Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World

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Publisher : World Bank Publications
ISBN 13 : 0821388487
Total Pages : 342 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World by : Robert Holzmann

Download or read book Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World written by Robert Holzmann and published by World Bank Publications. This book was released on 2012-06-21 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 :
Publisher : World Bank Publications
ISBN 13 : 0821394789
Total Pages : 535 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World by : Robert Holzmann

Download or read book Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World written by Robert Holzmann and published by World Bank Publications. This book was released on 2012-11 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World

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Author :
Publisher : World Bank Publications
ISBN 13 : 0821394797
Total Pages : 542 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World by : Robert Holzmann

Download or read book Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World written by Robert Holzmann and published by World Bank Publications. This book was released on 2012-11-01 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes

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Author :
Publisher : World Bank Publications
ISBN 13 : 1464814562
Total Pages : 441 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes by : Robert Holzmann

Download or read book Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes written by Robert Holzmann and published by World Bank Publications. This book was released on 2019-10-18 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: The individual account-based but unfunded approach to mandated public pension systems is a reform benchmark for all pension schemes, promising fair and financially sustainable benefits. Nonfinancial defined contribution (NDC) pension schemes originated in Italy and Sweden in the 1990s, were then adopted by Latvia, Norway, and Poland, envisaged but not implemented in various other countries, such as Egypt and Russia, and remain under discussion in many nations around the world, such as China and France. In its complete form, the approach also comprises budget-financed basic income provisions and mandated or voluntary funded provisions. Volume 1 of this book offers an assessment of countries that were early adopters before addressing key aspects of policy implementation and design review, including how best to combine basic income provisions with an NDC scheme, how to deal with heterogeneity in longevity, and how to adjust NDC scheme design and labor market policies to deliver on reform expectations. Volume 2 addresses a second set of issues, including the gender pension gap and what family policies can do about it within the NDC framework, labor market issues and administrative challenges of NDC schemes and how countries are coping, the role of communication in these pension schemes, the complexity of cross-border pension taxation, and much more. Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes is the third in a series of books analyzing the progress, challenges, and adjustment options of this reform revolution for mandated public pension systems. 'Pension reform is a major issue in many countries. The development of the nonfinancial defined contribution pension plan in the 90's was a major advance in pension design. By reporting actual country experiences and exploring properties of plan designs, this latest collection of essays is a valuable contribution, well worth reading.' Peter Diamond Professor at Massachusetts Institute of Technology; 2010 winner of the Nobel Memorial Prize in Economic Sciences 'A highly stimulating publication for policy makers and researchers alike. It pushes the analytical frontier for policy challenges that all public pension schemes are confronted with but that the nonfinancial defined contribution approach promises to handle best.' Noriyuki Takayama President, Research Institute for Policies on Pension and Aging, Tokyo, and professor emeritus, Hitotsubashi University, Tokyo 'In a changing world where pensions are more than ever linked to labor markets, communication tools, and flexibility considerations, this anthology provides a unique up-to-date analysis of nonfinancial defined contribution pension schemes. By mixing international experiences and theoretical studies, it demonstrates the high adaptability of such pension schemes to changing social challenges.' Pierre Devolder Professor of Finance and Actuarial Sciences, Catholic University of Louvain, Belgium

Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes

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Author :
Publisher : World Bank Publications
ISBN 13 : 1464814546
Total Pages : 489 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes by : Robert Holzmann

Download or read book Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes written by Robert Holzmann and published by World Bank Publications. This book was released on 2019-10-21 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The individual account-based but unfunded approach to mandated public pension systems is a reform benchmark for all pension schemes, promising fair and financially sustainable benefits. Nonfinancial defined contribution (NDC) pension schemes originated in Italy and Sweden in the 1990s, were then adopted by Latvia, Norway, and Poland, envisaged but not implemented in various other countries, such as Egypt and Russia, and remain under discussion in many nations around the world, such as China and France. In its complete form, the approach also comprises budget-financed basic income provisions and mandated or voluntary funded provisions. Volume 1 of this book offers an assessment of countries that were early adopters before addressing key aspects of policy implementation and design review, including how best to combine basic income provisions with an NDC scheme, how to deal with heterogeneity in longevity, and how to adjust NDC scheme design and labor market policies to deliver on reform expectations. Volume 2 addresses a second set of issues, including the gender pension gap and what family policies can do about it within the NDC framework, labor market issues and administrative challenges of NDC schemes and how countries are coping, the role of communication in these pension schemes, the complexity of cross-border pension taxation, and much more. Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes is the third in a series of books analyzing the progress, challenges, and adjustment options of this reform revolution for mandated public pension systems. 'Pension reform is a major issue in many countries. The development of the nonfinancial defined contribution pension plan in the 90's was a major advance in pension design. By reporting actual country experiences and exploring properties of plan designs, this latest collection of essays is a valuable contribution, well worth reading.' Peter Diamond Professor at Massachusetts Institute of Technology; 2010 winner of the Nobel Memorial Prize in Economic Sciences 'A highly stimulating publication for policy makers and researchers alike. It pushes the analytical frontier for policy challenges that all public pension schemes are confronted with but that the nonfinancial defined contribution approach promises to handle best.' Noriyuki Takayama President, Research Institute for Policies on Pension and Aging, Tokyo, and professor emeritus, Hitotsubashi University, Tokyo 'In a changing world where pensions are more than ever linked to labor markets, communication tools, and flexibility considerations, this anthology provides a unique up-to-date analysis of nonfinancial defined contribution pension schemes. By mixing international experiences and theoretical studies, it demonstrates the high adaptability of such pension schemes to changing social challenges.' Pierre Devolder Professor of Finance and Actuarial Sciences, Catholic University of Louvain, Belgium

Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World

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Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World by :

Download or read book Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pension Reform

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Author :
Publisher : World Bank Publications
ISBN 13 : 082136166X
Total Pages : 692 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Pension Reform by : Robert Holzmann

Download or read book Pension Reform written by Robert Holzmann and published by World Bank Publications. This book was released on 2006 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.

Progress, Lessons, and Implementation

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Author :
Publisher :
ISBN 13 : 9786613723291
Total Pages : 319 pages
Book Rating : 4.7/5 (232 download)

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Book Synopsis Progress, Lessons, and Implementation by :

Download or read book Progress, Lessons, and Implementation written by and published by . This book was released on 2012 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Nonfinancial Defined Contribution Pension Schemes in a Changing Pernsion World

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis Nonfinancial Defined Contribution Pension Schemes in a Changing Pernsion World by :

Download or read book Nonfinancial Defined Contribution Pension Schemes in a Changing Pernsion World written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Social Security Policy in a Changing Environment

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Publisher : University of Chicago Press
ISBN 13 : 0226076504
Total Pages : 473 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Social Security Policy in a Changing Environment by : Jeffrey R. Brown

Download or read book Social Security Policy in a Changing Environment written by Jeffrey R. Brown and published by University of Chicago Press. This book was released on 2009-12-15 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.

Old-age Income Support in the 21st Century

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Author :
Publisher : World Bank Publications
ISBN 13 : 082136040X
Total Pages : 246 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Old-age Income Support in the 21st Century by : Robert Holzmann

Download or read book Old-age Income Support in the 21st Century written by Robert Holzmann and published by World Bank Publications. This book was released on 2005-01-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has brought an increasing recognition to the importance of pension systems to the economic stability of nations and the security of their aging populations. This report attempts to explain current policy thinking and update the World Bank's perspective on pension reform. This book incorporates lessons learned from recent Bank experiences and research that have significantly increased knowledge and insight regarding how best to proceed in the future. The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in this area. Part II highlights key design and implementation issues where it signals areas of confidence and areas for further research and experience, and includes a section on regional reform experiences, including Latin American and Europe and Central Asia.

The Challenge of Public Pension Reform in Advanced and Emerging Economies

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Author :
Publisher : International Monetary Fund
ISBN 13 : 147556631X
Total Pages : 86 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Challenge of Public Pension Reform in Advanced and Emerging Economies by : Mr.Benedict J. Clements

Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.

Pension Reform and the Development of Pension Systems

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Publisher : World Bank Publications
ISBN 13 : 0821365525
Total Pages : 198 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Pension Reform and the Development of Pension Systems by : Emily S. Andrews

Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews and published by World Bank Publications. This book was released on 2006 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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."

Pensions at a Glance 2015 OECD and G20 indicators

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Author :
Publisher : OECD Publishing
ISBN 13 : 9264244441
Total Pages : 376 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis Pensions at a Glance 2015 OECD and G20 indicators by : OECD

Download or read book Pensions at a Glance 2015 OECD and G20 indicators written by OECD and published by OECD Publishing. This book was released on 2015-12-01 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 10-year anniversary edition of Pensions at a Glance highlights the pension reforms undertaken by OECD and G20 countries over the last two years. Two special chapters provide deeper analysis of first-tier pension schemes and of the impact of short or interrupted careers, due to late entry ...

Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Addressing gender, administration, and communication

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Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Addressing gender, administration, and communication by : Robert Holzmann

Download or read book Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Addressing gender, administration, and communication written by Robert Holzmann and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is the third publication to analyze progress, challenges, and adjustment options of this reform revolution for mandated public pension schemes. The individual account-based but unfunded approach that promises fair and financially sustainable benefits is a reform benchmark for all pension schemes. Nonfinancial defined contribution (NDC) schemes originated in the 1990s independently in Italy and Sweden, were then adopted by Latvia, Poland, and Norway, envisaged but not implemented in various other countries (such as Egypt and Russia), and remain under discussion in many countries across the world (such as China and France). In its complete form, the approach also comprises budget-financed basic income provisions and mandated or voluntary funded provisions. Volume 1 offers an assessment of early reform countries before addressing key aspects of policy implementation and design review, including: how to best combine basic income provisions with NDC; how to deal with heterogeneity in longevity; and how to adjust NDC design and labor market policies to deliver on reform expectations. Volume 2 addresses a second set of important issues, including: the gender pension gap and what family policies can do within the NDC frame; the administrative challenges of NDCs and how countries are coping; the role of communication in NDCs; and the complexity of cross-border pension taxation, and much more."--

Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Addressing marginalization, polarization, and the labor market

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Addressing marginalization, polarization, and the labor market by : Robert Holzmann

Download or read book Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Addressing marginalization, polarization, and the labor market written by Robert Holzmann and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is the third publication to analyze progress, challenges, and adjustment options of this reform revolution for mandated public pension schemes. The individual account-based but unfunded approach that promises fair and financially sustainable benefits is a reform benchmark for all pension schemes. Nonfinancial defined contribution (NDC) schemes originated in the 1990s independently in Italy and Sweden, were then adopted by Latvia, Poland, and Norway, envisaged but not implemented in various other countries (such as Egypt and Russia), and remain under discussion in many countries across the world (such as China and France). In its complete form, the approach also comprises budget-financed basic income provisions and mandated or voluntary funded provisions. Volume 1 offers an assessment of early reform countries before addressing key aspects of policy implementation and design review, including: how to best combine basic income provisions with NDC; how to deal with heterogeneity in longevity; and how to adjust NDC design and labor market policies to deliver on reform expectations. Volume 2 addresses a second set of important issues, including: the gender pension gap and what family policies can do within the NDC frame; the administrative challenges of NDCs and how countries are coping; the role of communication in NDCs; and the complexity of cross-border pension taxation, and much more."--

China's Pension System

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Author :
Publisher : World Bank Publications
ISBN 13 : 0821395416
Total Pages : 264 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis China's Pension System by : Mark C. Dorfman

Download or read book China's Pension System written by Mark C. Dorfman and published by World Bank Publications. This book was released on 2013-03-08 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive reform of China s pension and social security system is an essential element of achieving its objectives of a harmonious society and sustainable development.