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Building Voluntary Pension Schemes in Emerging Economies

Autor: Rudolph, Heinz P.
Año: 2016
Resumen: After the financial crisis, some Central and Eastern Europe countries partially or totally reversed the pension reforms they had initiated in the previous two decades. In the presence of an aging population in the region, reductions in replacement rates will be the most likely adjustment mechanism for the social security systems to remain fiscally sustainable. In some other emerging economies, mandatory funded schemes are operating with low contribution rates, and policy makers have not been able to pass legislation to increase the contribution rate to ensure adequate pensions for future retirees. Voluntary pension schemes that take into consideration the behavioral aspects of individuals may provide a viable solution for countries that need to increase retirement savings but face political resistance to mandatory increases in contribution rates. The proposed mechanism shifts the focus of voluntary pension plans from "opt-in" to "opt-out" schemes. The emphasis is in setting the default options in a way that employees have to make an explicit decision if they do not want to contribute to the pension system. The paper builds on the experiences of several countries, including Italy, New Zealand, the United Kingdom, and the United States, and proposes policy recommendations and good practices for building voluntary pension systems. These opt-out schemes should be able to provide high coverage among white and blue collar workers, and consequently improve the future pensions of individuals.

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

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Aspectos institucionales de los sistemas de pensiones en América Latina

Autor: Uthoff, Andras
Año: 2016
Resumen: En este documento se analizan los desarrollos institucionales necesarios para los sistemas de pensiones y se presenta la experiencia de Chile. Al revisar estos desarrollos se busca asegurar que el desempeño de un sistema de pensiones concilie la lógica de su financiamiento con la de los principios de la seguridad social y garantice que a lo largo de varias generaciones pueda superar los riesgos (captura de los fondos, cambios demográficos, crisis económicas y financieras) frente a los cuales el funcionamiento del sistema es vulnerable. La evidencia que se examina en este trabajo muestra que, en todos los avances, las dimensiones de la institucionalidad no son excluyentes y deben complementarse.

Fuente: Comisión Económica para América Latina (CEPAL)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Artículo Académico
Idioma:

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Automatic Adjustment Mechanisms in Asian Pension Systems?

Autor: Arbatli Saxegaard, Elif C.; Feher, Csaba; Ree, Jack J.; Saito, Ikuo; Soto, Mauricio
Año: 2016
Resumen: Automatic adjustment mechanisms (AAMs)—rules ensuring that certain characteristics of a pension system respond to demographic, macroeconomic and financial developments, in a predetermined fashion and without the need for additional intervention—have been introduced in many OECD countries to tackle public pension schemes’ deteriorating financial sustainability. Incorporating AAMs—in particular linking retirement age to life expectancy—can be an important part of pension reforms in Asia. If implemented early, AAMs could help prevent the need for sharp adjustments in the future, increase the predictability and inter-generational equity of pension systems and enhance confidence.

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

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National Insurance Scheme Reforms in the Caribbean

Autor: Nassar, Koffie; Okwuokei, Joel; Li, Mike; Robinson, Timothy; Thomas, Saji
Año: 2016
Resumen: Weighed down by population aging, slow economic growth, and high unemployment, National Insurance Schemes in the Caribbean are projected to run substantial deficits and deplete their assets in the next decades, raising the prospects of government intervention. With the region highly indebted, this paper quantifies the impact of three parametric reforms—freezing pension benefits for two years, raising the retirement age and increasing the contribution rate by one percentage point—that, if implemented, would put the pension schemes on a stronger financial footing. While the appropriate combination of reforms necessary to eliminate the actuarial deficits varies depending on each country’s circumstances, most countries need to undertake reforms now or risk even higher taxes, lower growth and unsustainable debt dynamics.

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

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Republic of the Philippines Review of the Social Security System: Considerations for Strengthening Sustainability and Coverage

Autor: Banco Mundial
Año: 2016
Resumen: This report was prepared at the request of the Philippines Social Security System (SSS) to analyze key challenges and propose reform options to improve the sustainability and expand the coverage of old age income protection for private sector workers. A simulation employing the Pension Reform Options Simulation Toolkit (PROST) found that the SSS scheme will face outflows greater than inflows in about 20 years and depletion of its assets in about 28 years. Fortunately, its medium-term financing issues can be addressed through the gradual introduction of parametric reforms that shield workers and retirees from abrupt changes in contributions and benefits. At the same time, the Philippines faces a challenge to improve the defacto coverage of workers by Social Security, and to increase the income protection coverage of the elderly. Options suggested include SSS measures to leverage its identification system and introduce a special instrument for informal workers. Rather than introducing matching contribution subsidies to expand coverage, it was suggested to broaden the scope of beneficiaries eligible for social pensions. Beyond the scope of the SSS, additional measures were suggested including those to improve the access and efficiency of contributions and payments systems, strengthening mobile-money platforms and efforts to improve access to savings instruments, particularly for small and isolated savers. The report points out that the key means of improving coverage lies beyond the scope of social security or pensions, namely, to improve the quantity and quality of wage-based employment.

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

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