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Development of Capital Markets and Pension Funds

Autor: Banco Mundial
Año: 2019
Resumen: Poland’s capital markets can play a crucial supporting role to the ongoing economic development and efficient allocation of credit. Capital markets will become increasingly important to meet the long-term funding needs of strategic sectors, including large, medium and small entities. Expansion and diversification of capital market instruments and hedging tools will also be essential to provide adequate investment and risk management vehicles to much needed long-term savings. While capital market offers different sources of financing, this note focuses primarily on the fixed income markets. This technical note is structured as follows. Section II covers each of the main market segments, including money markets, government and non-government bond markets and derivatives markets. Section III provides an examination of the investor base, the current participation of the different investor segments in the bond markets, and recommendations to reach broader and more effective investor diversification. The Section IV is focusing on the critical reform of the Employee Capital Plan (PPK), as one critical group of institutional investors.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Notas de Pensiones
Idioma:

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Informality and the Challenge of Pension Adequacy: Outlook and Reform Options for Peru

Autor: Freudenberg, Christoph; Toscani, Frederik G.
Año: 2019
Resumen: Past reforms have put the Peruvian pension system on a largely fiscally sustainable path, but the system faces important challenges in providing adequate pension levels for a large share of the population. Using administrative microdata at the affiliate level, we project replacement rates in the defined benefit (DB) and defined contribution (DC) pillars over the next 30 years and simulate the impact of various reform scenarios on the average level and distribution of pensions. In the DB pillar, the regressive minimum contribution period should be re-thought, while in the DC pillar a broadening of the contribution base and/or an increase in contribution rates would help increase replacement rates relative to the baseline forecast of 25-33 percent. A higher net real rate of return than assumed in the baseline would also have a significant positive impact. In the medium-term, labor market reform to tackle informality, and a broad pension reform to restructure the system and avoid competition between the DB and DC pillars should be a priority. Given low pension coverage, having a strong non-contributory pillar will remain important for the foreseeable future.

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

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The Italian NDC Scheme: Evolution and Remaining Potholes

Autor: Gronchi, Sandro; Nisticò, Sergio; Bevilacqua, Mirko
Año: 2019
Resumen: Starting from a reconstruction of the political context in which the Italian 1995 pension reform took shape, this paper reviews the essential features of the 1995 and post-1995 legislation and assesses its fundamental shortcomings. A straightforward theoretical discussion highlights both the targets and the instruments representing the hallmark of the nonfinancial defined contribution (NDC) model. The contrast of such theoretical premises with the Italian legislation points out the persistent original mistakes together with the necessary remedies.

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

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NDC: The Generic Old-Age Pension Scheme

Autor: Góra, Marek; Palmer, Edward
Año: 2019
Resumen: This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs designated as either defined contribution (DC) or defined benefit (DB), and financial or nonfinancial. With individual DC accounts, the ball is in the individual’s court. The transparent link between contributions and retirement income is the enabler of efficiency that through marginal decisions to choose formal work over informal work or leisure and to postpone retirement marginally toward the end of the working life, supports affordability and sustainability for a chosen level of adequacy. Hence, UPPS-DC designs are found superior to UPPS-DB designs.

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

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The Swedish NDC Scheme: Success on Track with Room for Reflection

Autor: Könberg, Bo; Palmer, Edward
Año: 2019
Resumen: Sweden’s reform began with a published sketch in 1992 and developed into nonfinancial defined contribution (NDC) legislation in 1994. This paper discusses the underpinnings of the Swedish NDC scheme’s financial stability, factors influencing the adequacy of benefits, and its interplay with other components of the pension system: the public financial defined contribution scheme, the minimum pension guarantee, and the occupational schemes. The paper also includes information on the December 2017 broad six-party political agreement on forthcoming legislation. It concludes with recommendations for additional improvements in the overall old-age pension system, based on the analysis of financial stability, adequacy, and differences in outcomes, and the interaction of the NDC scheme with the guarantee benefits and the occupational schemes.

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

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