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The Chilean system of contributory pensions as locus of rivalry and of a new social compact

Autor: Ogranización de las Naciones Unidas (ONU), Comisión Económica para América Latina (CEPAL), División de Desarrollo Social; Agencia Alemana para Cooperación Técnica
Año: 2014
Resumen: Este estudio evalúa el sistema previsional contributivo en Chile y ofrece algunas recomendaciones para su reforma, desde la perspectiva de los derechos sociales que generan expectativas de satisfacción. El objetivo primordial de cualquier sistema previsional es brindar seguridad de ingresos a las personas mayores, y las pensiones contributivas deben reflejar el ahorro logrado a lo largo de la vida laboral, de modo de garantizar que, para niveles similares de esfuerzo, se obtenga una protección similar y proporcionada.

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

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The Inverting Pyramid: Pension Systems Facing Demographic Challenges in Europe and Central Asia

Autor: Schwarz, Anita M.; Arias, Omar S.; Zviniene, Asta; Rudolph, Heinz P.; Eckardt, Sebastian; Koettl, Johannes; Immervoll, Herwig; Abels, Miglena
Año: 2014
Resumen: Pension systems in Europe and Central Asia are facing unprecedented demographic change. While many of the countries in the region have undertaken reforms when the economy faces difficult times, these reforms are frequently reversed when the economy improves. The demographic challenges that the region faces require a sustained effort toward changing the pension system toward something which provides adequate and sustainable benefits. The book documents the increased generosity of pension systems in Europe from their initial inception, noting that the current expectations of the public are based on the most recent round of generosity. The book seeks to show a nontechnical audience that such generosity is neither based on customary practice nor affordable in the future. The increased generosity in the past was only possible because the demographic pyramid was expanding, but as it inverts with fewer young people and more elderly, that generosity will no longer be affordable. Returning to the pension system of the 1970’s will go a long way toward providing adequate and sustainable benefits in the future. Moving to a more sustainable system will require reforms to labor markets, improvements in savings mechanisms, and may require additional public resources. The extent to which a country can undertake reforms in labor markets, savings, and public finances can influence the extent to which its pension system will have to change, with different solutions possible for different countries. But in all cases, the changes that need to be made have to be widely discussed and publicly accepted to prevent reversals. The book hopes to stimulate widespread public discussion of the issue to help countries make sustainable choices with gradual implementation, before they face such daunting challenges that they have to undertake sudden, harsh measures.

Fuente: Banco Mundial
Clasificación: Demografía
Tipo de Publicación: Libros
Idioma:

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Financial Sector Assessment Program - Albania: Developing Private Pensions in Albania

Autor: Banco Mundial
Año: 2014
Resumen: This note sets out options to develop private pensions in Albania. It has been requested by the authorities to help create a more diversified pension system that can deliver improved outcomes for Albania in decades to come. A diversified pension system mixes state and private pensions as well as other sources of retirement income. The analysis, diagnosis, and recommendations use an outcome-based assessment framework. This technical note looks at how the pension system performs relative to 5 key outcomes: efficiency, sustainability, coverage, adequacy, and security. These outcomes depend on the political and economic environment in which a pension system operates, and its overall design including regulatory framework, market structure and conduct, and supervisory approach.

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

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The Chilean system of contributory pensions as locus of rivalry and of a new social compact

Autor: Sojo, Ana
Año: 2014
Resumen: Este estudio evalúa el sistema de pensiones contributivo en Chile y ofrece algunas recomendaciones de reforma, desde el punto de vista de derechos sociales que generan expectativas de satisfacción. El objetivo principal de cualquier sistema de pensiones es brindar seguridad de ingresos a las personas mayores, y las pensiones contributivas deben reflejar los ahorros logrados a lo largo de la vida laboral para garantizar que, para niveles similares de esfuerzo, se obtenga una protección similar y proporcionada.

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

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Strategic Interactions and Portfolio Choice in Money Management : Evidence from Colombian Pension Funds

Autor: Pedraza Morales, Alvaro.
Año: 2014
Resumen: This paper studies the portfolio choice of strategic fund managers in the presence of a peer-based underperformance penalty. Evidence is taken from the Colombian pension fund management industry, where six asset managers are in charge of portfolio allocation for the mandatory contributions of the working population. These managers are subject to a peer-based underperformance penalty, known as the Minimum Return Guarantee. The trading behavior by the managers is studied before and after a change in the strictness of the guarantee in June 2007. The evidence suggests that a tighter minimum return guarantee results in more trading in the direction of peers, a behavior that is more pronounced for underperforming managers. These managers rebalance their portfolios by buying securities in which they are underexposed relative to their peers, as opposed to selling assets in which they are overexposed. Overall, the results suggest that incentives for managers to be close to industry benchmarks play an important role in the portfolio allocation of these funds.

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

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