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Financial Market Implications of India’s Pension Reform

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  • Ms. Hélène Poirson

Abstract

India's planned pension reform will set up a proper regulatory framework for the pension industry and open up the sector to private fund managers. Drawing on international experiences, the paper highlights pre-conditions for the reform to kick-start financial development, including: (i) the buildup of critical mass; (ii) sufficiently flexible investment guidelines and regulations, including on investments abroad; and (iii) concurrent reforms in capital markets. Given the limited scale of the planned reform, the key challenge for India is to achieve sufficient critical mass early on. Options to address this challenge include granting permission for existing workers to switch to the new system or outsourcing all or part of the reserves of private sector provident funds to the new pension fund managers.

Suggested Citation

  • Ms. Hélène Poirson, 2007. "Financial Market Implications of India’s Pension Reform," IMF Working Papers 2007/085, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2007/085
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    References listed on IDEAS

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    1. Catriona Purfield & Hiroko Oura & Charles Kramer & Andreas Jobst, 2008. "Asian equity markets: growth, opportunities, and challenges," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 1(2), pages 227-248.
    2. Mr. Pipat Luengnaruemitchai & Ms. Li L Ong, 2005. "An Anatomy of Corporate Bond Markets: Growing Pains and Knowledge Gains," IMF Working Papers 2005/152, International Monetary Fund.
    3. Impavido, Gregorio & Rocha, Roberto, 2006. "Competition and performance in the Hungarian second pillar," Policy Research Working Paper Series 3876, The World Bank.
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    Cited by:

    1. James Ang & Kunal Sen, 2011. "Private saving in India and Malaysia compared: the roles of financial liberalization and expected pension benefits," Empirical Economics, Springer, vol. 41(2), pages 247-267, October.

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