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Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World: Volume 1. Progress, Lessons, and Implementation

Autor: Holzmann, Robert; Palmer, Edward; Robalino, David
Año: 2012
Resumen: Pensions and social insurance programs are an integral part of any social protection system. Their dual objectives are to prevent a sharp decline in income and protect against poverty resulting from old age, disability, or death. The critical role of pensions for protection, prevention, and promotion was reiterated and expanded in the new World Bank 2012-2022 social protection strategy. This new strategy reviews the success and challenges of the past decade or more, during which time the World Bank became a main player in the area of pensions. But more importantly, the strategy takes the three key objectives for pensions under the World Bank's conceptual framework coverage, adequacy, and sustainability and asks how these objectives and the inevitable difficult balance between them can best be achieved. The ongoing focus on closing the coverage gap with social pensions and the new outreach to explore the role of matching contributions to address coverage and/or adequacy is part of this strategy. This comprehensive anthology on nonfinancial defined contribution (NDC) pension schemes is part and parcel of the effort to explore and document the working of this new system or reform option and its ability to balance these three key objectives. This innovative, unfunded individual accounts scheme provides a promising option at a time when the world seems locked into a stalemate between piecemeal reform of ailing traditional defined benefit plans or their replacement with prefunded financial account schemes. The current financial crisis, with its focus on sovereign debt, has enhanced the attraction of NDC as a pension scheme that aims for intra and intergenerational fairness, offers a transparent framework to distribute economic and demographic risks, and, if well designed, promises long-term financial stability. Supplemented with a basic minimum pension guarantee, explicit noncontributory rights, and a funded pillar, the NDC approach provides an efficient framework for addressing poverty and risk diversification concerns.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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The Gender Impact of Pension Reform

Autor: James, Estelle; Cox Edwards, Alejandra; Wong, Rebeca
Año: 2012
Resumen: During the past two decades, new multi-pillar systems have developed to make the plans more financially sustainable and beneficial for economic growth. These systems have been sweeping Latin America, the transition economies of Eastern and Central Europe and the former Soviet Union, as well as many OECD countries. The new systems contain two separate mandatory "pillars" or financing arrangements: a privately-managed defined contribution (DC) funded plan that handles workers' retirement saving and a publicly-managed defined benefit (DB) plan that is reduced in size compared with the old one and has the objective of redistributing and diversifying retirement income. In the defined contribution plan, the contribution is specified and placed in the worker's individual account but benefits are uncertain a priori--they depend strictly on contributions plus investment earnings that accumulate through the workers' lifetime. The fact that these accounts are funded, owned by workers, invested in financial markets, and don't carry a promise of a large tax-financed old age benefit relieves the government of a future financial obligation. However, critics argue that these plans will produce lower pensions for women, who have worked and contributed less than men. In contrast, supporters argue that the new systems remove biases in the old systems that favored men and discouraged work by women. They hypothesize that separating the redistributive function from the earnings-related saving function results in more transparent and targeted redistributions from which women will benefit.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Libros
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International Patterns of Pension Provision II: A Worldwide Overview of Facts and Figures

Autor: Pallares-Miralles, Montserrat; Romero, Carolina; Whitehouse, Edward
Año: 2012
Resumen: This paper presents and explains cross country data for mandatory publicly and privately managed pension systems around the world. This report is organized into three parts corresponding to three broad types of indicators. These indicators relate to: (i) the relevant contextual factors referred to here as environment; (ii) pension system design parameters; and (iii) indicators of performance. Part one of the report provides some information on the environment in which the system operates, focusing on demographic and labor market conditions. Understanding the current and future path of demographic patterns, especially aging, will place the later section on performance into a clearer perspective. Part two on pension system design uses a standardized taxonomy to describe differences across countries. The data on system design are presented in two groups of indicators: (i) overall architecture of the system: pillars, schemes including civil servants and other special schemes, and (ii) operating parameters of the system, which includes two sub-groups: a) qualifying conditions: pension eligibility ages, and contribution history, and b) contribution rates, defined benefit (DB), and defined contribution (DC) schemes, and indexation. It should be noted that while many countries have more than one program providing retirement income benefits, unless otherwise indicated, most of the data refer only to the national scheme. Part three presents a set of performance indicators. The indicators included are core pension indicators that illustrate six key criteria of any pension scheme, namely: (i) coverage, (ii) adequacy, (iii) financial sustainability, (iv) economic efficiency (i.e., minimizing the distortions of the retirement?income system on individuals' behavior, such as labor supply and savings outside of pension plans), (v) administrative efficiency, and (vi)) security of benefits in the face of different risks and uncertainties.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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A Tradeoff between the Output and Current Account Effects of Pension Reform

Autor: Catalan, Mario; Magud, Nicolas E.
Año: 2012
Resumen: We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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The Impact of Longevity Improvements on U.S. Corporate Defined Benefit Pension Plans

Autor: Kiff, John; Kisser, Michael; Soto, Mauricio; Oppers, Erik S.
Año: 2012
Resumen: This paper provides the first empirical assessment of the impact of life expectancy assumptions on the liabilities of private U.S. defined benefit (DB) pension plans. Using detailed actuarial and financial information provided by the U.S. Department of Labor, we construct a longevity variable for each pension plan and then measure the impact of varying life expectancy assumptions across plans and over time on pension plan liabilities. The results indicate that each additional year of life expectancy increases pension liabilities by about 3 to 4 percent. This effect is not only statistically highly significant but also economically: each year of additional life expectancy would increase private U.S. DB pension plan liabilities by as much as $84 billion.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
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