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Designing the payout phase of funded pension pillars in central and eastern European countries


  • Vittas, Dimitri
  • Rudolph, Heinz
  • Pollner, John


Over the past decade or so, most Central and Eastern European countries have reformed their pension systems, significantly downsizing their public pillars and creating private pillars based on capitalization accounts. Early policy attention was focused on the accumulation phase but several countries are now reaching the stage where they need to address the design of the payout phase. This paper reviews the complex policy issues that will confront policymakers in this effort and summarizes recent plans and developments in four countries (Poland, Hungary, Estonia, and Lithuania). The paper concludes by highlighting a number of options that merit detailed consideration.

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  • Vittas, Dimitri & Rudolph, Heinz & Pollner, John, 2010. "Designing the payout phase of funded pension pillars in central and eastern European countries," Policy Research Working Paper Series 5276, The World Bank.
  • Handle: RePEc:wbk:wbrwps:5276

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    References listed on IDEAS

    1. Stark, Oded & Bloom, David E, 1985. "The New Economics of Labor Migration," American Economic Review, American Economic Association, vol. 75(2), pages 173-178, May.
    2. Adams, Richard H., Jr. & Cuecuecha, Alfredo & Page, John, 2008. "The impact of remittances on poverty and inequality in Ghana," Policy Research Working Paper Series 4732, The World Bank.
    3. Stark, Oded, 2003. "Tales Of Migration Without Wage Differentials: Individual, Family, And Community Contexts," Discussion Papers 18743, University of Bonn, Center for Development Research (ZEF).
    4. Lall, Somik V. & Selod, Harris & Shalizi, Zmarak, 2006. "Rural-urban migration in developing countries : a survey of theoretical predictions and empirical findings," Policy Research Working Paper Series 3915, The World Bank.
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    Cited by:

    1. Chao Qiao & Michael Sherris, 2011. "Managing Systematic Mortality Risk with Group Self Pooling and Annuitisation Schemes," Working Papers 201104, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
    2. Chao Qiao & Michael Sherris, 2013. "Managing Systematic Mortality Risk With Group Self-Pooling and Annuitization Schemes," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 80(4), pages 949-974, December.

    More about this item


    Debt Markets; Pensions&Retirement Systems; Financial Literacy; Insurance&Risk Mitigation; Investment and Investment Climate;

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