---

Challenges of the Mandatory Funded Pension System in the Russian Federation

Autor: Rudolph, Heinz P.; Holtzer, Peter
Año: 2010
Resumen: The overwhelming number of contributors that have been allocated into the default option is one of the main characteristics of the Russian second pillar. This finding confirms that the level of financial literacy for most of the participants is not sufficient to make informed portfolio selections. The authors argue that the current system is perfectly consistent with a solid second pillar, but the authorities should focus their attention in the strategic asset allocation of pension funds. Since in the short and medium term it is unlikely to see improvements in financial literacy of individuals that may overcome the complexity of these decisions, the authorities can play an important role in designing default investment portfolios that can be aligned with expected replacement rates for the contributors. The current investment regulation of the default option induces investment in inefficient portfolios that are unlikely to bring returns above inflation, and probably will result in very low replacement rates for contributors. Further liberalization of the investments of the pension portfolio; improvements in the governance and supervision of the pension system; and greater certainty about the ownership of the funds are necessary steps to complete the pension reform launched in 2002.

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

Para visualizar el documento, clic aquí »

---

Modeling Pension Reform: The World Bank's Pension Reform Options Simulation Toolkit

Autor: Banco Mundial
Año: 2010
Resumen: Today's pension policies can affect retirement incomes and the public finances for decades to come. Retirement income systems that are affordable today, will often prove unsustainable in the future, given the twin pressures of demographic aging and the maturing of pension schemes. The World Bank's pension reform options simulation toolkit (PROST) models pension contributions, entitlements, system revenues, and system expenditures over a long time frame. The model is designed to promote informed policymaking, bridging the gap between quantitative and qualitative analysis of pension regimes. It is a flexible, computer-based toolkit, easily adapted to wide range of countries' circumstances.

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

Para visualizar el documento, clic aquí »

---

Advancing Intergenerational Solidarity

Autor: Comisión Económica de la Organización de las Naciones Unidas para Europa (UNECE)
Año: 2010
Resumen: Demographic transition in Europe has led to changing household structure with a potential impact on the dynamic between generations. As a consequence of living longer and later childbearing, most adults in Europe belong to a family network of three generations with which they share several decades together in a complex web of ties. The solidarity among generations is a key feature of the economic, financial and social systems in Europe. However, the rapidly changing demographic context, particularly in combination with the demands of the recent economic crisis, could create tensions among generations and represent a challenge to the existing solidarity and cooperation among people of different age groups.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Demografía
Tipo de Publicación: Artículo Académico
Idioma:

Para visualizar el documento, clic aquí »

---

The Payout Phase of Pension Systems: A Comparison of Five Countries

Autor: Rocha, Roberto; Vittas, Dimitri; Rudolph, Heinz P.
Año: 2010
Resumen: This paper provides a comparative summary of the payout phase of pension systems in five countries -- Australia, Chile, Denmark, Sweden, and Switzerland. All five countries have large pension systems with mandatory or quasi-mandatory retirement savings schemes. But they exhibit important differences in the structure and role of different pillars, regulation of payout options, level of annuitization, market structure, capital regulations, risk management, and use of risk sharing arrangements. The paper summarizes the experience of these countries and highlights the lessons they offer to other countries.

Fuente: Banco Mundial
Clasificación: Beneficios
Tipo de Publicación: Documentos de Trabajo
Idioma:

Para visualizar el documento, clic aquí »

---

Reform and Backlash to Reform: Economic Effects of Ageing and Retirement Policy

Autor: Jensen, Svend E. Hougaard; Jorgensen, Ole Hagen
Año: 2010
Resumen: Using a stochastic general equilibrium model with overlapping generations, this paper studies (i) the effects on both extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to mitigate the effects of fertility changes on labor supply. In order to neutralize the effects on effective labor supply of a fertility decline, a retirement reform, designed to increase labor supply at the extensive margin, is found to simultaneously reduce labor supply at the intensive margin. This backlash to retirement reform requires the statutory retirement age to increase more than proportionally to fertility changes in order to compensate for endogenous responses of the intensity of labor supply. The robustness of this result is checked against alternative model specifications and calibrations relevant to an economic region such as Europe.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

Para visualizar el documento, clic aquí »

---