Holzmann, Robert2013-05-282013-05-282012-05https://hdl.handle.net/10986/13557Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain 'new normal' will make future pension systems different from past ones. The objectives of this policy review paper are threefold: (i) to briefly review recent and ongoing key changes that are triggering reforms; (ii) to outline the main reform trends across pension pillars; and (iii) to identify a few areas on which the pension reform community will need to focus to make a difference. The latter includes: creating solutions after the marginalization or, perhaps, demise of Bismarckian systems in countries with high rates of informality; keeping the elderly in the labor market; and addressing the uncertainty of longevity increases in pension schemes.en-USCC BY 3.0 IGOACCOUNTINGACCRUAL RATEACCUMULATED SAVINGSADMINISTRATIVE COSTSADVANCED COUNTRIESADVANCED ECONOMIESANNUITIESANNUITYANNUITY MARKETANNUITY MARKETSASSET CLASSESASSET MANAGEMENTASSET PRICESBANK SUPERVISIONBANKSBASIS POINTSBENEFIT LEVELCASH FLOWCASH TRANSFERCASH TRANSFER PROGRAMSCASH TRANSFERSCLEARING HOUSESCONDITIONAL CASHCONSUMPTION SMOOTHINGCONTRIBUTION PERIODSCONTRIBUTION RATECONTRIBUTION RATESCREDIBILITYDEBTDEBT REDUCTIONDEFICITSDEFINED BENEFITDEFINED CONTRIBUTION PENSIONSDEFINED CONTRIBUTIONSDEMOGRAPHICDEVELOPING COUNTRIESECONOMIC GROWTHELDERLYEMERGING ECONOMIESEMPLOYMENT PROJECTENABLING ENVIRONMENTENABLING ENVIRONMENTSFERTILITYFERTILITY RATESFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTFINANCIAL PERFORMANCEFINANCIAL SECTORFINANCIAL STABILITYFISCAL CONDITIONSFOOD PRICEFUND ASSETFUND ASSETSFUNDED PENSIONFUNDED SCHEMESFUNDED SYSTEMSFUTURE PENSIONGLOBAL PENSIONGLOBALIZATIONGOVERNMENT BONDSGROWTH RATEHEALTH CAREHEALTH INSURANCEIMPLICIT PENSION DEBTINCENTIVE STRUCTUREINCOMEINCOME GROUPSINCOME SUPPORTINCOME TRANSFERSINDIVIDUAL ACCOUNTINDIVIDUAL ACCOUNT SYSTEMSINDIVIDUAL ACCOUNTSINFLATIONINFORMAL SECTORINFORMAL WORKERSINFORMATION ASYMMETRYINSURANCEINSURANCE COMPANIESINSURERSINTEREST RATEINTERNATIONAL BANKINTERNATIONAL LABOUR ORGANIZATIONINTERNATIONAL SOCIAL SECURITYLABOR FORCELABOR FORCE GROWTHLABOR MARKETLABOR MARKETSLEVYLIFE EXPECTANCIESLIFE EXPECTANCYLIQUIDITYLONGEVITY RISKLONGEVITY RISKSMARKET DISTORTIONSMARKET ECONOMIESMOBILE PHONESMONETARY FUNDMORTALITYNATURAL DISASTERSOLD AGEOLD AGE CRISISOLD AGE PENSIONSOLD-AGE INCOMEOLDER PEOPLEPENSION COVERAGEPENSION FUNDPENSION FUND ASSETPENSION FUND ASSETSPENSION FUNDSPENSION PLANPENSION PRODUCTSPENSION PROVISIONPENSION REFORMPENSION REFORM DESIGNPENSION REFORMSPENSION RESERVEPENSION RIGHTSPENSION SCHEMEPENSION SCHEMESPENSION SYSTEMPENSION SYSTEM REFORMPENSION SYSTEMSPILLAR PENSIONPOORPORTFOLIOPORTFOLIOSPOVERTY REDUCTIONPRICE VOLATILITYPRIVATIZATIONPRODUCTIVITYPROTECTION SYSTEMSPUBLIC BUDGETSPUBLIC DEBTPUBLIC DEFICITPUBLIC INTERVENTIONPUBLIC PENSIONPUBLIC PENSION REFORMPUBLIC PILLARPUBLIC SUPPORTRATE OF RETURNRATE OF RETURNSRATES OF RETURNRATES OF RETURNSREAL ASSETRESERVERESERVE FUNDRESERVE FUNDSRETIREMENTRETIREMENT ACCOUNTSRETIREMENT AGERETIREMENT AGESRETIREMENT BENEFITSRETIREMENT INCOMERETIREMENT INCOME PROVISIONSRETIREMENT INCOME SCHEMERETIREMENT INCOME SYSTEMSRETIREMENT PRODUCTSRETIREMENT-INCOMERETIRING WORKERSRISK DIVERSIFICATIONRISK SHARINGRURAL POPULATIONSAFETY NET PROGRAMSSAFETY NETSSAVINGSSCHOOL FEEDINGSELF-EMPLOYMENTSEVERANCE PAYSHORT-TERM LIQUIDITYSOCIAL ASSISTANCESOCIAL BENEFITSSOCIAL FUNDSSOCIAL INSURANCESOCIAL INSURANCE AGENCYSOCIAL INSURANCE SYSTEMSSOCIAL PENSIONSOCIAL PENSIONSSOCIAL POLICYSOCIAL PROTECTIONSOCIAL PROTECTION STRATEGYSOCIAL SAFETY NETSOCIAL SAFETY NETSSOCIAL SECURITYSOCIAL SERVICESOLVENCYSURVIVOR PENSIONSTAXTEMPORARY EMPLOYMENTTRANSACTIONS COSTSTRANSITION ECONOMIESTREATYUNEMPLOYMENTUNEMPLOYMENT BENEFITSUNFUNDED PENSIONSUNIVERSAL BENEFITSVALUATIONVOCATIONAL TRAININGVOLATILITYVULNERABLE INDIVIDUALSWAGESaging populationWorld Bank10.1596/13557