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Pensions for Public-Sector Employees: Lessons from OECD Countries’ Experience

Autor: Banco Mundial
Año: 2016
Resumen: In 27 out of 34 OECD member countries, there is institutionally separate retirement-income provision for some or all public-sector workers. But the scope of these pension schemes varies significantly: from a modest top-up to the national pension arrangements (covering private-sector workers as well) to entirely independent retirement-income regimes. Average expenditure on these schemes amounts to about 1.5 percent of GDP, or nearly a quarter of total public pension spending. Public-sector pension reform is an issue of great political importance in many countries. Central governments’ workforces are ageing rapidly in all but four of the 26 countries for which data are available. One in three of central-government employees were aged 50 and over in 2009, compared with 22 percent in 1995. This rapid ageing is pushing up the cost of pension schemes at a time when many OECD countries are embarking on fiscal consolidation. This paper examines the arguments and the options for reforming public-sector pension schemes from an international viewpoint. It assesses five different policies to reduce expenditures or increase contribution revenues, showing how these can have very different effects in a public-sector scheme than with national retirement-income arrangements.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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Building Long-Term Portfolio Benchmarks for Pension Funds in Emerging Economies

Autor: Rudolph, Heinz P.; Sabat, Jorge
Año: 2016
Resumen: The movement from a defined benefit to a defined contribution pension system has important implications in the area of portfolio allocation. While the focus of defined benefit pension funds is essentially in the long term, some defined contribution funds might have incentives to invest with shorter-term horizons. The case of open pension funds, such as the ones in several countries in Latin America and Central and Eastern European countries, shows that competition on short-term returns may bring pension funds into suboptimal portfolio strategies. As policy makers become increasingly interested in finding long-term sources of financing for infrastructure and other long-term projects, it becomes essential to upgrade the regulatory framework of open pension funds. This paper contributes to the literature by proposing an investment regulatory framework based on strategic asset allocation that can be applicable to open pension funds. Based on the use of lifecycle investment strategies, the paper proposes the implementation of common portfolio benchmarks for pension funds. Three elements are emphasized for implementation of strategic asset allocation: (a) a well-defined pension objective, (b) sound governance of the portfolio benchmark, and (c) a methodology for developing the benchmark. The paper proposes the use of the approximation methodology as a starting point for designing portfolio benchmarks, and illustrates step-by-step how to build these long-term portfolios in a didactical way.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Pension Systems in Sub-Saharan Africa: Brief Review of Design Parameters and Key Performance Indicators

Autor: Abels, Miglena; Guven, Melis U.
Año: 2016
Resumen: The paper summarizes key design characteristics and performance indicators of national and civil service pension schemes in Sub-Saharan Africa (SSA). It is intended to serve as a resource in pension reform efforts in the region. The note delivers an up-to date assessment of the main design parameters, key performance metrics, and main challenges facing pension systems in SSA. The information provided in the note aims to capture current trends in the region and benchmark performance and pension system design choices made by countries against international experience. Section one provides an overview of mandatory national pension systems in the region whereas Section two presents the key design features of civil service pension schemes. Section three analyzes the performance of both national and civil service pension schemes; particular attention is paid to the fiscal performance and equity of the pension schemes. Pension system design parameters of both national and civil service pension schemes are discussed in section four. Section five aims to enhance the paper by providing relevant demographic data and analysis.

Fuente: Banco Mundial
Clasificación: Estadísticas de Pensiones
Tipo de Publicación: Informes
Idioma:

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La brecha de género en jubilaciones y pensiones: los casos de Argentina, Brasil, Chile y Uruguay

Autor: Rossi, Ianina; Lavalleja, Martín
Año: 2016
Resumen: En esta publicación se analizan las diferencias de género en el acceso y nivel de las jubilaciones y pensiones, tanto contributivas como no contributivas, a la luz del diseño del sistema de seguridad social de cada país. El estudio se realiza para un conjunto de países del Cono Sur cuyos sistemas de pensiones tienen niveles de desarrollo similares, y han sufrido algunas modificaciones recientes: Argentina, Brasil, Chile y Uruguay.

Fuente: Comisión Económica para América Latina (CEPAL)
Clasificación: Beneficios
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Do Bilateral Social Security Agreements Deliver on the Portability of Pensions and Health Care Benefits?: A Summary Policy Paper on Four Migration Corridors between EU and Non-EU Member States

Autor: Holzmann, Robert
Año: 2016
Resumen: This policy paper summarizes four corridor studies on bilateral social security agreements (BSSAs) between four European Union (EU) member and two non-member states, draws conclusions on their results, and offers recommendations. BSSAs between migrant-sending and migrant-receiving countries are seen as the most important instrument to establish portability of social security benefits for internationally mobile workers. Yet, only about 23 percent of international migrants profit from BSSAs and their functioning has been little analyzed and even less assessed. The four corridors studied (Austria-Turkey, Germany-Turkey, Belgium-Morocco, and France-Morocco) were selected to allow for comparison of both similarities and differences in experiences. The evaluation of these corridors’ BSSAs was undertaken against a methodological framework and three selected criteria: fairness for individuals, fiscal fairness for countries, and bureaucratic effectiveness for countries and migrant workers. The results suggest that the investigated BSSAs work and overall deliver reasonably well on individual fairness. The results on fiscal fairness are clouded by conceptual and empirical gaps. Bureaucratic effectiveness would profit from information and communication technology-based exchanges on both corridors once available.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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