Publication:
Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies

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dc.contributor.authorGuven, Ufuk
dc.contributor.authorHolzmann, Robert
dc.date.accessioned2012-03-19T10:03:00Z
dc.date.available2012-03-19T10:03:00Z
dc.date.issued2009
dc.description.abstractAll of the former transition economies in Central, Eastern, and Southern Europe (CESE) inherited from the era of central planning traditional defined-benefit pension systems financed on a pay-as-you-go basis. Like many pay-as-you-go public pension systems elsewhere in the world, CESE pension systems were in need of reforms to address short-term fiscal imbalances and longer-term issues relating to population aging. Reforms were also needed to adjust benefit and contribution structures to meet the challenges of-as well as to take advantage of opportunities relating to the transition to a market economy, including the widespread adoption of multiplier designs with improved risk-sharing across funded and unfunded pillars. By 2006, most countries in Europe and Central Asia had introduced a voluntary private pension scheme. By 2008, 14 countries roughly half of all countries in the region had legislated mandatory private pension schemes, and all but one of those schemes (the one in Ukraine) had been introduced. These reforms shared a number of common objectives, in particular putting the systems on a sounder financial footing and better aligning them with the (very different) incentives of a market economy. This report is organized as follows. The first section discusses the motivation for reform across the eight countries included in the study against the backdrop of the regional (and global) trend toward multiplier pension arrangements. The second section summarizes the key provisions of the reformed systems in the eight countries within the World Bank's five-pillar framework for pension system design. The third section summarizes pension system performance against the two crucially important dimensions of adequacy and sustainability. The last section provides some policy recommendations for addressing gaps in reforms and taking advantage of further opportunities.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090319032815
dc.identifier.doi10.1596/978-0-8213-7781-9
dc.identifier.isbn978-0-8213-7781-9
dc.identifier.urihttps://hdl.handle.net/10986/2610
dc.languageEnglish
dc.publisherWorld Bank
dc.relation.ispartofseriesDirections in Development ; finance
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCUMULATION PERIOD
dc.subjectANNUAL RATE OF RETURN
dc.subjectANNUITIES
dc.subjectANNUITY
dc.subjectARBITRAGE
dc.subjectASSET MANAGEMENT
dc.subjectAVERAGE BENEFITS
dc.subjectAVERAGE EARNINGS
dc.subjectAVERAGE WAGE
dc.subjectBANKS
dc.subjectBASIC BENEFIT
dc.subjectBASIC PENSION
dc.subjectBENEFICIARIES
dc.subjectBENEFICIARY
dc.subjectBENEFIT ADJUSTMENT
dc.subjectBENEFIT FORMULA
dc.subjectBENEFIT FORMULAS
dc.subjectBENEFIT INDEXATION
dc.subjectBENEFIT LEVEL
dc.subjectBENEFIT RATE
dc.subjectCALCULATIONS
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL GAINS
dc.subjectCASH PAYMENTS
dc.subjectCONSUMER
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONTRIBUTION
dc.subjectCONTRIBUTION PAYMENTS
dc.subjectCONTRIBUTION RATE
dc.subjectCONTRIBUTION RATES
dc.subjectCONTRIBUTION RECORD
dc.subjectCONTRIBUTION SCHEME
dc.subjectCONTRIBUTION SCHEMES
dc.subjectCONTRIBUTION SYSTEM
dc.subjectCONTRIBUTIONS
dc.subjectCOPYRIGHT CLEARANCE
dc.subjectCOPYRIGHT CLEARANCE CENTER
dc.subjectCURRENCY
dc.subjectDEFINED BENEFIT
dc.subjectDEFINED-BENEFIT PENSION
dc.subjectDEFINED-BENEFIT SCHEME
dc.subjectDEFINED-BENEFIT SCHEMES
dc.subjectDEMOGRAPHIC
dc.subjectDEMOGRAPHIC CHANGES
dc.subjectDEPENDENCY RATIO
dc.subjectDEPENDENCY RATIOS
dc.subjectDEVELOPMENT FINANCE
dc.subjectDISABILITIES
dc.subjectDISABILITY
dc.subjectDISABILITY BENEFITS
dc.subjectDISABILITY INSURANCE
dc.subjectDISABILITY PENSION
dc.subjectDISABILITY PENSIONS
dc.subjectDIVERSIFICATION
dc.subjectDIVORCE
dc.subjectDOMESTIC MARKET
dc.subjectEARNINGS
dc.subjectEARNINGS-RELATED PENSION
dc.subjectELDERLY
dc.subjectEMPLOYEE
dc.subjectEMPLOYER CONTRIBUTIONS
dc.subjectFAMILY MEMBER
dc.subjectFERTILITY
dc.subjectFERTILITY RATES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKET DEVELOPMENT
dc.subjectFINANCIAL SECTORS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL SUSTAINABILITY
dc.subjectFOREIGN CURRENCIES
dc.subjectFULL-CAREER WORKERS
dc.subjectFUND ASSETS
dc.subjectFUNDED COMPONENT
dc.subjectFUNDED PENSION
dc.subjectFUNDED SCHEMES
dc.subjectGOVERNMENT POLICY
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGUARANTEED BENEFIT
dc.subjectHEALTH CARE
dc.subjectHEALTH INSURANCE
dc.subjectHEALTH INSURANCE FUND
dc.subjectHOUSEHOLD INCOME
dc.subjectINCOME GROUPS
dc.subjectINCOME LEVEL
dc.subjectINCOME REPLACEMENT
dc.subjectINCOME TAX
dc.subjectINCOME TAX BASE
dc.subjectINCOME TAXES
dc.subjectINDIVIDUAL ACCOUNTS
dc.subjectINDIVIDUAL SAVINGS
dc.subjectINFLATION
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE SCHEMES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL LABOUR ORGANIZATION
dc.subjectINVESTING
dc.subjectINVESTMENT RETURNS
dc.subjectJOINT ANNUITY
dc.subjectLABOR FORCE
dc.subjectLABOR FORCE PARTICIPATION
dc.subjectLEVEL OF PENSION EXPENDITURES
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIFETIME
dc.subjectLIFETIME EARNINGS
dc.subjectLONG-TERM CARE
dc.subjectLOW-INCOME
dc.subjectLUMP SUM
dc.subjectLUMP-SUM DISTRIBUTIONS
dc.subjectMANDATORY PILLARS
dc.subjectMARKET CONDITIONS
dc.subjectMARKET ECONOMY
dc.subjectMIDDLE-INCOME COUNTRIES
dc.subjectMINIMUM INCOME
dc.subjectMINIMUM OLD-AGE PENSION
dc.subjectMINIMUM PENSION
dc.subjectMINIMUM PENSIONS
dc.subjectMINIMUM PERIOD
dc.subjectMINIMUM WAGE
dc.subjectMULTIPILLAR PENSION SYSTEMS
dc.subjectMULTIPILLAR SYSTEMS
dc.subjectMUTUAL FUNDS
dc.subjectNOMINAL WAGE
dc.subjectNOMINAL WAGES
dc.subjectNORMAL RETIREMENT AGE
dc.subjectNOTIONAL CAPITAL
dc.subjectOLD-AGE PENSIONS
dc.subjectOUTPUT
dc.subjectPAY-AS-YOU-GO PENSION SYSTEMS
dc.subjectPENSION
dc.subjectPENSION ARRANGEMENTS
dc.subjectPENSION BENEFITS
dc.subjectPENSION CONTRIBUTIONS
dc.subjectPENSION ENTITLEMENTS
dc.subjectPENSION INCOME
dc.subjectPENSION POLICY
dc.subjectPENSION PROVIDERS
dc.subjectPENSION PROVISIONS
dc.subjectPENSION REFORM
dc.subjectPENSION REFORMS
dc.subjectPENSION SCHEMES
dc.subjectPENSION SPENDING
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEM PARAMETERS
dc.subjectPENSION SYSTEMS
dc.subjectPENSION TAXATION
dc.subjectPENSIONABLE AGE
dc.subjectPENSIONERS
dc.subjectPENSIONS
dc.subjectPERSONAL PENSION
dc.subjectPILLAR BENEFITS
dc.subjectPRESENT VALUE
dc.subjectPRICE INDEX
dc.subjectPRICE-INDEXED ANNUITIES
dc.subjectPRICE-INDEXED ANNUITY
dc.subjectPRIVATE LIFE INSURANCE
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSION FUNDS
dc.subjectPRIVATIZATION
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC PENSION SCHEME
dc.subjectPUBLIC PENSIONS
dc.subjectPUBLIC SCHEMES
dc.subjectREPLACEMENT RATE
dc.subjectREPLACEMENT RATES
dc.subjectRESERVE FUND
dc.subjectRETIREES
dc.subjectRETIREMENT
dc.subjectRETIREMENT AGES
dc.subjectRETIREMENT BENEFITS
dc.subjectRETIREMENT INCOME
dc.subjectRETIREMENT SAVINGS
dc.subjectSAVINGS ACCOUNTS
dc.subjectSAVINGS PROGRAMS
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSMALL ENTERPRISES
dc.subjectSOCIAL ASSISTANCE
dc.subjectSOCIAL INSURANCE
dc.subjectSOCIAL INSURANCE FUND
dc.subjectSOCIAL PENSION
dc.subjectSOCIAL PENSIONS
dc.subjectSOCIAL SECURITY
dc.subjectSOCIAL SECURITY CONTRIBUTIONS
dc.subjectSTAKEHOLDERS
dc.subjectSTATE ENTERPRISES
dc.subjectSTATE PENSION
dc.subjectSURVIVOR PENSIONS
dc.subjectTAX ADVANTAGES
dc.subjectTAX BENEFITS
dc.subjectTAX DEDUCTIBLE
dc.subjectTAX PROVISIONS
dc.subjectTAX PURPOSES
dc.subjectTAX RATE
dc.subjectTAX REGIMES
dc.subjectTAX RELIEF
dc.subjectTAXABLE INCOME
dc.subjectTRANSITION COUNTRIES
dc.subjectUNEMPLOYMENT
dc.subjectVOLUNTARY PENSION
dc.subjectVOLUNTARY RETIREMENT SAVINGS
dc.subjectWAGE
dc.subjectWAGE GROWTH
dc.subjectWAGES
dc.subjectWORKING AGE
dc.subjectWORKING LIFE
dc.subjectWORTH
dc.subjectYEARS OF SERVICE
dc.titleAdequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studiesen
dspace.entity.typePublication
okr.crosscuttingsolutionareaGender
okr.date.disclosure2009-04-07
okr.doctypePublications & Research::Publication
okr.doctypePublications & Research::Publication
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090319032815
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeTrade and Competitiveness
okr.guid263641468251374742
okr.identifier.doi10.1596/978-0-8213-7781-9
okr.identifier.externaldocumentum000333038_20090319032815
okr.identifier.internaldocumentum10362530
okr.identifier.report47812
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2009/03/19/000333038_20090319032815/Rendered/PDF/478120PUB0Adeq101OFFICIAL0USE0ONLY1.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryBulgaria
okr.region.countryCroatia
okr.region.countryCzech Republic
okr.region.countryHungary
okr.region.countryPoland
okr.region.countryRomania
okr.region.countrySlovak Republic
okr.region.countrySlovenia
okr.region.geographicalEastern Europe
okr.topicSocial Protections and Labor::Pensions & Retirement Systems
okr.topicGender::Gender and Law
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.unitSocial Protection Team (HDNSP)
okr.volume1 of 1
relation.isAuthorOfPublicationb036b47b-8d48-5ef8-81c6-543fe1f7c99d
relation.isAuthorOfPublication.latestForDiscoveryb036b47b-8d48-5ef8-81c6-543fe1f7c99d
relation.isSeriesOfPublication706db16a-e556-46f0-8283-1b4a4b88645c
relation.isSeriesOfPublication.latestForDiscovery706db16a-e556-46f0-8283-1b4a4b88645c
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