eBook

Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World, Volume 1

Holzmann, Robert, Robalino, David A, Palmer, Edward, Robalino, David

2012

Overview

Nonfinancial Defined Contribution (NDC) schemes are now in their teens. The new pension concept was born in the early 1990s, implemented from the mid-1990s in Italy, Latvia, Poland and Sweden, legislated most recently in Norway and Egypt and serves as inspiration for other reform countries. This innovative unfunded individual account scheme created high hopes at a time when the world seemed to have been locked into a stalemate between piecemeal reforms of ailing traditional defined benefit schemes and introducing pre-funded financial account schemes.The experiences and conceptual issues of NDC in its childhood were reviewed in a prior anthology (Holzmann and Palmer, 2006). This new anthology published in 2 volumes serves to review its adolescence and with the aim of contributing to a successful adulthood. Volume 1 on Lessons, Issues, Implementation includes a detailed analysis of the experience and the key policy lessons in the old and new pilot countries and general thoughts around the implementation of NDCs in other countries, including Chile, Greece and China. Volume 2 on Gender, Politics, Financial Stability includes deeper and new analyses of these issues that found limited or no attention in the 2006 publication. The key policy conclusions include: (i) NDC schemes work well (as documented by the experience of Italy, Latvia, Poland and Sweden during the crisis) but there is room to make them work even better; (ii) Go for an immediate transition to the new scheme to avoid future problems; (iii) Identify the legacy costs and their explicit financing during the transition as they will hit you otherwise soon; (iv) Adopt an explicit stabilizing mechanism to guarantee solvency; (v) Establish a reserve fund to guarantee liquidity; (vi) Elaborate an explicit mechanism to share the systemic longevity risk; and, last but not least; (vii) Address the gender implications of NDC with deeper analysis and open political discourse.

• Publisher: World Bank Publications,The World Bank,Washington, DC: World Bank
• Subject: ACCRUAL RATE / ACCRUAL RATES / ADVANCED COUNTRIES / AGE CATEGORIES / AGE DISTRIBUTION / AGE GROUP / ANNUITY / ASYLUM / AVERAGE WAGE / AVERAGE WAGE GROWTH / BANK ACCOUNTS / BANK LENDING / BASIC PENSION / BASIC PENSIONS / BENEFICIARIES / BENEFICIARY / BENEFIT FORMULAE / BENEFIT FORMULAS / BENEFIT INDEXATION / CASH TRANSFERS / CENTER FOR HEALTH / CHANGE IN POPULATION / CHANGES IN FERTILITY / CHILD REARING / CHILDBEARING / CITIZENS / CITIZENSHIP / CONTINUED EMPLOYMENT / CONTRACTUAL SAVINGS / CONTRIBUTION RATES / CONTRIBUTION RECORDS / CORESIDENCE / COUNTRY OF ORIGIN / DEATH RATES / DEFINED BENEFIT / DEFINED BENEFIT SCHEMES / Defined contribution pension plans / DEFINED CONTRIBUTION PENSIONS / DEMOGRAPHIC / DEMOGRAPHIC CHANGES / DEMOGRAPHIC PROJECTIONS / DEMOGRAPHIC TRANSITION / DEPENDENCY RATIO / DEPENDENCY RATIOS / DEVELOPING COUNTRIES / DEVELOPING ECONOMIES / DISABILITY / DISTRIBUTION OF POPULATIONS / DIVISION OF LABOR / EARLY RETIREMENT / EARNING / ECONOMIC GROWTH / ELDERLY / ELDERLY POPULATION / EMPLOYEE / FAMILY POLICIES / FERTILITY / FERTILITY RATE / FERTILITY RATES / FINANCIAL CRISIS / FUNDED BASIS / GENDER DIFFERENCES / GENDER GAP / GEOGRAPHIC DISTRIBUTION / GOVERNMENT SPENDING / GROSS NATIONAL INCOME / GROSS REPLACEMENT RATES / GROSS WAGES / GROWTH RATE / HUMAN RESOURCE / INCOME GROUP / INCOME LEVEL / INDIVIDUAL ACCOUNT / INDIVIDUAL ACCOUNTS / INFANT / INFANT MORTALITY / INFORMAL LABOR MARKETS / INFORMAL SECTOR / INFORMAL SECTOR WORKERS / INSURANCE POLICIES / INTEREST RATE / INTEREST RATES / INTERNATIONAL LABOUR ORGANIZATION / INVESTMENT RISK / INVOLUNTARY UNEMPLOYMENT / LABOR FORCE / LABOR FORCE PARTICIPATION / LABOR MARKET / LABOR MARKET CONDITIONS / LABOR MARKET INDICATORS / LABOR MARKETS / LABOR SUPPLY / LABOUR / LEGAL STATUS / LIFE EXPECTANCIES / LIFE EXPECTANCY / LIFE INSURANCE / LIVE BIRTHS / MANDATES / MANDATORY SAVING / MANDATORY SYSTEMS / MARKET CONDITIONS / MARKET DATA / MIGRANTS / MIGRATION / MORTALITY / MORTGAGES / MULTIPILLAR PENSION SYSTEMS / MULTIPILLAR SYSTEMS / MUTUAL FUNDS / NATIONAL LEVEL / NATIONAL PENSION / NEWBORN / NORMAL RETIREMENT AGE / NUMBER OF CHILDREN / NUMBER OF DEATHS / NUMBER OF PEOPLE / NUMBER OF WORKERS / OCCUPATION / OLD AGE / OLDER PEOPLE / OLDER WORKERS / PAYROLL TAX / PENSION / PENSION AGE / PENSION BENEFIT / PENSION BENEFITS / PENSION COVERAGE / PENSION DEBT / PENSION ENTITLEMENT / PENSION EXPENDITURE / PENSION EXPENDITURES / PENSION FRAMEWORK / PENSION INCOME / PENSION INDICATORS / PENSION LIABILITIES / PENSION LIABILITY / PENSION PLANS / PENSION POLICY / PENSION PROGRAMS / PENSION PROVISION / PENSION REFORM / PENSION SAVINGS / PENSION SCHEME / PENSION SCHEMES / PENSION SPENDING / PENSION SYSTEM / PENSION SYSTEMS / PENSION WEALTH / PENSIONABLE AGE / PENSIONERS / PENSIONS / PERFORMANCE INDICATORS / POPULATION AGEING / POPULATION CENSUS / POPULATION CENSUSES / POPULATION DATA / POPULATION DIVISION / POPULATION FORECASTS / POPULATION PROJECTIONS / PRESENT VALUE / PREVIOUS SECTION / PRICE INDEXATION / PRIVATE INSTITUTIONS / PRIVATE PENSION / PRIVATE SECTOR / PROGRESS / PROVIDENT FUND / PROVIDENT FUNDS / PUBLIC DEBT / PUBLIC DEFICIT / PUBLIC PENSION / PUBLIC SCHEME / PUBLIC SECTOR EMPLOYEES / PUBLIC SECTOR WORKERS / PUBLIC SERVICE / REFUGEES / REPLACEMENT RATE / REPLACEMENT RATES / RESERVES / RETIREES / RETIREMENT / RETIREMENT AGE / RETIREMENT AGES / RETIREMENT BEHAVIOR / RETIREMENT INCOME / RETIREMENT INCOME PROVISION / RETIREMENT INVESTMENT / RURAL AREAS / RURAL POPULATION / SELF EMPLOYMENT / SERVANTS / SEX / SOCIAL ASSISTANCE / SOCIAL INSURANCE / SOCIAL INSURANCE CONTRIBUTION / SOCIAL INSURANCE PROGRAMS / SOCIAL PENSIONS / SOCIAL PROGRAMS / SOCIAL PROTECTION / SOCIAL SECURITY / SOCIAL SECURITY REFORMS / SOCIAL SECURITY SYSTEM / SOCIAL SECURITY SYSTEMS / TAX FINANCING / TECHNICAL ASSISTANCE / UNEMPLOYED / UNEMPLOYMENT / UNFUNDED PENSION / URBAN POPULATION / VOLUNTARY PENSIONS / WAGE BILL / WAGE LEVEL / WAGE LEVELS / WOMAN / WORKER / WORKFORCE / WORLD DEVELOPMENT INDICATORS / WORLD HEALTH ORGANIZATION
• ISBN: 9780821388488, 0821388487