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Global Pension Systems and Their Reform: Worldwide Drivers, Trends, and Challenges

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  • Holzmann, Robert

    ()
    (University of Malaya)

Abstract

Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain “new normal” will make future pension systems different from past ones. The objectives of this policy review paper are threefold: (i) to briefly review recent and ongoing key changes that are triggering reforms; (ii) to outline the main reform trends across pension pillars; and (iii) to identify a few areas on which the pension reform community will need to focus to make a difference. The latter includes: creating solutions after the marginalization or, perhaps, demise of Bismarckian systems in countries with high rates of informality; keeping the elderly in the labor market; and addressing the uncertainty of longevity increases in pension schemes.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6800.

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Length: 27 pages
Date of creation: Aug 2012
Date of revision:
Handle: RePEc:iza:izadps:dp6800

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Related research

Keywords: population aging; longevity; financial crisis; multi pillar pension systems; social pension; NDC; MDC;

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References

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  1. Robert Holzmann & David A. Robalino & Noriyuki Takayama, 2009. "Closing the Coverage Gap : The Role of Social Pensions and Other Retirement Income Transfers," World Bank Publications, The World Bank, number 2651, October.
  2. Aterido, Reyes & Hallward-Driemeier, Mary & Pages, Carmen, 2011. "Does expanding health insurance beyond formal-sector workers encourage informality ? measuring the impact of Mexico's Seguro Popular," Policy Research Working Paper Series 5785, The World Bank.
  3. Greg Brunner & Richard Hinz & Roberto Rocha, 2008. "Risk-based Supervision of Pension Funds : Emerging Practices and Challenges," World Bank Publications, The World Bank, number 6419, October.
  4. Barr, Nicholas & Diamond, Peter, 2008. "Reforming Pensions: Principles and Policy Choices," OUP Catalogue, Oxford University Press, number 9780195311303, Octomber.
  5. Roberto Rocha & Dimitri Vittas & Heinz P. Rudolph, 2011. "Annuities and Other Retirement Products : Designing the Payout Phase," World Bank Publications, The World Bank, number 2272, October.
  6. Helena Ribe & David A. Robalino & Ian Walker, 2012. "From Right to Reality : Incentives, Labor Markets, and the Challenge of Universal Social Protection in Latin America and the Caribbean," World Bank Publications, The World Bank, number 6008, October.
  7. Richard Hinz & Heinz P. Rudolph & Pablo Antolin & Juan Yermo, 2010. "Evaluating the Financial Performance of Pension Funds," World Bank Publications, The World Bank, number 2405, October.
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Cited by:
  1. Borbála Szüle, 2013. "Savings and Implicit Debt in Pension Systems," Public Finance Quarterly, State Audit Office of Hungary, vol. 58(3), pages 334-348.
  2. Dorfman, Mark & Palacios, Robert, 2012. "World Bank support for pensions and social security," Social Protection Discussion Papers 70925, The World Bank.

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