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Kyrgyz Republic Public Expenditure Review Policy Notes: Pensions

Autor: Banco Mundial
Año: 2014
Resumen: Today, the Kyrgyz pension system plays a major role in poverty alleviation of the elderly but this role is diminishing fast due to low coverage of working age population. The system currently provides pensions to more than 90 percent of the population over age 65 thus being a significant buffer against poverty. Over time, though, the poverty reduction effect of the pension system is expected to weaken substantially as the current low coverage rates among the working age population translate into much lower coverage rates of about only 60 percent for the future old age population. As a result, poverty rates among the old-age population will grow and government spending on social pensions will increase dramatically. The structure of this chapter is as follows. The next section provides an overview of the current pension system and the main issues facing it. Section three presents the results of the financial projections for the current system assuming a no-reform scenario and the implications of doing nothing on the finances of the Social Fund, the cost to the government and the expected benefits (baseline projections). Section four considers several broad reform options and their impact with respect to the financial sustainability and affordability of the system as well as adequacy of benefits. Section five outlines the issues remaining beyond the scope of this study which require further analysis. Annex one summarizes the main parameters of the current pension system and annexes two provides a brief description of the main assumptions used in the projections and the projection methodology. The diagnosis of the current system and the evaluation of the reform options presented in this chapter are based on the simulations produced with the World Bank Pension Reform Options Simulation Toolkit (PROST) model.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Notas de Pensiones
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Beveridge Not Bismarck!: European Lessons for Men’s and Women’s Pensions in Germany

Autor: Buschoff, Karin Schulze
Año: 2014
Resumen: Paid employment determines pension levels, for both women and men. In those European countries in which women have been integrated into the labour market at an early stage their protection in old age is higher today for that reason alone. Germany lags behind in this respect. Gender-specific differences in the employment participation of the low educated are greater than those between the educated, everywhere. The differences are more substantial in Germany than in many other European countries. A fair pension policy that can prevent poverty thus begins in the labour market. It has to improve employment opportunities for women and men of all social classes. The pension systems of countries in which gender relations were modernised early correspond to the »Beveridge model«: a universal basic pension, supplemented with mandatory occupational pensions, prevents old-age poverty more effectively and enables women to be more independent. The pension systems of countries in which gender relations were modernised later are income- and contribution-dependent. These »Bismarck countries« prevent poverty less effectively and maintain a legacy of dependence. Despite retrenchment, women in Beveridge countries are better protected against poverty. The statutory pension in Germany, however, has fallen to the lowest level among the countries investigated in this paper, affecting the low educated in particular. The Beveridge countries show that preventing poverty entails a statutory minimum pension and mandatory occupational pensions. German social policy should learn from this.

Fuente: Fundación Friedrich-Ebert (FES)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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Pension Risk and Risk-Based Supervision in Defined Contribution Pension Funds

Autor: Banco Mundial
Año: 2014
Resumen: Defined contribution pension systems have faced criticism in the wake of the financial and economic crisis for not delivering adequate and sustainable pension incomes at retirement. Much of the problem has centered around the misalignment of pension fund management companies and the interests of pension fund members, with the focus on short-term volatility rather than delivering adequate pension income over the long term. Although pension fund supervisors in emerging economies have attempted to correct for these market failures, they have not focused sufficiently on the ultimate long-term pension income objective. The paper suggests that in order to have a meaningful impact on future pensions, the supervision of defined contribution pension systems needs to take a more proactive role in minimizing pension risk. This objective would require ensuring that investment risks are aligned with the probability of achieving a target pension at retirement age. The paper also suggests that a proper institutional design of the pension fund industry and intensive use of market surveillance are efficient tools for dealing with most of the operational risks of funded pension fund schemes in emerging economies.

Fuente: Banco Mundial
Clasificación: Regulación y Supervisión
Tipo de Publicación: Informes
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The New Ireland Social Pension: A Review of the New Ireland Social Pension and Implications for the Papua New Guinea National Social Pension

Autor: Sibley, Jonathan; Ivaschenko, Alex; Pagau, Kerry; Tanhchareun, Tom
Año: 2014
Resumen: This report commences the review and documentation of the New Ireland Old Age and Disability Social Pension. The review has focused on the design and operation of the scheme, including the payment modality, and the effectiveness of coverage of both the old age pension and disability components. The economic and social impact of the pension on recipients’ wellbeing, the wellbeing of their households and their communities has not been reviewed in detail, although limited qualitative research through focus group discussions has been undertaken as part of the review. The second objective of the report has been to draw key lessons from the New Ireland experience with the implementation of the social pension, which may inform the implementation of the national social pension.

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

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Creation of a Reformed Pension System for Civil Servants in Timor-Leste

Autor: Banco Mundial
Año: 2014
Resumen: In February 2011, the government of Timor-Leste (GoTL) enacted a law creating a pension system for civil servants. However, the government now wants to repeal and replace this pension law as it deems it too broad in scope, coverage and cost, and it contains several non-standard design features. In its place, the GoTL wants to consider creating a reformed permanent civil service pension program covering all civil servants. Within a few years thereafter, the government also wants to implement a national social security system. This system will cover formal sector workers, and it is likely civil servants will also participate. Consequently, civil servants may get benefits from both the national social security system and the civil service pension system. Timor-Leste has many civil servants with long service both before and after independence. The reformed pension system for civil servants will give the government a method of honorably allowing its elderly civil servants to exit the work force. At this time, the primary method of caring for elderly civil servants is to continue salary payments. This is because there is no mandatory retirement age for civil servants and the government does not yet have effective procedures for compelling older workers to retire when their productivity level declines. Consequently, the government has informed us that the civil service pension is unlikely to pay benefits to any civil servants until such time as these two issues are resolved. The government estimates this will take five years (until 2018). Until that time, elderly civil servants will continue to receive their salary and will not receive a pension from the reformed civil service pension program.

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

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