Gill, Indermit S.Packard, TrumanYermo, JuanPugatch, Todd2012-06-072012-06-0720050-8213-5817-0https://hdl.handle.net/10986/7391Nations around the world (both large and small, rich and poor) are engaged in debate over how to reform their social security systems and care for the aged. For many countries this debate requires speculation on hypothetical scenarios, but in Latin America a rich body of experience on social security reform has been accumulating for more than a decade (for Chile, more than two decades). This report, entitled, Keeping the Promise of Social Security in Latin America, takes stock of those reforms, evaluates their successes and failures, and considers the lessons that can be drawn for the future of pension policy in the region. The authors draw on a series of background papers and surveys commissioned specifically for this inquiry, as well as existing research conducted by themselves and other pension experts. In the debate on pension reform there is no orthodoxy, as reflected in major differences of opinion among leading experts. Despite more than a decade of experience with pension reform in Latin America, although undoubtedly a major step forward, reforms are still works in progress. This report furthers enrich the policy dialogue that is of crucial importance to the future of the region.en-USCC BY 3.0 IGOADMINISTRATIVE COSTSAFFILIATESANNUITIESBALANCE SHEETSBANKSBASIC PENSIONBENEFIT FORMULACAPITAL MARKETSCOMPONENTSCONTINGENT LIABILITYCONTRIBUTION RATESDEBTDEFICITSDEFINED CONTRIBUTION SYSTEMSDEFINED CONTRIBUTIONSDEPOSITSE-MAILECONOMIC MANAGEMENTFINANCIAL DEEPENINGFINANCIAL INSTITUTIONSFINANCIAL SYSTEMSFISCAL ADJUSTMENTFISCAL BALANCEFISCAL BURDENFISCAL LIABILITIESFISCAL STABILITYFISCAL SUSTAINABILITYFOREIGN ASSETSFORMAL SECTORFUNDED ACCOUNTSFUNDED COMPONENTFUNDED SCHEMESFUNDED SYSTEMSGOVERNMENT DEBTGOVERNMENT TRANSFERSGROSS RETURNSHOUSINGINCENTIVES TO SAVEINCOME GROUPSINDIVIDUAL ACCOUNTSINFLATIONINSURANCE COMPANYINTEREST RATESINTERGENERATIONAL FAIRNESSINVESTMENT PERFORMANCELABOR MARKETSLATIN AMERICANLIFE EXPECTANCYLONGEVITY RISKMANDATESMANDATORY SCHEMESMARKET ECONOMIESMONETARY POLICIESMORAL HAZARDMORTALITY TABLESMULTIPILLAR PENSION SYSTEMSMULTIPILLAR SYSTEMSMUTUAL FUNDSOPERATING COSTSOPERATIONAL EXPENSESPAY-AS-YOU-GO SYSTEMSPENSION DEBTPENSION FUNDPENSION FUND ADMINISTRATORPENSION FUND ADMINISTRATORSPENSION FUND PORTFOLIOSPENSION FUNDSPENSION PLANSPENSION REFORMPENSION REFORMSPENSION SAVINGSPENSION SAVINGS PLANSPENSION SCHEMESPENSION SYSTEMPENSION SYSTEMSPENSIONSPRIVATE PILLARPRIVATE PILLARSPRIVATE SECTORPRIVATE SECTORSPRIVATIZATIONPUBLIC POLICYRETIREMENTRETIREMENT BENEFITSRETIREMENT INCOMERETIREMENT INCOME SECURITYRETIREMENT SAVINGSRISK MANAGEMENTSAVINGS ACCOUNTSSOCIAL INSURANCESOCIAL INSURANCE SYSTEMSOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY REFORMSOCIAL SECURITY SYSTEMSSTOCK MARKETSUBSIDIARYSUPERVISORY AUTHORITIESTAX ADVANTAGESWAGESWORKER CONTRIBUTIONSWorld Bank10.1596/0-8213-5817-0