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The Notional and the Real in China?s Pension Reforms

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  • Lu,Bei
  • Piggott,John
  • Zheng,Bingwen

Abstract

This paper discusses the potential expansion of the role of the notional defined contribution (NDC) paradigm in the ongoing reforms of retirement provision in China. It finds that mature age life expectancy is remarkably uniform among formal sector workers at the time of retirement, although greater heterogeneity does exist for Rural and Urban Residents Pension Scheme members. The implications of a stylized NDC structure are examined covering China?s major pension systems, calibrated to be actuarially neutral. Each system has a different contribution rate and retirement age, consistent with different life expectancies. A complementary social pension is also proposed. The paper concludes that an increased presence of the NDC paradigm has the potential to raise aggregate welfare.

Suggested Citation

  • Lu,Bei & Piggott,John & Zheng,Bingwen, 2019. "The Notional and the Real in China?s Pension Reforms," Social Protection Discussion Papers and Notes 136542, The World Bank.
    • Handle: RePEc:wbk:hdnspu:136542
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    Keywords

    Population&Development; Pensions&Retirement Systems; Social Protections&Assistance; Adolescent Health; Law and Justice Institutions;
    All these keywords.

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