Pension World
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Nonfinancial Defined Contribution Pension Schemes In A Changing Pension World
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Author : Robert Holzmann
language : en
Publisher: World Bank Publications
Release Date : 2012-06-21
Nonfinancial Defined Contribution Pension Schemes In A Changing Pension World written by Robert Holzmann and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-21 with Business & Economics categories.
Pensions and social insurance programs are an integral part of any social protection system. Their dual objectives are to prevent a sharp decline in income and protect against poverty resulting from old age, disability, or death. The critical role of pensions for protection, prevention, and promotion was reiterated and expanded in the new World Bank 2012-2022 social protection strategy. This new strategy reviews the success and challenges of the past decade or more, during which time the World Bank became a main player in the area of pensions. But more importantly, the strategy takes the three key objectives for pensions under the World Bank's conceptual framework coverage, adequacy, and sustainability and asks how these objectives and the inevitable difficult balance between them can best be achieved. The ongoing focus on closing the coverage gap with social pensions and the new outreach to explore the role of matching contributions to address coverage and/or adequacy is part of this strategy. This comprehensive anthology on nonfinancial defined contribution (NDC) pension schemes is part and parcel of the effort to explore and document the working of this new system or reform option and its ability to balance these three key objectives. This innovative, unfunded individual accounts scheme provides a promising option at a time when the world seems locked into a stalemate between piecemeal reform of ailing traditional defined benefit plans or their replacement with prefunded financial account schemes. The current financial crisis, with its focus on sovereign debt, has enhanced the attraction of NDC as a pension scheme that aims for intra and intergenerational fairness, offers a transparent framework to distribute economic and demographic risks, and, if well designed, promises long-term financial stability. Supplemented with a basic minimum pension guarantee, explicit noncontributory rights, and a funded pillar, the NDC approach provides an efficient framework for addressing poverty and risk diversification concerns.
Nonfinancial Defined Contribution Pension Schemes In A Changing Pension World
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Author : Robert Holzmann
language : en
Publisher: World Bank Publications
Release Date : 2012-11
Nonfinancial Defined Contribution Pension Schemes In A Changing Pension World written by Robert Holzmann and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11 with Business & Economics categories.
Nonfinancial Defined Contribution (NDC) schemes are now in their teens. The new pension concept was born in the early 1990s, implemented from the mid-1990s in Italy, Latvia, Poland and Sweden, legislated most recently in Norway and Egypt and serves as inspiration for other reform countries. This innovative unfunded individual account scheme created high hopes at a time when the world seemed to have been locked into a stalemate between piecemeal reforms of ailing traditional defined benefit schemes and introducing pre-funded financial account schemes. The experiences and conceptual issues of NDC in its childhood were reviewed in a prior anthology (Holzmann and Palmer, 2006). This new anthology published in 2 volumes serves to review its adolescence and with the aim of contributing to a successful adulthood. Volume 1 on Progress, Lessons, Implementation includes a detailed analysis of the experience and the key policy lessons in the old and new pilot countries and the implementation of NDCs elements in other reform countries. This volume 2 on Gender, Politics, Financial Stability includes deeper and new analyses of these issues that found little or no attention in the 2006 publication. The gender perspective includes 5 chapters with, perhaps, the most complete discussion on gender and pension issues available to date. The financial stability perspective addresses in 6 chapters critical micro- and macroeconomic aspects such as the balancing mechanism, the use of a reserve fund, the handling of legacy costs, and technicalities related to the management of the longevity risk when designing annuities. While the 2 volumes address many issues it also opens a number of new questions for which good answers are not yet readily available.
Pensions At A Glance Asia Pacific
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2009-01-08
Pensions At A Glance Asia Pacific written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-08 with categories.
The report analyses the retirement income systems of 18 Asian countries, including Australia, China, India, Indonesia, Pakistan, the Philippines and Vietnam. It says that reform is needed because: coverage of formal pension systems is relatively ...
Pension Reform And The Development Of Pension Systems
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Author : Emily S. Andrews
language : en
Publisher: World Bank Publications
Release Date : 2006
Pension Reform And The Development Of Pension Systems written by Emily S. Andrews and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
"Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Ageing And Pension Reform Around The World
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Author : Giuliano Bonoli
language : en
Publisher: Edward Elgar Publishing
Release Date : 2006-01-01
Ageing And Pension Reform Around The World written by Giuliano Bonoli and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Social Science categories.
This is an admirable example of a multi-authored comparative book. The two editors set the scene very carefully in the opening chapter and the subsequent chapters follow the framework set out and use the concepts explored there. In this never simple policy area, national systems are explained as clearly as possible by each author. Michael Hill, Journal of Social Policy This is an enlightening introduction to the global dimensions and complexity of pension reform. Recommended. J.F. O Connell, Choice Population ageing and the resulting pressures on existing pension systems constitutes one of the most important challenges modern societies will have to face over the coming decades. Although governments have responded to such pressures by adopting a plethora of pension reforms, the adaptation process is far from over. This book comprehensively documents developments in pension policy in eleven advanced industrial countries in Western Europe, East Asia and North America. In order to explore what population ageing means for the sustainability of pension systems, the authors present a detailed review of pension policy making over the past two decades and provide up-to-date analysis of current pension legislation. They examine the factors that can facilitate or impede the adaptation of pension systems and the features that shape and determine reforms. They also highlight the fact that although the path of reform taken by each country is somewhat different, the processes at work are often very similar. Ageing populations throughout the world are extremely reluctant to see their pension systems dismantled and are therefore prepared to mobilise in their defence. This process of mobilisation interacts with demographic pressures and institutional constraints to help determine the future direction of pension policy. The breadth of geographic coverage provides an almost global picture of the impact of ageing on pension reform, at least in terms of high income countries. Academics and students with an interest in economics, social policy, sociology and political science will find this a worthwhile and rewarding volume. It will also be of value to policymakers interested in how the problem of unsustainable pension systems can be resolved.
Old Age Security
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Author : Ramgopal Agarwala
language : en
Publisher: World Bank Publications
Release Date : 1997-01-01
Old Age Security written by Ramgopal Agarwala and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-01-01 with Business & Economics categories.
The seventh edition of this annual report reviews the long-term prospects for developing countries in light of changes in the global environment and provides a detailed discussion of selected aspects of the global integration process in those countries. The first chapter evaluates prospects for the major elements of the external environment affecting developing countries and the medium-to-long-term outlook for developing countries themselves. The report forecasts that the external environment for developing countries remains broadly favorable. Among the main policy challenges faced by these countries is their ability to adapt to long-run shifts in market opportunities and heightened competitive pressures brought on by global trade liberalization--now increasingly focused on liberalization of trade in services--rising global production, and other forms of global integration. The chapter considers the implications for the world economy of rapid growth and integration in large developing countries such as China, India, and Brazil in the period to 2020. The second chapter looks at the move toward greater globalization of production, broadly defined as cross-border production by multinational enterprises and their networks of affiliates, subcontractors, and other partners. Within this context, the chapter addresses the significance of global production in world output in main groups of countries and economic sectors; factors driving the trend toward global production, including heightened competition, worldwide policy liberalization, and rapid technological progress; the benefits that developing countries can derive from global production, such as new technologies and improved efficiency practices; and the issues for policymakers seeking to enhance participation in global production and maximize its benefits for host countries.
Evaluating The Financial Performance Of Pension Funds
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Author : Richard Hinz
language : en
Publisher: World Bank Publications
Release Date : 2010-01-14
Evaluating The Financial Performance Of Pension Funds written by Richard Hinz and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-14 with Business & Economics categories.
Countries around the world are increasingly relying on individual pension savings accounts to provide income in old age for their citizens. Although these funds have now been in place for several decades, their performance is usually measured using methods that are not meaningful in relation to this long-term objective. The recent global financial crisis has highlighted the need to develop better performance evaluation methods that are consistent with the retirement income objective of pension funds. Compiling research derived from a partnership among the World Bank, the Organisation for Economic Co-operation and Development (OECD), and three private partners, 'Evaluating the Financial Performance of Pension Funds' discusses the theoretical basis and key implementation issues related to the design of performance benchmarks based on life-cycle savings and investment principles. The book begins with an evaluation of the financial performance of funded pension systems using the standard mean variance framework. It then provides a discussion of the limitations inherent to applying these methods to pension funds and outlines the many other issues that should be addressed in developing more useful and meaningful performance measures through the formulation of pension-specific benchmark portfolios. Practical implementation issues are addressed through empirical examples of how such benchmarks could be developed. The book concludes with commentary and observations from several noted pension experts about the need for a new approach to performance measurement and the impact of the recent global financial crisis on pension funds.
Pension World
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Author :
language : en
Publisher:
Release Date : 1989
Pension World written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Pension trusts categories.
Sustainability Of Pension Systems In The New Eu Member States And Croatia
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Author : Leszek Kasek
language : en
Publisher: World Bank Publications
Release Date : 2008-02-01
Sustainability Of Pension Systems In The New Eu Member States And Croatia written by Leszek Kasek and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-01 with Business & Economics categories.
This study finds that pension reforms in recent years have improved the efficiency and sustainability of pension systems in the new member states of the European Union and Croatia. However, for many countries, these probably have not gone far enough to ensure long-term sustainability, given the aging of the population. Reforms have included changes to Pay-As-You-Go (PAYG) systems, including increases in retirement ages (not at least for women), new benefit formulas, and new indexation mechanism. Some countries (Latvia and Poland) have further strengthened the link of contributions and benefits to the sustainability of the PAYG system through the introduction of national defined contribution accounts. The link is strengthened also by moving to a point system, which has been adopted by many of the countries. Several countries have introduced a second, private, pension pillar, funded through diversion of part of the pension contributions, thereby diversifying risk. However, some countries (in particular the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, while others face challenges to ensure equitable pension systems and adequate living standards for all elderly people.
Pensions Around The World
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Author : Kevin Doyle
language : en
Publisher: Witherby, Limited
Release Date : 1983
Pensions Around The World written by Kevin Doyle and has been published by Witherby, Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
Comparison of pension schemes, social security and social security legislation in developed countries and developing countries - outlines old age benefit, private pension scheme and occupational pension scheme systems; includes expatriate workers' pension problems and future trends.