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International patterns of pension provision II : a worldwide overview of facts and figures

Author

Listed:
  • Pallares-Miralles, Montserrat
  • Romero, Carolina
  • Whitehouse, Edward

Abstract

This paper presents and explains cross country data for mandatory publicly and privately managed pension systems around the world. This report is organized into three parts corresponding to three broad types of indicators. These indicators relate to: (i) the relevant contextual factors referred to here asenvironment; (ii) pension system design parameters; and (iii) indicators of performance. Part one of the report provides some information on the environment in which the system operates, focusing on demographic and labor market conditions. Understanding the current and future path of demographic patterns, especially aging, will place the later section on performance into a clearer perspective. Part two on pension system design uses a standardized taxonomy to describe differences across countries. The data on system design are presented in two groups of indicators: (i) overall architecture of the system: pillars, schemes including civil servants and other special schemes, and (ii) operating parameters of the system, which includes two sub-groups: a) qualifying conditions: pension eligibility ages, and contribution history, and b) contribution rates, defined benefit (DB), and defined contribution (DC) schemes, and indexation. It should be noted that while many countries have more than one program providing retirement income benefits, unless otherwise indicated, most of the data refer only to the national scheme. Part three presents a set of performance indicators. The indicators included are core pension indicators that illustrate six key criteria of any pension scheme, namely: (i) coverage, (ii) adequacy, (iii) financial sustainability, (iv) economic efficiency (i.e., minimizing the distortions of the retirement?income system on individuals'behavior, such as labor supply and savings outside of pension plans), (v) administrative efficiency, and (vi)) security of benefits in the face of different risks and uncertainties.

Suggested Citation

  • Pallares-Miralles, Montserrat & Romero, Carolina & Whitehouse, Edward, 2012. "International patterns of pension provision II : a worldwide overview of facts and figures," Social Protection and Labor Policy and Technical Notes 70319, The World Bank.
  • Handle: RePEc:wbk:hdnspu:70319
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    Cited by:

    1. Rosangela Bando & Sebastian Galiani & Paul Gertler, 2016. "The Effects of Non-Contributory Pensions on Material and Subjective Well Being," NBER Working Papers 22995, National Bureau of Economic Research, Inc.
    2. Domelen, Julie van, 2012. "Togo : towards a national social protection policy and strategy," Social Protection and Labor Policy and Technical Notes 89000, The World Bank.
    3. Waikei R Lam & Philippe Wingender, 2015. "China; How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth?," IMF Working Papers 15/66, International Monetary Fund.
    4. Börsch-Supan, A. & Härtl, K. & Leite, D.N., 2016. "Social Security and Public Insurance," Handbook of the Economics of Population Aging, Elsevier.
    5. Chen, Xi & Eggleston, Karen & Sun, Ang, 2017. "The Impact of Social Pensions on Intergenerational Relationships: Comparative Evidence from China," IZA Discussion Papers 10731, Institute for the Study of Labor (IZA).
    6. repec:bic:journl:v:17:y:2017:i:2:p:103-118 is not listed on IDEAS
    7. Norman V. Loayza, 2016. "Informality in the Process of Development and Growth," The World Economy, Wiley Blackwell, vol. 39(12), pages 1856-1916, December.
    8. repec:eee:eecrev:v:95:y:2017:i:c:p:1-22 is not listed on IDEAS
    9. Demirguc-Kunt,Asli & Klapper,Leora & Panos,Georgios A., 2016. "Saving for old age," Policy Research Working Paper Series 7693, The World Bank.
    10. Nikolić Milena & Rakić Biljana, 2016. "Determinants of the Level of Contributions for Pension and Disability Insurance: The EU and Serbia," Economic Themes, De Gruyter Open, vol. 54(1), pages 61-82, March.
    11. Eugeni, Sara, 2015. "An OLG model of global imbalances," Journal of International Economics, Elsevier, vol. 95(1), pages 83-97.
    12. Mariusz Jarmuzek & Najla Nakhle, 2016. "Sustainability and Equity Challenges; Some Arithmetic on Lebanon’s Pension System," IMF Working Papers 16/46, International Monetary Fund.
    13. Cerutti, Paula & Fruttero, Anna & Grosh, Margaret & Kostenbaum, Silvana & Oliveri, Maria Laura & Rodriguez-Alas, Claudia & Strokova, Victoria, 2014. "Social assistance and labor market programs in Latin America : methodology and key findings from the social protection database," Social Protection and Labor Policy and Technical Notes 88769, The World Bank.
    14. International Monetary Fund, 2013. "Mauritius; 2013 Article IV Consultation," IMF Staff Country Reports 13/97, International Monetary Fund.
    15. Anita M. Schwarz & Omar S. Arias & Asta Zviniene & Heinz P. Rudolph & Sebastian Eckardt & Johannes Koettl & Herwig Immervoll & Miglena Abels, 2014. "The Inverting Pyramid : Pension Systems Facing Demographic Challenges in Europe and Central Asia," World Bank Publications, The World Bank, number 17049.

    More about this item

    Keywords

    Pensions&Retirement Systems; Population Policies; Emerging Markets; Labor Markets; Debt Markets;

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