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Supervising mandatory funded pension systems: issues and challenges

Author

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  • 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 paper argues that confidence is best bolstered by an independent, autonomous and transparent supervision agency, particularly when previous systems had failed. The choice between proactive and reactive supervision depends on previous experience of selfregulation in a country’s financial sector. The paper examines four key areas of supervision in detail: 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 countries are also included.

Suggested Citation

  • Demarco, Gustavo & Rofman, Rafael & Whitehouse, Edward, 1998. "Supervising mandatory funded pension systems: issues and challenges," MPRA Paper 16348, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:16348
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    References listed on IDEAS

    as
    1. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection Discussion Papers and Notes 20109, The World Bank.
    2. Rofman, Rafael & Demarco, Gustavo, 1999. "Collecting and transferring pension contributions," Social Protection Discussion Papers and Notes 20122, The World Bank.
    3. Vittas, Dimitri, 1998. "Regulatory controversies of private pension funds," Policy Research Working Paper Series 1893, The World Bank.
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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. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
    3. 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.
    4. World Bank, 2000. "Nicaragua : Pension Reform Proposal," World Bank Publications - Reports 14972, The World Bank Group.
    5. Rocha, Roberto & Vittas, Dimitri, 2001. "Pension reform in Hungary : a preliminary assessment," Policy Research Working Paper Series 2631, The World Bank.
    6. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds’ structure, performance and investments: cross-country evidence," MPRA Paper 14753, University Library of Munich, Germany.
    7. Roberto Rocha & Dimitri Vittas, 2002. "The Hungarian Pension Reform: A Preliminary Assessment of the First Years of Implementation," NBER Chapters, in: Social Security Pension Reform in Europe, pages 365-400, National Bureau of Economic Research, Inc.

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    More about this item

    Keywords

    pensions; regulation; supervision;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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