Publication: International Patterns of Pension Provision II : A Worldwide Overview of Facts and Figures
Date
2012-06
ISSN
Published
2012-06
Author(s)
Pallares-Miralles, Montserrat
Romero, Carolina
Whitehouse, Edward
Abstract
This paper presents and explains cross
country data for mandatory publicly and privately managed
pension systems around the world. This report is organized
into three parts corresponding to three broad types of
indicators. These indicators relate to: (i) the relevant
contextual factors referred to here as environment; (ii)
pension system design parameters; and (iii) indicators of
performance. Part one of the report provides some
information on the environment in which the system operates,
focusing on demographic and labor market conditions.
Understanding the current and future path of demographic
patterns, especially aging, will place the later section on
performance into a clearer perspective. Part two on pension
system design uses a standardized taxonomy to describe
differences across countries. The data on system design are
presented in two groups of indicators: (i) overall
architecture of the system: pillars, schemes including civil
servants and other special schemes, and (ii) operating
parameters of the system, which includes two sub-groups: a)
qualifying conditions: pension eligibility ages, and
contribution history, and b) contribution rates, defined
benefit (DB), and defined contribution (DC) schemes, and
indexation. It should be noted that while many countries
have more than one program providing retirement income
benefits, unless otherwise indicated, most of the data refer
only to the national scheme. Part three presents a set of
performance indicators. The indicators included are core
pension indicators that illustrate six key criteria of any
pension scheme, namely: (i) coverage, (ii) adequacy, (iii)
financial sustainability, (iv) economic efficiency (i.e.,
minimizing the distortions of the retirement?income system
on individuals' behavior, such as labor supply and
savings outside of pension plans), (v) administrative
efficiency, and (vi)) security of benefits in the face of
different risks and uncertainties.
Citation
“Pallares-Miralles, Montserrat; Romero, Carolina; Whitehouse, Edward. 2012. International Patterns of Pension Provision II : A Worldwide Overview of Facts and Figures. Social Protection and Labor Discussion Paper;No. 1211. © World Bank, Washington, DC. http://hdl.handle.net/10986/13560 License: CC BY 3.0 IGO.”