The unavoidable role of private pensions in retirement income systems
AbstractThis work describes the growing need that governments face to reform their pension systems into more financially sustainable structures, especially in light of the recent financial crisis and the rapidly ageing population. The study identi!ies two main types of structural reforms: those that automatically link the public pension systemÃ¢â‚¬â„¢s parameters to the demography or actuaries, and those that lead to a partial replacement of the PAYG-!inanced public pension systems by private pension arrangements and the transfer of a part of social security contributions to fully-funded, DC accounts. While both types of reform bring about long-term improvements in the financial balance of the public pension system, their design may have very different implications for the adequacy and equity of pension systems that policymakers need to address.
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Bibliographic InfoPaper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1111.
Length: 17 pages
Date of creation: Mar 2011
Date of revision:
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- Javier Alonso & David Tuesta & Jasmina Bjeletic & Carlos Herrera & Soledad Hormazabal & Ivonne Ordonez & Carolina Romero, 2009. "Proyecciones del impacto de los fondos de pensiones en la inversion en infraestructura y el crecimiento en Latinoamerica," Working Papers 0921, BBVA Bank, Economic Research Department.
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