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Towards Sustainable and Adequate Pension Systems: Old-Age Pension Reforms After Economic Transition and EU Accession in Central-Eastern and South-Eastern Europe

In: Does EU Membership Facilitate Convergence? The Experience of the EU's Eastern Enlargement - Volume II

Author

Listed:
  • Agnieszka Chłoń-Domińczak

    (SGH Warsaw School of Economics)

Abstract

Countries in Central, Eastern and South-Eastern Europe (CESE) face the challenge of becoming “demographically old before being economically rich”. Ensuring the long-term stability and adequacy of pension systems was one of the most important tasks that these countries faced following economic transition. The pension systems struggled with reduced societal trust as well as many weaknesses, including a lack of targeting, weak administration as well as adverse incentives. This chapter discusses the phases of evolution of pension systems in CESE countries in the context of international convergence. The first one is the period of retrenchment of the pension systems during the market-driven economic changes. The second phase is the multi-pillar reforms with privatisation, towards a liberal market orientation. The third phase is rebalancing of pension systems that followed EU accession leading to convergence with the EU policies. It also outlines the main challenges ahead of the pension systems in the CESE countries.

Suggested Citation

  • Agnieszka Chłoń-Domińczak, 2021. "Towards Sustainable and Adequate Pension Systems: Old-Age Pension Reforms After Economic Transition and EU Accession in Central-Eastern and South-Eastern Europe," Studies in Economic Transition, in: Michael Landesmann & István P. Székely (ed.), Does EU Membership Facilitate Convergence? The Experience of the EU's Eastern Enlargement - Volume II, chapter 0, pages 295-331, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-030-57702-5_12
    DOI: 10.1007/978-3-030-57702-5_12
    as

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