the development of capital markets. The size and scope of private pensions in the United Kingdom makes the policy debate particularly relevant to policymakers in other countries who are considering expanding the role of the private sector. Three factors have been particularly important in promoting the use of private pensions. First, the public pension system is residual. The incentive to make alternative arrangements for retirement pensions is strong. However, the low level of the public pension leaves a sizeable proportion of pensioners dependent on means-tested benefits to maintain acceptable living standards. Company-provided occupational pensions cover much of the workforce. The official encouragement of personal pension plans is both a means of extending coverage to those working in smaller, nonunionised companies (where occupational pension schemes are less common) and to provide competition to the occupational schemes, perhaps improving their performance. Second, the case for preferential fiscal treatment of pension funds has been found persuasive in the United Kingdom. However, the generous income tax regime for pensioners relative to those of working age does not seem to be well-justified. Regressive distributional consequences of tax privileges are a cause of concern. Furthermore, the cost of incentives for personal pensions appear to have been excessive in relation to the resultant savings in social security. Third, the regulatory regime for occupational pensions has provided an appropriate balance between costs for the employer and protection of the beneficiary. For example, temporary shortfalls in funds are not penalised and accounting rules focus on income rather than market values, so avoiding unintended bias against equity holdings. There are limits on the extent to which funds can invest in the employer's companies, and on the ability of predators to extract pension fund surpluses. Nevertheless, the previous regulatory regime was criticised as being unwieldy. The new (1997) regime will improve matters significantly.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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From Generosity to Sustainability: The Austrian Pension System and Options for its Reform

Autor: Thimann, Christian; Koch, Manfred
Año: 1997
Resumen: Austria has probably the world’s highest pension expenditures relative to its economic size, largely because of the generosity of its pension system. This paper examines the institutional setup of the Austrian pension system and projects its future development based on current policies. The projection results show a swift financial worsening. With the already high level of contribution rates, pension expenditures, and budget transfers, the results underscore the need for reform. Much of this reform can, however, be achieved by maintaining the structure of the system and adjusting some of its key parameters. The paper outlines options for such a reform.

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

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