Stiglitz, Joseph E.Holzmann, RobertHolzmann, RobertStiglitz, Joseph E.2013-06-122013-06-1220010-8213-4822-1https://hdl.handle.net/10986/13857Given the impact of the multipillar approach to pension reform and the diversity of its implementation, the authors, who presented papers at the 1999 conference on "New Ideas About Old Age Security," re-examine the evidence and thinking on pensions and retirement security. This report examines global issues on pension reform which help put in perspective three major sets of questions. A first set of questions deals with generic issues that concern policymakers worldwide, almost independently of apporaches to reform. Most prominent but also least understood are the economic policy questions regarding the economic circumstances that are most conducive to the initiation of a reform and to its eventual success. Equally important are questions relating to the coverage of the labor force under a reformed system. Other questions concern the distributive effects of reformed systems with respect to generation, income group, and gender. A second set of questions is linked with a move toward funded provisions under a multipillar approach. A third set of questions concerns the multipillar reform approach itself. A wide consensus has emerged inside and outside the World Bank about the multipillar framework, but that consensus does not extend to several key issues regarding how the framework should be implemented in practice. The introduction to this report sums up each chapter in the report and concludes with a discussion of policy issues and on areas requiring further research.en-USCC BY 3.0 IGOAFFILIATESAGGREGATE ANALYSISAGING POPULATIONSALTERNATIVE INVESTMENTSANNUITIESANNUITIES MARKETSANNUITYASSET MANAGEMENTASSET MANAGERSAVERAGE ACCOUNT SIZEBANK OF SPAINBANK RESTRUCTURINGBANK SUPERVISIONBANKING SECTORBANKING SUPERVISIONCAPITA GROWTHCAPITAL MARKETSCONTRIBUTION RATEDEFINED BENEFIT PENSION PLANSDEFINED BENEFIT PLANSDEFINED BENEFIT SCHEMESDEFINED CONTRIBUTION PLANSDEFINED CONTRIBUTIONSDERIVATIVESDISABILITY INSURANCEEARNINGS GROWTHECONOMIC ANALYSISECONOMIC CIRCUMSTANCESECONOMICSEXPENDITURESFINANCIAL EDUCATIONFINANCIAL INSTITUTIONSFINANCIAL SYSTEMSFISCAL POLICYFUNDED COMPONENTHUMAN DEVELOPMENTINCOME DISTRIBUTIONINDEX FUNDSINDEXATIONINDEXED BONDSINDIVIDUAL ACCOUNT SYSTEMSINDIVIDUAL ACCOUNTSINDIVIDUAL RETIREMENT ACCOUNTSINFLATIONINFORMAL SECTORINSURANCEINSURANCE COMPANIESINSURANCE MARKETSINTERNATIONAL MONETARY FUNDLABOR FORCELEISURELIFE EXPECTANCYMACROECONOMICSMANDATORY PILLARMULTIPILLAR PENSION SYSTEMSMUTUAL FUNDSPENSION DEBTPENSION FUNDPENSION FUND PORTFOLIOSPENSION FUNDSPENSION FUNDSPENSION REFORMPENSION REFORMSPENSION RESERVESPENSION SYSTEMPENSION SYSTEMSPERSONAL PENSION PLANSPERSONAL PENSIONSPOLITICAL ECONOMYPRIVATE MANAGEMENTPRIVATE PENSIONPRIVATE PILLARPRIVATIZATIONPRODUCTIVITYPUBLIC FINANCEPUBLIC POLICYQUANTITATIVE ANALYSISREGULATORY FRAMEWORKREPLACEMENT RATEREPLACEMENT RATESRESEARCH AGENDARETIREMENTRETIREMENT INCOMERETIREMENT SAVINGSRISK MANAGEMENTRISK MEASUREMENTSAVINGS ACCOUNTSSECURITIESSOCIAL INSURANCESOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY REFORMSOCIAL SECURITY SYSTEMSSOCIAL TRANSFERSSOCIAL WELFARESUPPLEMENTARY SCHEMESTAX REFORMTRANSACTION COSTSTRANSITION ECONOMIESTRUST FUNDSWELFARE GAINSGENDERPAY-AS-YOU-GO SYSTEMSWorld Bank10.1596/0-8213-4822-1