Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World : Volume 1. Progress, Lessons, and Implementation

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.

Bibliographic Details

Main Authors:	Holzmann, Robert, Palmer, Edward, Robalino, David
Format:	Publication biblioteca
Language:	English
Published:	Washington, DC: World Bank 2012
Subjects:	ACCRUAL RATE, ACCRUAL RATES, ADVANCED COUNTRIES, AGE CATEGORIES, AGE DISTRIBUTION, AGE GROUP, ANNUITY, ASYLUM, AVERAGE WAGE, AVERAGE WAGE GROWTH, BANK ACCOUNTS, BANK LENDING, BASIC PENSION, BASIC PENSIONS, BENEFICIARIES, BENEFICIARY, BENEFIT FORMULAE, BENEFIT FORMULAS, BENEFIT INDEXATION, CASH TRANSFERS, CENTER FOR HEALTH, CHANGE IN POPULATION, CHANGES IN FERTILITY, CHILD REARING, CHILDBEARING, CITIZENS, CITIZENSHIP, CONTINUED EMPLOYMENT, CONTRACTUAL SAVINGS, CONTRIBUTION RATES, CONTRIBUTION RECORDS, CORESIDENCE, COUNTRY OF ORIGIN, DEATH RATES, DEFINED BENEFIT, DEFINED BENEFIT SCHEMES, DEFINED CONTRIBUTION PENSIONS, DEMOGRAPHIC, DEMOGRAPHIC CHANGES, DEMOGRAPHIC PROJECTIONS, DEMOGRAPHIC TRANSITION, DEPENDENCY RATIO, DEPENDENCY RATIOS, DEVELOPING COUNTRIES, DEVELOPING ECONOMIES, DISABILITY, DISTRIBUTION OF POPULATIONS, DIVISION OF LABOR, EARLY RETIREMENT, EARNING, ECONOMIC GROWTH, ELDERLY, ELDERLY POPULATION, EMPLOYEE, FAMILY POLICIES, FERTILITY, FERTILITY RATE, FERTILITY RATES, FINANCIAL CRISIS, FUNDED BASIS, GENDER DIFFERENCES, GENDER GAP, GEOGRAPHIC DISTRIBUTION, GOVERNMENT SPENDING, GROSS NATIONAL INCOME, GROSS REPLACEMENT RATES, GROSS WAGES, GROWTH RATE, HUMAN RESOURCE, INCOME GROUP, INCOME LEVEL, INDIVIDUAL ACCOUNT, INDIVIDUAL ACCOUNTS, INFANT, INFANT MORTALITY, INFORMAL LABOR MARKETS, INFORMAL SECTOR, INFORMAL SECTOR WORKERS, INSURANCE POLICIES, INTEREST RATE, INTEREST RATES, INTERNATIONAL LABOUR ORGANIZATION, INVESTMENT RISK, INVOLUNTARY UNEMPLOYMENT, LABOR FORCE, LABOR FORCE PARTICIPATION, LABOR MARKET, LABOR MARKET CONDITIONS, LABOR MARKET INDICATORS, LABOR MARKETS, LABOR SUPPLY, LABOUR, LEGAL STATUS, LIFE EXPECTANCIES, LIFE EXPECTANCY, LIFE INSURANCE, LIVE BIRTHS, MANDATES, MANDATORY SAVING, MANDATORY SYSTEMS, MARKET CONDITIONS, MARKET DATA, MIGRANTS, MIGRATION, MORTALITY, MORTGAGES, MULTIPILLAR PENSION SYSTEMS, MULTIPILLAR SYSTEMS, MUTUAL FUNDS, NATIONAL LEVEL, NATIONAL PENSION, NEWBORN, NORMAL RETIREMENT AGE, NUMBER OF CHILDREN, NUMBER OF DEATHS, NUMBER OF PEOPLE, NUMBER OF WORKERS, OCCUPATION, OLD AGE, OLDER PEOPLE, OLDER WORKERS, PAYROLL TAX, PENSION, PENSION AGE, PENSION BENEFIT, PENSION BENEFITS, PENSION COVERAGE, PENSION DEBT, PENSION ENTITLEMENT, PENSION EXPENDITURE, PENSION EXPENDITURES, PENSION FRAMEWORK, PENSION INCOME, PENSION INDICATORS, PENSION LIABILITIES, PENSION LIABILITY, PENSION PLANS, PENSION POLICY, PENSION PROGRAMS, PENSION PROVISION, PENSION REFORM, PENSION SAVINGS, PENSION SCHEME, PENSION SCHEMES, PENSION SPENDING, PENSION SYSTEM, PENSION SYSTEMS, PENSION WEALTH, PENSIONABLE AGE, PENSIONERS, PENSIONS, PERFORMANCE INDICATORS, POPULATION AGEING, POPULATION CENSUS, POPULATION CENSUSES, POPULATION DATA, POPULATION DIVISION, POPULATION FORECASTS, POPULATION PROJECTIONS, PRESENT VALUE, PREVIOUS SECTION, PRICE INDEXATION, PRIVATE INSTITUTIONS, PRIVATE PENSION, PRIVATE SECTOR, PROGRESS, PROVIDENT FUND, PROVIDENT FUNDS, PUBLIC DEBT, PUBLIC DEFICIT, PUBLIC PENSION, PUBLIC SCHEME, PUBLIC SECTOR EMPLOYEES, PUBLIC SECTOR WORKERS, PUBLIC SERVICE, REFUGEES, REPLACEMENT RATE, REPLACEMENT RATES, RESERVES, RETIREES, RETIREMENT, RETIREMENT AGE, RETIREMENT AGES, RETIREMENT BEHAVIOR, RETIREMENT INCOME, RETIREMENT INCOME PROVISION, RETIREMENT INVESTMENT, RETIREMENT-INCOME, RURAL AREAS, RURAL POPULATION, SELF EMPLOYMENT, SERVANTS, SEX, SOCIAL ASSISTANCE, SOCIAL INSURANCE, SOCIAL INSURANCE CONTRIBUTION, SOCIAL INSURANCE PROGRAMS, SOCIAL PENSIONS, SOCIAL PROGRAMS, SOCIAL PROTECTION, SOCIAL SECURITY, SOCIAL SECURITY REFORMS, SOCIAL SECURITY SYSTEM, SOCIAL SECURITY SYSTEMS, TAX FINANCING, TECHNICAL ASSISTANCE, UNEMPLOYED, UNEMPLOYMENT, UNFUNDED PENSION, URBAN POPULATION, VOLUNTARY PENSIONS, WAGE BILL, WAGE LEVEL, WAGE LEVELS, WOMAN, WORKER, WORKFORCE, WORLD DEVELOPMENT INDICATORS, WORLD HEALTH ORGANIZATION,
Online Access:	http://documents.worldbank.org/curated/en/2012/06/16439040/nonfinancial-defined-contribution-pension-schemes-changing-pension-world-progress-lessons-implementation http://hdl.handle.net/10986/9378
Tags:	Add Tag No Tags, Be the first to tag this record!