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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 report argues that confidence is best bolstered by an independent, autonomous, and transparent supervision agency, particularly when previous systems have failed. The choice between proactive and reactive supervision depends on previous experience of self-regulation in a country's financial sector. This report examines four key areas of supervision in derail: 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 (Organization for Economic Cooperation and Development) countries are also included.

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Bibliographic Info

Paper provided by The World Bank in its series Social Protection Discussion Papers with number 20113.

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Date of creation: 31 Dec 1998
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Handle: RePEc:wbk:hdnspu:20113

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Related research

Keywords: Insurance&Risk Mitigation; Pensions&Retirement Systems; Environmental Economics&Policies; Banks&Banking Reform; Insurance Law;

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References

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

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Cited by:
  1. 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.
  2. Rocha, Roberto & Vittas, Dimitri, 2001. "Pension reform in Hungary : a preliminary assessment," Policy Research Working Paper Series, The World Bank 2631, The World Bank.
  3. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
  4. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds'structure, performance, and investments : cross-country evidence," Social Protection Discussion Papers, The World Bank 23302, The World Bank.
  5. 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.
  6. World Bank, 2000. "Nicaragua : Pension Reform Proposal," World Bank Other Operational Studies 14972, The World Bank.

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