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Supervising mandatory funded pension systems: issues and challenges

  • Demarco, Gustavo
  • Rofman, Rafael
  • Whitehouse, Edward

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.

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File URL: http://mpra.ub.uni-muenchen.de/16348/1/MPRA_paper_16348.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16348.

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Date of creation: 1998
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Handle: RePEc:pra:mprapa:16348
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  1. Vittas, Dimitri, 1998. "Regulatory controversies of private pension funds," Policy Research Working Paper Series 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 20109, The World Bank.
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