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Beyond mandatory privatization: pensions policy options for developing countries

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  • Roger Charlton

    (Department of Social Sciences, Glasgow Caledonian University, UK)

  • Roddy McKinnon

    (Department of Risk and Financial Services, Glasgow Caledonian University, UK)

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    Abstract

    Consideration of the social welfare, financial system and institutional implications for DCs of the current, World Bank-led, trend towards systemic old-age pension reforms based on an expanded role for mandatory private provision indicates the desirability of reform alternatives. The wider policy lessons which DCs can take from the experiences of systemic pension reforms already enacted in developing and transition economies are found to be, at best, ambiguous and, at worst, problematic. Alternative policy proposals for DC and transition economy governments considering implementing mandatory defined contribution pension funds within parameters set largely by the Bank's 'agenda' are suggested. These envisage the retention of state provision as their primary element in order to ensure that pension systems continue to pursue their essential welfare functions. Finally, policy recommendations designed to secure universality in retirement provision on a social assistance basis are presented for those LDCs currently outwith the parameters of the systemic pension reform debate. Copyright © 2000 John Wiley & Sons, Ltd.

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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 12 (2000)
    Issue (Month): 4 ()
    Pages: 483-494

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    Handle: RePEc:wly:jintdv:v:12:y:2000:i:4:p:483-494

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    Web page: http://www3.interscience.wiley.com/journal/5102/home

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    1. G. Heinrich, 1997. "Pension Reforms in Central and Eastern Europe: Yet Another Transition...?," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 9705, Centre for Economic Reform and Transformation, Heriot Watt University.
    2. Prof. Dr. Robert Holzmann, 1994. "Funded and Private Pensions for Eastern European Countries in Transition?," Public Economics, EconWPA 9405004, EconWPA.
    3. András Simonovits, 2000. "Partial privatization of a pension system: lessons from Hungary," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 12(4), pages 519-529.
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