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The World Bank Approach to Pension Reform

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  • Robert Holzmann

Abstract

This paper highlights the World Bank’s thinking and worldwide involvement in pension reform. Both are driven by the Bank’s mandate to help countries develop economically and to reduce poverty. The Bank has four key concerns in working with clients on pension policy: (1) short‐term financing and long‐term financial viability; (2) effects on economic growth; (3) adequacy and other distributive issues; and (4) political risk and sustainability. In response to these concerns and after review of the three main reform options for unfunded systems ‐ mere PAYG reform, a rapid and complete shift to a mandatory funded system, and a gradual shift to a multipillar scheme ‐ the Bank clearly favours the multipillar approach but in a pragmatic and country‐specific manner. When helping to implement a pension reform the Bank fully takes account of country preferences and circumstances, bases its support on sound reform criteria, links the client assistance with knowledge management, provides training and other measures to enhance the reform capacity of a country, and seeks cooperation with other international institutions. In addition, the Bank has a comprehensive research agenda to improve the working of multipillar schemes, and the investigations include issues of coverage, administrative costs and annuities.

Suggested Citation

  • Robert Holzmann, 2000. "The World Bank Approach to Pension Reform," International Social Security Review, John Wiley & Sons, vol. 53(1), pages 11-34, January.
    • Handle: RePEc:wly:intssr:v:53:y:2000:i:1:p:11-34
    DOI: 10.1111/1468-246X.00061
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    Cited by:

    1. Robert Holzmann, 2002. "Can Investments in Emerging Markets Help to Solve the Ageing Problem?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 1(2), pages 215-241, September.
    2. Roszkowska, Paulina & Langer, Lukasz K. & Langer, Piotr B., 2021. "Pension funds and IPO pricing. Evidence from a quasi-experiment," The British Accounting Review, Elsevier, vol. 53(4).
    3. Arzybaev, Askarbek, 2015. "Pension Insurance Cohesive Testing System," MPRA Paper 61396, University Library of Munich, Germany.
    4. Wang, Lijian, 2016. "Actuarial model and its application for implicit pension debt in China," Chaos, Solitons & Fractals, Elsevier, vol. 89(C), pages 224-227.
    5. Michael W. Kpessa, 2011. "Provident Funds Pension Programs in English‐Speaking Sub‐Saharan Africa: A Look in the Rear Mirror and Lessons for the Future," Poverty & Public Policy, John Wiley & Sons, vol. 3(3), pages 1-25, September.
    6. Robert Holzmann & Mitchell Orenstein & Michal Rutkowski, 2003. "Pension Reform in Europe : Process and Progress," World Bank Publications - Books, The World Bank Group, number 15132, December.
    7. Mario Holzner & Stefan Jestl & David Pichler, 2022. "Public and private pension systems and macroeconomic volatility in OECD countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 69(2), pages 131-168, May.
    8. Jaafar, Roslan & Daly, Kevin James & Mishra, Anil V., 2019. "Challenges facing Malaysia pension scheme in an era of ageing population," Finance Research Letters, Elsevier, vol. 30(C), pages 334-340.
    9. Willmore, Larry, 2000. "Three Pillars of Pensions: Revised and Annotated," MPRA Paper 106796, University Library of Munich, Germany, revised 29 Aug 2014.
    10. Vittas, Dimitri, 2002. "Policies to promote saving for retirement : a synthetic overview," Policy Research Working Paper Series 2801, The World Bank.
    11. Georges de Menil & Eytan Sheshinski, 2002. "Romania's Pension System: From Crisis to Reform," NBER Chapters, in: Social Security Pension Reform in Europe, pages 401-438, National Bureau of Economic Research, Inc.
    12. Michael Spence & Danny Leipziger, 2010. "Globalization and Growth - Implications for a Post-Crisis World : Commission on Growth and Development," World Bank Publications - Books, The World Bank Group, number 2440, December.

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