---

Supervision: Building Public Confidence in Mandatory Funded Pensions

Autor: Whitehouse, Edward
Año: 2005
Resumen: The regulation and supervision of individual pension accounts has been a neglected issue. In contrast, much has been written on financing the transition to funded pensions and the design of benefits. Yet effective regulation and efficient supervision are crucial to the success of pension reform. This note explores six issues in the design of a supervisory regime. It makes some comparisons between the performances of agencies in different countries and looks at four important areas of supervision : institutional and financial controls, and membership and benefits procedures. Some of the conclusions presented in this note are : professional expertise, transparency and perceived independence of supervisory agencies is essential to the success of pension reform; in countries where existing regulation is weak or ineffective, a new, separate agency is probably best placed (but not certain) to avoid repeating past failures; administrative independence is similarly preferable; salaries must be competitive with the private sector (and remain so) to recruit qualified personnel from public and private sectors and to limit corruption risk; separation of regulation and supervision can help limit the risk of regulatory capture.

Fuente: Banco Mundial
Clasificación: Ahorro Previsional
Tipo de Publicación: Informes
Idioma:

Para visualizar el documento, clic aquí »

---

Switching : The Role of choice in the Transition to a Funded Pension System

Autor: Banco Mundial
Año: 2005
Resumen: The transition from a wholly public, pay-as-you go pension system to one where pensions are also provided by individual, privately managed pension accounts does not directly affect those receiving pensions at the time of the reform. Nevertheless, it could affect all current and future workers. A critical policy choice is whether these workers should be allowed, encouraged or forced to divert their pension contributions to the new private element. The note continues with an in depth analysis of the spectrum of switching strategies; and further, describes the objectives of a successful reform. First, the new scheme should aim to provide a reasonable level of retirement income. Secondly, the benefit level must be consistent with long-run fiscal policy. The diversion of payroll taxes from financing current pay-as-you-go pensions into the funded scheme will increase deficits at first, so short-term fiscal constraints are also important. Thirdly, pension reform has microeconomic objectives: improve the workings of capital and labor markets. Finally, the reform must be politically palatable. Some of the note conclusions are : older workers are best excluded from reforms, because there is little time to build substantial funds in the new private scheme; a mandatory cut-off age is arbitrary and leads to political or legal challenges; and Governments can and should manage the switching process, by altering incentives and ensuring people make informed choices.

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

Para visualizar el documento, clic aquí »

---

Notional Accounts : Notional Defined Contribution Plans as a Pension Reform Strategy

Autor: Banco Mundial
Año: 2005
Resumen: Notional accounts are designed to mimic a defined contribution plan, where the pension depends on contributions and investment returns. (For this reason, they are sometimes called notional, defined-contribution schemes). Pension contributions are tracked in accounts which earn a rate of return. However, in notional accounts, the return that contributions earn is a notional one, set by the government, not the product of investment returns in the markets.

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

Para visualizar el documento, clic aquí »

---

Veterans: Pensions and Other Compensation in Post-Conflict Countries

Autor: Banco Mundial
Año: 2005
Resumen: The question of how best to compensate veterans in the aftermath of war is one that is relevant to many developing countries. Civil wars and independence struggles often affect the poorest regions of the world, and leave an enormous financial burden, including benefits to former fighters and their survivors. The most recent examples are Afghanistan and Iraq. One of the many challenges post-conflict countries face is how to reduce the size of armies once the fighting stops, and how to assist former fighters or veterans, in a sustainable manner once they are no longer part of the army. Fiscal, social, or political pressures may all play a role in this process, including in peace-time. This note attempts to provide the reader with an overview of the different dimensions of veterans policy development, with particular reference to countries emerging from protracted conflict. Special attention is given to the common problems of definition, inclusion, financial sustainability and implementation, as well as the linkages between disarmament, demobilization and reintegration (DDR) and veterans policy.

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

Para visualizar el documento, clic aquí »

---

Second Pillars: Provider and Product Selection for Funded Individual Accounts

Autor: Banco Mundial
Año: 2005
Resumen: There are many ways to structure mandatory private pension funds that rely on individual accounts. As in any market there are products and firms that provide them. Both are typically circumscribed by the government for public policy reasons. Relevant legislation will specify the agent responsible for making key choices as to who manages the money and where it is invested. As discussed below, the focus of decision-making in funded schemes varies widely with potentially important implications for the performance of the scheme. In the context of mandated private pensions, this note looks at what investment and withdrawal products can be offered, who can offer them, and who chooses from among the alternatives available in this market.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Informes
Idioma:

Para visualizar el documento, clic aquí »

---