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A Fiscal Indicator for Assessing First and Second Pillar Pension Reforms

Autor: Soto, Mauricio; Eich, Frank; Clements, Benedict J.
Año: 2011
Resumen: Traditional deficit and debt indicators focus on the health of public finances today, but fail to capture the future impact of different public programs. This weakness is evident in the treatment of pension reforms, which often strengthen the long-term fiscal outlook but do not necessarily improve—and sometimes worsen—fiscal balance and debt indicators in the near term. This has raised concerns that assessments based on traditional deficit and debt indicators create incentives to delay or even reverse reforms. […]This “pension-adjusted” budget balance complements traditional indicators of fiscal health, such as the overall and primary budget balance and the level of gross government debt. The pension-adjusted budget balance builds on other approaches that capture the long-term budgetary position of the government, including intergenerational accounting (Auerbach, Gokhale, and Kotlikoff, 1994), comprehensive measures of fiscal imbalances (Gokhale and Smetters, 2003) and fiscal gaps (Auerbach, Gale, Orszag, and Potter, 2003), sustainability indicators (EC, 2009c), and comprehensive public sector balance sheets (Buiter, 1983; Traa, 2009; and Velculescu, 2010). The proposed indicator thus takes account of the intertemporal pension balance rather than just the current balance of the pension system. The pension-adjusted budget balance can be monitored in the short run and captures the impact of pension reforms on long-term fiscal sustainability.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Notas de Pensiones
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New Policies for Mandatory Defined Contribution Pensions : Industrial Organization Models and Investment Products

Autor: Impavido, Gregorio; Lasagabaster, Esperanza; Garcia-Huitron, Manuel.
Año: 2010
Resumen: The recent financial crisis is challenging the reform approach to mandated pension a scheme that has emerged over recent decades across the world. This reform approach is characterized by a move toward multi-pillar pension systems and includes the creation or extension of a mandatory funded pillar with defined contribution design. The rationale and viability of such a pillar is contingent on an enabling environment and the delivery of high risk-adjusted net rates of return that beat the natural benchmark, which is the internal rate of return that an unfunded mandated scheme is able to achieve. Two key aspects of mandated and funded defined contribution schemes have been under discussion and investigation since dedicated pension funds were created: (a) the high fees levied by privately organized pension funds and the consequence for the net rate of return; and (b) the investment products of these funds and their capability to address the investment risks and to deliver the expected retirement income in a life-cycle context. To this end, country policies have experimented with a variety of approaches to improve outcomes with some important leads but overall modest results. This book proposes to take a fresh and highly innovative look at both policy issues. It suggests stepping back and looking at the underlying causes of the issues at stake instead of merely trying to address their symptoms. In addressing the high fees of pension funds, it focuses on the less-than-ideal conditions inert consumers facing firms with market powers and proposes to apply solutions derived from industrial organization models and pricing methods that better reflect the cost structure of the supply of pension services. In addressing the investment risks, it asks how to improve fund managers' risk-adjusted investment performance when participants are inert.

Fuente: Banco Mundial
Clasificación: Regulación y Supervisión
Tipo de Publicación: Libros
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Universal Minimum Old Age Pensions : Impact on Poverty and Fiscal Cost in 18 Latin American Countries

Autor: Dethier, Jean-Jacques; Pestieau, Pierre; Ali, Rabia.
Año: 2010
Resumen: Alleviating poverty for the elderly requires a different approach from other age groups, and a minimum pension is likely to be the only viable option. This paper examines the impact on old age poverty and the fiscal cost of universal minimum old age pensions in 18 Latin American countries using recent household survey data. First the authors measure old age poverty rates for these countries. Then they discuss the design of minimum pensions schemes -- means-tested or not -- as well as the disincentives they introduce for the economic and social behavior of households including labor supply, saving and family solidarity. Finally, the authors use household survey data to simulate the fiscal cost and the impact on poverty rates of alternative minimum pension schemes in the 18 countries. They show that a universal minimum pension would substantially reduce poverty among the elderly (except in Argentina, Brazil, Chile and Uruguay where minimum pension systems already exist and poverty rates are low). Such schemes have much to be commended in terms of incentives, spillover effects and administrative simplicity, but they have a high fiscal cost. The latter is a function of the age at which benefits are awarded, the prevailing longevity, the generosity of benefits, the efficacy of means testing, and the fiscal capacity of the country.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Descripción Y Análisis De Los Esquemas De Multifondos En Los Sistemas De Pensiones De América Latina Y Europa Del Este

Autor: Federación Internacional de Administradoras de Fondos de Pensiones (FIAP)
Año: 2010
Resumen: El objetivo de este documento es describir las regulaciones de los esquemas de multifondos (o portafolios múltiples) en distintos países que han adoptado programas de pensiones basados en la capitalización individual. En América Latina, existen esquemas de multifondos en Chile (2002), México (2005) y Perú (2005). Colombia implementará un sistema de multifondos el año 2011. Entre los países de Europa del Este, Estonia implementó este sistema en el año 2002, Letonia en el 2003 y Eslovaquia en el 2005. Hungría comenzó a operar este tipo de esquema en forma voluntaria a partir del año 2007, pero a partir del 2009 tomó carácter obligatorio. Finalmente, Lituania implementó un sistema de multifondos en el año 2004.

Fuente: Federación Internacional de Administradoras de Fondos de Pensiones (FIAP)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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Georgia Demographic Change : Implications for Social Programs and Poverty

Autor: Banco Mundial
Año: 2010
Resumen: This note provides an overview of demographic changes and their policy implications in Georgia, with particular reference to the poor. Georgia's population is expected to decline between 2010 and 2050, and this trend will be accompanied by a growing elderly cohort and a rising total dependency ratio. The note emphasizes four interrelated policy topics. These are labor force participation, labor force productivity, and potential cost pressures arising from the pension system and from the health sector. In each area, special attention is given to the linkages between these issues, social spending programs, and opportunities for targeting the poor. The note does not present specific policy recommendations, but instead outlines broad areas where future analytical work might be undertaken to arrive at more precise policy options. The note is structured as follows. The next section summarizes the key demographic trends underway in Georgia. Section three presents a profile of poverty and social spending by age. Section four analyzes the four policy issues listed in column two of table one. In each of these sections, the poverty reduction angle is emphasized. The final section provides a summary of the key messages, with an emphasis on policy priorities going forward.

Fuente: Banco Mundial
Clasificación: Demografía
Tipo de Publicación: Notas de Pensiones
Idioma:

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