Kąsek, LeszekLaursen, ThomasSkrok, Emilia2012-05-242012-05-242008978-0-8213-7369-9https://hdl.handle.net/10986/6358This report concerns recent pension reforms in Europe. Over the last decade, pension reform has been a major issue on the political agenda across Europe. All European countries are profoundly affected by aging populations resulting from lower fertility and increased life expectancy. In order to make pension systems more sustainable in light of prospective demographic developments, and in some cases to address current financing problems, EU10+1countries have been reforming their pension systems since the mid-1990s. The reforms have combined measures to delay retirement, link benefits more closely to contributions, and diversify risk. Three major forces drive the ageing process: increasing life expectancy, low fertility rates, and finally the baby-boom generation reaching retirement age. All these factors, even in countries where the system is currently fiscally balanced, will produce a major financial challenge for pension systems over the coming decades when the number of pensioners will rapidly increase and the size of the working-age population diminish. This report conclude that some countries (in particular, the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, and others face ongoing and future challenges in ensuring equitable pension systems and adequate living standards for all elderly people.en-USCC BY 3.0 IGOACCRUAL RATESADMINISTRATIVE CHARGESAGING POPULATIONSANNUITYASSET ALLOCATIONASSET ALLOCATIONSASSET MANAGEMENTASSET VALUEAVERAGE BENEFITAVERAGE BENEFITSAVERAGE EARNINGSAVERAGE PENSIONAVERAGE WAGEBASIC PENSIONBASIC PENSIONSBENEFIT FORMULABENEFIT FORMULASBENEFIT LEVELSBENEFIT RATESBONDSBOOM GENERATIONBORROWINGCALCULATIONSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCONSUMERCONTRIBUTIONCONTRIBUTION BASECONTRIBUTION BASESCONTRIBUTION PERIODSCONTRIBUTION RATECONTRIBUTION RATESCONTRIBUTIONSCOPYRIGHT CLEARANCECOPYRIGHT CLEARANCE CENTERCURRENT PENSIONCURRENT PENSIONERSDEBTDEBT SECURITIESDEFINED BENEFITDEMOGRAPHICDEMOGRAPHIC CHANGESDEPENDENCY RATIODEPENDENCY RATIOSDEPOSITSDISABILITYDISABILITY INSURANCEDISABILITY PENSIONSDIVERSIFICATIONDOMESTIC ECONOMIESEARLY RETIREMENTEARLY RETIREMENT PRIVILEGESEARNINGSEARNINGS HISTORYEARNINGS INDEXATIONEARNINGS MEASURESECONOMIC MANAGEMENTELDERLYEMPLOYEEENVIRONMENTAL BENEFITSEQUITIESFERTILITYFERTILITY RATESFINANCESFINANCIAL BENEFITSFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL SITUATIONFISCAL CONSOLIDATIONFOREIGN INVESTMENTFUND ASSETSFUND MANAGERSFUND PERFORMANCEFUNDED ACCOUNTGOVERNMENT BONDSGOVERNMENT SECURITIESGROWTH RATEGROWTH RATESHEALTH INSURANCEHEALTH INSURANCE FUNDINCOMEINCOME LEVELINCOME LEVELSINCOME SOURCEINCOMESINDIVIDUAL ACCOUNTINDIVIDUAL SAVINGSINFLATIONINFLATION INDEXATIONINFLATION RATEINFORMAL SECTORINFORMATION ON PENSIONINSURANCE COMPANYINSURANCE SCHEMEINTEREST RATEINTERNATIONAL BANKINVESTMENT OPPORTUNITIESINVESTMENT PORTFOLIOINVESTMENT RATESINVESTMENT RISKLABOR FORCELABOR FORCE PARTICIPATIONLABOR MARKETLIFE EXPECTANCIESLIFE EXPECTANCYLIFETIMELIVING STANDARDSMARKET PARTICIPANTSMARKET RISKMINIMUM CONTRIBUTIONMINIMUM PENSIONMINIMUM PERIODMINIMUM WAGEMORTALITYNATIONAL ECONOMYNATURAL RESOURCESNET ASSETNORMAL RETIREMENT AGENORMAL RETIREMENT AGESOCCUPATIONAL PENSIONOLD-AGE PENSIONOLD-AGE PENSIONERSOLD-AGE PENSIONSOLDER WORKERSPENSIONPENSION AGEPENSION BENEFITPENSION COMPANIESPENSION CONTRIBUTIONPENSION CONTRIBUTIONSPENSION ENTITLEMENTPENSION ENTITLEMENTSPENSION EXPENDITUREPENSION EXPENDITURESPENSION FUNDPENSION FUND ASSETSPENSION INSURANCEPENSION LAWPENSION PLANSPENSION PROVISIONPENSION REFORMPENSION REFORMSPENSION SAVINGSPENSION SCHEMEPENSION SCHEMESPENSION SECURITYPENSION SPENDINGPENSION SYSTEMPENSION SYSTEM REFORMSPENSION SYSTEMSPENSIONABLE AGEPENSIONSPOLITICAL RISKPOPULATION AGEINGPORTFOLIO MANAGERSPRESENT VALUEPRIVATE EQUITIESPRIVATE PENSIONPRIVATE PENSION FUNDPRIVATE PENSION FUNDSPRIVATE SAVINGSPRIVATIZATIONPROBABILITYPRODUCTIVITYPUBLIC DEBTPUBLIC FINANCEPUBLIC FINANCESPUBLIC PENSIONPUBLIC PENSIONSPUBLIC SYSTEMRAPID ECONOMIC GROWTHRATE OF RETURNRATES OF RETURNRATES OF RETURNSREPLACEMENT RATEREPLACEMENT RATESRETIREDRETIREESRETIREMENTRETIREMENT AGERETIREMENT AGESRETIREMENT BENEFITSRETIREMENT ELIGIBILITYRETIREMENT PENSIONSRETIREMENT-INCOMERISK DIVERSIFICATIONSALARYSECOND PENSIONSECURITIESSHARE OF EARNINGSSOCIAL CONTRIBUTIONSOCIAL CONTRIBUTIONSSOCIAL INSURANCESOCIAL INSURANCE AGENCIESSOCIAL INSURANCE FUNDSOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY CONTRIBUTIONSSTATE PENSIONSUPPLEMENTARY PENSIONTAXTAXABLE INCOMETRADE UNIONSTRANSACTIONTRANSACTION COSTSTYPE OF WORKUNEMPLOYEDUNEMPLOYMENTUNEMPLOYMENT RATEUNEMPLOYMENT RATESVALUABLEVALUE OF MONEYWAGE GROWTHWAGESWITHDRAWALWORKING AGEWORKING AGE POPULATIONWORKING PENSIONERSYEARS OF SERVICEYOUNGER PEOPLEYOUNGER WORKERSWorld Bank10.1596/978-0-8213-7369-9