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Supervising mandatory funded pension systems: issues and challenges

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Author Info

  • Demarco, Gustavo
  • Rofman, Rafael
  • Whitehouse, Edward

Abstract

The regulation and supervision of pension funds is a critical part of building public confidence in a funded-pension system. This paper argues that confidence is best bolstered by an independent, autonomous and transparent supervision agency, particularly when previous systems had failed. The choice between proactive and reactive supervision depends on previous experience of selfregulation in a country’s financial sector. The paper examines four key areas of supervision in detail: institutional, financial, membership and benefits control. It looks at collection of contributions, asset valuation, portfolio limits, custodianship and benefit guarantees. New data are presented on the performance of supervision agencies in and on marketing and operation costs of new pension funds in Latin America. Comparative data for OECD countries are also included.

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File URL: http://mpra.ub.uni-muenchen.de/16348/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16348.

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Date of creation: 1998
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Handle: RePEc:pra:mprapa:16348

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Keywords: pensions; regulation; supervision;

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References

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  1. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection Discussion Papers 20109, The World Bank.
  2. Vittas, Dimitri, 1998. "Regulatory controversies of private pension funds," Policy Research Working Paper Series, The World Bank 1893, The World Bank.
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Citations

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Cited by:
  1. World Bank, 2000. "Nicaragua : Pension Reform Proposal," World Bank Other Operational Studies 14972, The World Bank.
  2. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds’ structure, performance and investments: cross-country evidence," MPRA Paper 14753, University Library of Munich, Germany.
  3. Rocha, Roberto & Vittas, Dimitri, 2001. "Pension reform in Hungary : a preliminary assessment," Policy Research Working Paper Series, The World Bank 2631, The World Bank.
  4. Whitehouse, Edward, 2000. "Administrative charges for funded pensions : an international comparison and assessment," Social Protection Discussion Papers 23140, The World Bank.
  5. Whitehouse, Edward, 2000. "Pension reform, financial literacy and public information: a case study of the United Kingdom," MPRA Paper 10323, University Library of Munich, Germany.
  6. Whitehouse, Edward, 2000. "Paying for pensions: An international comparison of administrative charges in funded retirement-income systems," MPRA Paper 14171, University Library of Munich, Germany.

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