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Public Pension Reform: A Primer


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  • Alain Jousten


The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal Retirement Accounts proposal in particular. A particular emphasis is put on annuitization and risk-taking in the economy. Our discussion signals some inadequacy of the proposed measures with respect to the goals of viability of the system and individual financial security during retirement.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/28.

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Length: 36
Date of creation: 01 Feb 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/28

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Pension funds; Aging; Financial safety nets; pension; retirement; social security; pensions; social insurance; pension system; early retirement; pension liabilities; private pensions; public pension; moral hazard; pension reform; retirement income; disability; pension plans; inflation risk; actuarial neutrality; labor force; pension plan; investment risk; defined benefit; pension systems; defined contribution plans; pension schemes; social security system; life expectancy; pension fund; retirement behavior; private pension; pensioners; social security benefits; longevity risk; retirement savings; social security reform; guaranteed rate; minimum benefit; public pension systems; entitlements; public pensions; retirement benefits; pension payments; unemployment; payroll taxes; pension benefit; retirement programs; pension scheme; age of retirement; long-term care; moral hazard problems; private savings; individual account; elderly; minimum benefit guarantees; benefit entitlements; welfare programs; retirement accounts; annuity payout; pension products; retirement age; public pension system; public pension schemes; life annuities; disabled; pension arrangements; future pension; indexed bonds; pension arrangement; retirement system; social insurance programs; pension assets; payroll tax; social safety net; retirement program; retirement income systems; average retirement age; old age; social security benefit; public scheme; defined benefit pension; private pension arrangements; disability insurance; early retirement programs; minimum pension; disability benefits; public pension reform; compulsory membership; pension obligations; defined benefit pension plans; survivor benefits; price indexation; benefit formula; public sector pensions; benefit pension; annuity markets; occupational pension; contribution rate; national accounts; pension benefits; pension insurance; earlier retirement; pension savings; individual accounts; retirement pensions; social insurance systems; supplementary schemes; pension choices; pension investment; cash balance; public system; net return; pensioner; funded pension; retirement ages; social programs; minimum benefits; defined contribution plan; pension wealth; retirement options; pension rights; pension debate; health care; retirement assets; labor force participation; assets valuation; tax rates; under-funded pension plan; old-age pensions; individual account system; old-age pension; net pension liabilities; individual pensioners; entitlement; retirement period; pension pillar; employee retirement; unemployment insurance; annuity rates; retirement plans; value of pension; old-age pension systems; pension income; annuity market; life insurance; retirement policies; occupational pension plan; life insurers; private pension plan; retirement decision; public pension scheme; disabled people; pension liability; thrift savings plan; social security pension; retirement income system; contingent liabilities; investment choices; implicit pension debt; retirement income security; pension debt; retirement products; retirement incentives; payment of pension; earnings history; average retirement ages; indexed annuities; pension asset; pension regime; annuity purchases; pension policy; social insurance system; income security; occupational pension plans; social insurance schemes; social security taxes; retirement policy; financial security during retirement; social insurance scheme; formal pension; social protection; cash balance plans; insurance companies; pillar pension; elderly people; pension insurance premiums; pension providers; pillar systems; company pensions; net wages;

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Cited by:
  1. Aggarwal, Raj & Goodell, John W., 2013. "Political-economy of pension plans: Impact of institutions, gender, and culture," Journal of Banking & Finance, Elsevier, vol. 37(6), pages 1860-1879.
  2. Aaron George Grech, 2013. "How best to measure pension adequacy," CASE Papers /172, Centre for Analysis of Social Exclusion, LSE.
  3. Sergio Clavijo, 2009. "Social Security Reforms in Colombia," IMF Working Papers 09/58, International Monetary Fund.
  4. Aaron George, Grech, 2014. "Pension policy design: The core issues," MPRA Paper 53662, University Library of Munich, Germany.
  5. Ferro, Gustavo, 2008. "On annuities: an overview of the issues," MPRA Paper 20209, University Library of Munich, Germany, revised Oct 2009.
  6. Ferro, Gustavo, 2008. "Un impulso al mercado de rentas vitalicias en EspaƱa
    [Promoting the annuities market in Spain]
    ," MPRA Paper 20211, University Library of Munich, Germany, revised Jul 2008.


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