Around the world today there are striking differences in pension systems. The roles played by families, employers, trade unions, financial intermediaries, community organizations, affiliation groups, and governmental agencies vary tremendously. Yet despite these differences, in almost every country the government is ultimately the pension insurer of last resort, either explicitly or implicitly. If designed well and managed well, a system of government pension insurance can enhance the wellbeing of the individuals served by it and even contribute towards the resilience of the financial system at large. But if designed or managed poorly, it can undermine economic security at both the micro and macro level. This paper explores the principles for the successful management of pension insurance and draws some lessons from the mistakes made by the U.S. government in managing its Pension Benefit Guarantee Corporation.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Paper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number
066.
Find related papers by JEL classification: G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
This paper has been announced in the following NEP Reports:
Did you know? You can include your works in the database easily by uploading them on the Munich Personal RePEc Archive (MPRA) if you do not have access to an institutional RePEc archive.