World BankInternational Monetary Fund2014-08-142014-08-142014-02https://hdl.handle.net/10986/19293This note sets out options to develop private pensions in Albania. It has been requested by the authorities to help create a more diversified pension system that can deliver improved outcomes for Albania in decades to come. A diversified pension system mixes state and private pensions as well as other sources of retirement income. The analysis, diagnosis, and recommendations use an outcome-based assessment framework. This technical note looks at how the pension system performs relative to 5 key outcomes: efficiency, sustainability, coverage, adequacy, and security. These outcomes depend on the political and economic environment in which a pension system operates, and its overall design including regulatory framework, market structure and conduct, and supervisory approach.en-USCC BY 3.0 IGOACCESS TO CREDITACCOUNT HOLDERACCOUNT MANAGEMENTADMINISTRATIVE RECORDSAFFORDABILITYAGRICULTURAL SECTORANNUITY MARKETASSET CLASSESASSET MANAGERSAUCTIONBANK ACCOUNTBANK ACCOUNTSBANK DEPOSITSBANKING SUPERVISIONBASIC PENSIONBENEFIT FORMULASBEQUESTSBONDSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCOLLECTIVE INVESTMENTCOMPANY LAWCOMPANY PENSIONCONTRIBUTION COLLECTIONCONTRIBUTION RATESCONVERSIONSCOST REDUCTIONCOST STRUCTURECUSTOMER ACQUISITIONCUSTOMER BASEDEPENDENCY RATIOSDISABILITYDISABILITY PENSIONDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC ECONOMYEARNINGSECONOMIC COOPERATIONECONOMIES OF SCALEEMPLOYEEEMPLOYEREMPLOYERSENROLLMENTENROLLMENTSEQUITIESEQUITY MARKETSEUEU DIRECTIVESEXCESS RETURNEXCHANGE RATEEXPENDITUREEXTREME POVERTYFEE INCOMEFINANCE CORPORATIONFINANCIAL ACCOUNTFINANCIAL ADVANTAGEFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL PRODUCTFINANCIAL REGULATORSFINANCIAL SECTORFINANCIAL SECTOR ASSESSMENTFINANCIAL SECURITYFINANCIAL SERVICESFINANCIAL SYSTEMFINANCIAL SYSTEM STABILITYFUND MANAGEMENTFUTURE PENSIONGENDERGENDER EQUALITYGENDER GAPGENDER INEQUALITYGLOBAL INVESTMENTGOVERNMENT BONDSHOMEHOME COUNTRYHOME OWNERSHIPHOMEOWNERSHIPHUMAN DEVELOPMENTIDSILLIQUIDITYINCOMESINFLATIONINFORMAL SECTORSINSURANCEINTERNATIONAL BANKINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL STATISTICSINTERNATIONAL INVESTMENTINTERNATIONAL INVESTMENTSINTERNATIONAL STANDARDSINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT MANAGEMENTINVESTMENT OPPORTUNITIESINVESTMENT RETURNSINVESTMENT RISKINVESTMENT STRATEGIESINVESTMENT STRATEGYJOINT ANNUITIESJOINT ANNUITYJUDGEKEY CHALLENGESLABOR MARKETLABOR MARKETSLAWSLEGAL ENVIRONMENTLEGISLATIONLEGISLATIVE FRAMEWORKLEVEL OF ASSETSLIFE ANNUITIESLIFE ANNUITYLIFE EXPECTANCYLOANLOCAL CAPITAL MARKETMANDATORY SAVINGMARKET STRUCTUREMARKET TRENDSMICROENTERPRISESMINIMUM WAGEMORTALITYMORTALITY TABLESMORTGAGEOCCUPATIONAL RETIREMENTOUTSOURCINGPAY AS YOU GOPAYMENT SYSTEMSPENSIONPENSION ASSETSPENSION CONTRIBUTIONSPENSION COVERAGEPENSION FUNDPENSION FUND MANAGEMENTPENSION FUNDSPENSION INCOMEPENSION LAWPENSION PLANPENSION PLANSPENSION POLICYPENSION PRODUCTSPENSION PROVISIONPENSION REFORMPENSION REFORM PROCESSPENSION REFORMSPENSION SAVINGPENSION SECTORSPENSION SYSTEMPENSION SYSTEMSPENSIONERSPENSIONSPOOLS OF SAVINGSPOTENTIAL INVESTMENTPRIVATE INVESTMENTPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE PENSIONSPRIVATE SAVINGSPRIVATE SECTOR DEVELOPMENTPROPERTY MARKETSPROVIDENT FUNDSPUBLIC SYSTEMPUBLIC SYSTEMSPUBLIC-PRIVATE PARTNERSHIPSRATE OF RETURNREGULATORSREGULATORY FRAMEWORKRENEWABLE ENERGYREPLACEMENT RATEREPLACEMENT RATESRETIREMENTRETIREMENT AGERETIREMENT AGESRETIREMENT DATERETIREMENT INCOMERETIREMENT INCOME SYSTEMRETURNRETURNSSCANDALSECURITIESSMALL COUNTRYSMALL ENTERPRISESSOCIAL INSURANCESOCIAL POLICYSOCIAL PROTECTIONSOCIAL SECURITYSOURCES OF FINANCESTART-UPSTART-UP COSTSSUPERVISORY AUTHORITYTAXTAX BENEFITTAX BENEFITSTAX BURDENTAX EXEMPTIONSTAX INCENTIVESTAX RELIEFTECHNICAL ASSISTANCETERM DEPOSITTRACK RECORDTRANSFERABLE SECURITIESTRUSTEETRUSTEESUNEMPLOYMENTUNIONVOLUNTARY PENSIONVOLUNTARY PENSION FUNDSVOLUNTARY PENSIONSWILLWITHDRAWAL10.1596/19293