Mongolia Policy Options for Pension Reform

This report was prepared in response to a request by the Mongolian authorities for an evaluation of the Mongolian pension system and policy reform options. The report identifies a number of design weaknesses in the current pension insurance scheme and needs for reform in response to changes in the Mongolian economy. The summary of this report provides a brief synopsis for key policymakers of the rationale for reform and policy options considered. The main text responds to requests by the Mongolian authorities for the Bank's assessment. It considers the design architecture and parameters of the pension insurance scheme, the design of non- contributory elderly social assistance, pension provisions for herders and the rationale and design options for a pension reserve fund. The appendices provide more detailed analysis for technical staff including current pension insurance parameters; needs and policy options for herders and other informal sector workers; options for establishing a pension reserve fund; and elaboration of the actuarial modeling methodology employed, key assumptions and parameters, and detailed findings. Mongolia's economy, labor market and fiscal position are undergoing rapid changes as a result of growth in the mining sector. These changes present both challenges and opportunities for reform in pension provisions.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2011-01-20
Subjects:	ACCRUAL RATE, ACTUARIAL MODELING, AGING POPULATION, ANNUITY, ANNUITY FACTOR, ANNUITY FACTORS, ASSET MANAGERS, AVERAGE BENEFIT, AVERAGE WAGE GROWTH, BANKRUPTCY, BENEFIT ADJUSTMENTS, BENEFIT FORMULA, BENEFIT FORMULAS, BENEFIT INDEXATION, BENEFIT LEVEL, BENEFIT LEVELS, CAPITAL MARKETS, CASH TRANSFERS, COMMODITY, COMMODITY PRICE, COMPENSATION, CONSUMER PRICE INDEX, CONSUMER PRICE INFLATION, CONTRIBUTION RATE, CONTRIBUTION RATES, CREDIBILITY, CREDIT GROWTH, DEBT, DEFICITS, DEFINED BENEFIT, DEFINED BENEFIT SCHEME, DEFINED CONTRIBUTION PENSION, DEFINED CONTRIBUTIONS, DEFINED-BENEFIT SCHEME, DEMOGRAPHIC, DEPENDENCY RATIO, DEPENDENCY RATIOS, DEVELOPMENT BANK, DISABILITY, DISABILITY PENSION, DISABILITY PENSIONS, DISBURSEMENTS, DOMESTIC FINANCIAL MARKETS, ECONOMIC CRISES, ECONOMIC DEVELOPMENT, ECONOMIC EFFICIENCY, ECONOMIC VOLATILITY, ELDERLY, EMPLOYEE, EXPENDITURE, EXPENDITURES, EXPOSURE, FEMALE, FEMALES, FERTILITY, FERTILITY RATES, FINANCES, FINANCIAL INTERMEDIARY, FINANCIAL MARKETS, FINANCIAL RISKS, FISCAL BURDEN, FUNDED ACCOUNTS, FUTURE OBLIGATIONS, FUTURE PENSION, GENDER, GOVERNMENT SUBSIDY, GROSS DOMESTIC PRODUCT, GUARANTEED BENEFIT, HOME, HOUSEHOLD INCOME, HOUSEHOLD INCOMES, HUMAN DEVELOPMENT, INCOME DISTRIBUTION, INCOME INEQUALITY, INCOME LEVEL, INCOME SECURITY, INCOME TAX, INCOME TAXES, INDIVIDUAL ACCOUNT, INDIVIDUAL ACCOUNTS, INEQUALITY, INFORMAL ECONOMY, INFORMAL SECTOR, INSTITUTIONAL CAPACITY, INSTITUTIONAL REFORM, INSTRUMENT, INSURANCE PENSION, INSURANCE PRODUCTS, INTEREST RATE, INTERNATIONAL MARKETS, INVESTMENT MANAGEMENT, INVESTMENT POLICIES, INVESTMENT RETURNS, INVESTMENT RISKS, LABOR FORCE, LABOR MARKET, LEGAL FRAMEWORK, LEGISLATION, LIFE EXPECTANCY, LIVING STANDARD, MACROECONOMIC POLICIES, MANDATORY SCHEME, MARKET ECONOMY, MARKET VOLATILITY, MINIMUM BENEFIT, MINIMUM INCOME, MONETARY FUND, NATIONAL PENSION, NATURAL RESOURCE, NATURAL RESOURCES, NORMAL RETIREMENT AGE, NOTIONAL ACCOUNT, NOTIONAL ACCOUNTS, OLD-AGE INCOME, OLD-AGE PENSION, OLD-AGE PENSIONS, OUTPUT, OUTPUTS, PAYROLL TAXES, PENSION, PENSION ADMINISTRATION, PENSION ARRANGEMENTS, PENSION AT RETIREMENT, PENSION BENEFICIARIES, PENSION BENEFIT, PENSION BENEFITS, PENSION COSTS, PENSION INCOME, PENSION INSURANCE, PENSION INSURANCE FUND, PENSION INSURANCE SYSTEM, PENSION LIABILITIES, PENSION POLICIES, PENSION PROGRAM, PENSION PROVISION, PENSION PROVISIONS, PENSION REFORM, PENSION RESERVE, PENSION SAVINGS, PENSION SCHEME, PENSION SYSTEM, PENSION SYSTEM PARAMETERS, PENSION SYSTEMS, PENSIONERS, PENSIONS, PERSONAL INCOME, PERSONAL PENSION, PERSONAL TAX RATE, POLITICAL RISKS, PORTFOLIO, PORTFOLIO INVESTMENT, PREGNANCY, PRICE GROWTH, PRICE INDEXATION, PRISONERS, RAPID GROWTH, RATE OF GROWTH, RATE OF RETURN, REFORM PROGRAM, REGULATORY FRAMEWORK, REGULATORY INFRASTRUCTURE, REPLACEMENT RATE, REPLACEMENT RATES, RESERVE FUND, RESERVES, RETIREE, RETIREES, RETIREMENT, RETIREMENT AGES, RETIREMENT BENEFIT, RETIREMENT BENEFITS, RETIREMENT INCOME, RETIREMENT INCOMES, RETIREMENT SAVINGS, SAVINGS SCHEMES, SECURITIES, SOCIAL ASSISTANCE, SOCIAL INSURANCE, SOCIAL INSURANCE BENEFIT, SOCIAL INSURANCE BENEFITS, SOCIAL INSURANCE CONTRIBUTION, SOCIAL INSURANCE CONTRIBUTIONS, SOCIAL INSURANCE FUND, SOCIAL INSURANCE PROGRAMS, SOCIAL INSURANCE SYSTEM, SOCIAL INSURANCE SYSTEMS, SOCIAL PENSION, SOCIAL PENSIONS, SOCIAL PROTECTION, SOCIAL SECURITY, SOCIAL SECURITY BENEFITS, SOCIAL WELFARE, SUPERVISORY FRAMEWORK, SUPPLEMENTARY PENSION, SUPPLEMENTARY SCHEME, SUSTAINABILITY ANALYSIS, TAX, TAX BENEFIT, TAX RATE, TAX TREATMENT, TECHNICAL ASSISTANCE, TRADE UNIONS, TRANSITION ECONOMIES, TRANSPARENCY, TREASURY, TRUST FUND, UNEMPLOYMENT INSURANCE, UNEMPLOYMENT INSURANCE FUND, UNEMPLOYMENT RATES, VALUATIONS, VOLUNTARY PENSION, VOLUNTARY PENSIONS, WAGE GROWTH, WILL, WITHDRAWAL, WOMAN, WORKER CONTRIBUTION,
Online Access:	http://documents.worldbank.org/curated/en/2011/01/16662950/mongolia-policy-options-pension-reform https://hdl.handle.net/10986/19460
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