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Pension Funds with Automatic Enrollment Schemes: Lessons for Emerging Economies

Autor: Rudolph, Heinz P
Año: 2019
Resumen: Since the introduction of the KiwiSaver scheme in New Zealand in 2006, several countries have implemented, or are in the process of implementing, voluntary funded pension systems with automatic enrollment features. Since most of the literature has focused on countries with the common law tradition, including the United Kingdom and the United States, this note analyzes cases of countries with the civil code tradition, including Turkey, Poland, the Russian Federation, Chile, Brazil, and the Province of Quebec in Canada. This sample includes mostly emerging economies, with reforms at different stages, from those that have already been completed to those that are about to start discussions in their parliaments. Although they are not a substitute for necessary parametric reforms, automatic enrollment schemes offer the possibility of improvements in future retirement income for a significant part of the labor force. This note stresses that the paternalistic approach of automatic enrollment schemes imposes a great degree of responsibility on governments and requires careful consideration of the design of the system, including the industrial organization of the pension fund industry and default investment strategies. Sufficient time and resources for preparing communication and educational campaigns has played a key role in achieving high rates of participation.

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

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Pensions in a Globalizing World: How Do (N)DC and (N)DB Schemes Fare and Compare on Portability and Taxation?

Autor: Genser, Bernd; Holzmann, Robert
Año: 2019
Resumen: Pensions and broader forms of retirement income do not stop at national borders. As part of globalization, individuals increasingly spend part of their working or retirement life abroad but want to keep or move their acquired rights, accumulated retirement assets, or benefits in payment freely across borders. This raises the issue of the portability and taxation of cross-border pensions in accumulation and disbursement. This paper addresses both portability and taxation issues from the angle of which type of pension scheme defined benefits (DB) or defined contributions (DC) is more aligned with globalization in establishing individual fairness, fiscal fairness, and bureaucratic efficiency. The paper shows that DC schemes tend to dominate DB schemes both at the level of portability and taxation.

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

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Developing Coherent Pension Systems: Design Issues for Private Pension Supplements to NDC Schemes

Autor: Price, William
Año: 2019
Resumen: This paper reviews the design of private pensions alongside a notional defined contribution (NDC) – or public – component. A mix of public and private pensions is the bestway to deliver a strong combination of five core outcomes: coverage, adequacy,sustainability, efficiency, and security. Choices for market structure, benefit type,contributions, and investment strategy can be guided by their impact on these outcomes.The clarity of an NDC formula allows the joint distribution of public and private pensions tobe modeled which can be crucial for optimal investment strategies given, for example, thenegative correlation between real per capita gross domestic product growth and equity markets over long periods. NDC payout formulas have broad applications where annuity markets are weak.

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

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The Impact of Lifetime Events on Pensions: NDC Schemes in Poland, Italy, and Sweden and the Point Scheme in Germany

Autor: Chłon-Dominczak, Agnieszka; Góra, Marek; Kotowska, Irena E.; Magda, Iga; Ruzik-Sierdzinska, Anna; Strzelecki, Paweł
Año: 2019
Resumen: The paper focuses on the interrupted careers in four countries where pensions are based on lifetime labor income, but they have different labor market patterns. High levels of employment in Germany and Sweden are in contrast with low levels of employment, particularly for women, in Italy and Poland. Career interruptions of women in Italy mean early withdrawal from the labor market, while in Sweden women choose part-time employment. Lower employment rates and gender pay gaps are important causes of differences in expected pension levels. The pension system design and demographics are also different. Prolonging working lives and reducing gender gaps in employment and pay, particularly for those at risk of interrupted careers, is key to ensure decent old-age pensions.

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

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The Future of Saving: The Role of Pension System Design in an Aging World

Autor: Amaglobeli, David; Chai, Hua; Dabla-Norris, Era; Dybczak, Kamil; Soto, Mauricio; Tieman, Alexander
Año: 2019
Resumen: This SDN explores how demographic changes have affected and will affect public and private sector savings, highlighting the interaction between pension systems, labor markets, and demographic variables.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Demografía
Tipo de Publicación: Artículo Académico
Idioma:

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