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NDC : The Generic Old-Age Pension Scheme

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  • Góra,Marek
  • Palmer,Edward

Abstract

This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs designated as either defined contribution (DC) or defined benefit (DB), and financial or nonfinancial. With individual DC accounts, the ball is in the individual?s court. The transparent link between contributions and retirement income is the enabler of efficiency that through marginal decisions to choose formal work over informal work or leisure and to postpone retirement marginally toward the end of the working life, supports affordability and sustainability for a chosen level of adequacy. Hence, UPPS-DC designs are found superior to UPPS-DB designs.

Suggested Citation

  • Góra,Marek & Palmer,Edward, 2019. "NDC : The Generic Old-Age Pension Scheme," Social Protection Discussion Papers and Notes 136551, The World Bank.
    • Handle: RePEc:wbk:hdnspu:136551
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    References listed on IDEAS

    as
    1. Edward Palmer, 1999. "Exit from the Labor Force for Older Workers: Can the NDC Pension System Help?," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 24(4), pages 461-472, October.
    2. Marek Góra, 2013. "Political economy of pension reforms: selected general issues and the Polish pension reform case," IZA Journal of Labor & Development, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-31, December.
    3. Larsson,Bo & Leyaro,Vincent & Palmer,Edward, 2019. "Harnessing a Young Nation?s Demographic Dividends through a Universal NDC Pension Scheme : A Case Study of Tanzania," Social Protection Discussion Papers and Notes 136544, The World Bank.
    4. Unknown, 2005. "Forward," 2005 Conference: Slovenia in the EU - Challenges for Agriculture, Food Science and Rural Affairs, November 10-11, 2005, Moravske Toplice, Slovenia 183804, Slovenian Association of Agricultural Economists (DAES).
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    Cited by:

    1. Manor Moshe & Ratajczak Joanna, 2020. "Shift to private pension system: The case of Poland and Israel," Economics and Business Review, Sciendo, vol. 6(1), pages 82-102, March.
    2. Barr, Nicholas, 2019. "Gender and family: conceptual overview," LSE Research Online Documents on Economics 101237, London School of Economics and Political Science, LSE Library.

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    More about this item

    Keywords

    Pensions&Retirement Systems; Population&Development; Labor Markets;
    All these keywords.

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy

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