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Pensions Panorama : Retirement-Income Systems in 53 Countries

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  • Edward Whitehouse

Abstract

Pensions panorama provides a compendium of facts and analysis that should inform policy making and public debate about retirement-income systems around the world. The section following the introduction sets out a typology: a way of defining and classifying different kinds of pension schemes. It shows which countries have which types of pension schemes, covering all elements of the retirement-income system, including resource-tested benefits and basic pensions as well as public, earnings-related, and compulsory private pension plans. Next, the study sets out the institutional detail: the parameters and rules of different parts of the retirement-income system. The next section presents the core, empirical results: future pension entitlements of today's workers with different levels of earnings from all sources. This section includes the familiar replacement rate indicator: individual pension entitlements as a proportion of individual earnings when working. The following section explores the important role that personal income taxes and social security contributions play in determining the relative incomes of older people. In particular, it shows net replacement rates (that is, pension net of taxes and any contributions, relative to earnings, net of taxes and contributions). The third section on empirical results looks at the link between pension entitlements in retirement and earnings in work. This analysis highlights the key differences in philosophy between different countries' retirement-income systems. Moreover, changes to the pensions-earnings link have been central to many recent reforms to retirement-income regimes. The concluding section sets out a number of dimensions in which the pension systems of 53 countries differ.

Suggested Citation

  • Edward Whitehouse, 2007. "Pensions Panorama : Retirement-Income Systems in 53 Countries," World Bank Publications - Books, The World Bank Group, number 7177, December.
    • Handle: RePEc:wbk:wbpubs:7177
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    References listed on IDEAS

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    1. Gordon Keenay & Edward Whitehouse, 2003. "The Role of the Personal Tax System in Old-Age Support: A Survey of 15 Countries," Fiscal Studies, Institute for Fiscal Studies, vol. 24(1), pages 1-21, March.
    2. David Robalino, 2005. "Pensions in the Middle East and North Africa: Time for Change," World Bank Publications - Books, The World Bank Group, number 7427, December.
    3. palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," Social Protection Discussion Papers and Notes 90340, The World Bank.
    4. Queisser, Monika & Whitehouse, Edward, 2005. "Pensions at a glance: public policies across OECD countries," MPRA Paper 10907, University Library of Munich, Germany.
    5. Gordon Keenay & Edward Whitehouse, 2003. "Financial Resources and Retirement in Nine OECD Countries: The Role of The Tax System," OECD Social, Employment and Migration Working Papers 8, OECD Publishing.
    6. Whitehouse, Edward, 2001. "Pension systems in 15 countries compared: the value of entitlements," MPRA Paper 14751, University Library of Munich, Germany.
    7. Henk Vording & Kees Goudswaard, 1997. "Indexation of public pension benefits on a legal basis: Some experiences in European countries," International Social Security Review, John Wiley & Sons, vol. 50(3), pages 31-44, July.
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    More about this item

    Keywords

    Fiscal and Monetary Policy Pensions and Retirement Systems Technology Industry Banks and Banking Reform Wages Compensation and Benefits Finance and Financial Sector Development Industry Social Protections and Labor Macroeconomics and Economic Growth;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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