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The ABCs of NDCs

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  • Holzmann,Robert

Abstract

Nonfinancial defined contribution (NDC) pension schemes have been successfully implemented since the mid-1990s in a number of European countries. The NDC approach features the lifelong contribution?benefit link of a financial defined contribution scheme, but is based on the pay-as-you-go format. An NDC approach implemented by the rulebook can manage the economic and demographic risks inherent to a pension scheme and by design creates financial sustainability. This paper offers a nontechnical introduction to NDC schemes, their basic elements and advantages over nonfinancial defined benefit schemes, the key technical frontiers of the approach, and the experiences of countries with NDC schemes.

Suggested Citation

  • Holzmann,Robert, 2019. "The ABCs of NDCs," Social Protection Discussion Papers and Notes 136555, The World Bank.
    • Handle: RePEc:wbk:hdnspu:136555
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