Vittas, DimitriRudolph, HeinzPollner, John2012-03-192012-03-192010-04-01https://hdl.handle.net/10986/3763Over the past decade or so, most Central and Eastern European countries have reformed their pension systems, significantly downsizing their public pillars and creating private pillars based on capitalization accounts. Early policy attention was focused on the accumulation phase but several countries are now reaching the stage where they need to address the design of the payout phase. This paper reviews the complex policy issues that will confront policymakers in this effort and summarizes recent plans and developments in four countries (Poland, Hungary, Estonia, and Lithuania). The paper concludes by highlighting a number of options that merit detailed consideration.CC BY 3.0 IGOACCOUNTINGACCUMULATED SAVINGSACTIVE MARKETADVERSE SELECTIONANNUITY MARKETANNUITY MARKETSANNUITY PAYMENTANNUITY PAYMENTSANNUITY PROVIDERSASSET MANAGEMENTASSET MANAGERSASSET PRICESAUCTIONAUCTION MECHANISMBANKRUPTCYBANKRUPTCY RISKBENEFICIARIESBENEFICIARYBENEFIT LEVELSBENEFIT PAYMENTBENEFIT PAYMENTSBEQUESTBEQUESTSBINDING CONSTRAINTBONDSBROKERBROKERSCAPITAL ADEQUACYCAPITAL LOSSCAPITAL REQUIREMENTSCAPITALIZATIONCOMPANY PENSIONSCOMPETITIVE BIDDINGCOMPETITIVE MARKETCOMPETITIVE MARKETSCONFLICTS OF INTERESTCONTRIBUTION RATESCORPORATE BONDCOUPONCURRENCYCURRENCY DEPRECIATIONCUSTODYDEBT INSTRUMENTSDEFERMENT PERIODDEFERRED ANNUITIESDEFERRED ANNUITYDEPOSITDEPOSIT INSURANCEDEVALUATIONSDISABILITY PENSIONSDISCOUNT RATESDOMESTIC CURRENCYEQUITIESEQUITY MARKETSEQUITY RETURNSEXPENDITURESEXTERNAL ASSETFAIR VALUATIONFAIR VALUEFAIR VALUESFINANCESFINANCIAL CRISISFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL SECTOR DEVELOPMENTFINANCIAL SYSTEMSFIXED ANNUITIESFIXED ANNUITYFIXED INCOMEFIXED INCOME SECURITIESFRAUDFUNDED COMPONENTSFUNDED PENSIONFUNDED SCHEMESGOVERNMENT BONDSGOVERNMENT GUARANTEEGOVERNMENT GUARANTEESGUARANTEED BENEFITSGUARANTEED PERIODGUARANTEED PERIODSGUARANTEED RATESGUARANTEED RETURNINDIVIDUAL ACCOUNTSINFLATIONINFLATION RATEINFLATION RISKINFLATION RISKSINSURANCE COMPANIESINSURANCE MARKETINSURANCE MARKETSINTEREST RATEINTERNATIONAL BANKINVESTINGINVESTMENT FUNDSINVESTMENT INCOMEINVESTMENT PERFORMANCEINVESTMENT POLICIESINVESTMENT PORTFOLIOINVESTMENT RETURNSINVESTMENT RISKINVESTMENT RISKSJOINT ANNUITIESJOINT-STOCK COMPANIESLABOR FORCELABOR FORCE PARTICIPATIONLEVEL OF RISKLIABILITYLIABILITY MANAGEMENTLIFE ANNUITIESLIFE ANNUITYLIFE EXPECTANCIESLIFE EXPECTANCYLIFE INSURANCELIFE INSURANCE COMPANIESLIQUID ASSETSLIQUID MARKETSLIQUIDITYLIQUIDITY PREMIUMLIQUIDITY RISKLIQUIDITY RISKSLOCAL CURRENCYLONG-TERM ASSETSLONG-TERM DEBTLONG-TERM INTERESTLONG-TERM INTEREST RATESLONGEVITY INSURANCELONGEVITY RISKLONGEVITY RISKSLUMP SUM DISTRIBUTIONSLUMP SUM WITHDRAWALSMANDATORY SAVINGMARKET CONDITIONSMARKET DESIGNMARKET DISCIPLINEMARKET DISTORTIONSMARKET FRAGMENTATIONMARKET PRICESMARKET SHAREMARKET STRUCTUREMARKET STRUCTURESMARKET VALUESMATURITYMORAL HAZARDMORTALITYMORTALITY TABLESMORTGAGEMORTGAGE BONDSMUTUAL FUNDSNOMINAL YIELDSPENSIONPENSION ACCOUNTSPENSION FUNDSPENSION PAYMENTPENSION PLANSPENSION REFORMSPENSION SCHEMESPENSION SYSTEMPENSION SYSTEMSPENSIONERSPENSIONSPILLAR BENEFITSPORTFOLIOSPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE PILLARPRIVATE PILLARSPROFIT MARGINSPRUDENTIAL REGULATIONPUBLIC PENSIONSPUBLIC PILLARPUBLIC PILLARSPURCHASING POWERQUOTATION SYSTEMQUOTATION SYSTEMSRATE OF RETURNRATES OF INTERESTRATES OF RETURNREGULAR PAYMENTSREGULATORY AUTHORITIESREGULATORY FRAMEWORKREPLACEMENT RATERESERVERESERVE REQUIREMENTSRESERVESRETIREERETIREESRETIREMENTRETIREMENT ACCOUNTSRETIREMENT AGESRETIREMENT BENEFITSRETIREMENT INCOMERETIREMENT INCOMESRETIREMENT PRODUCTRETIREMENT PRODUCTSRETIREMENT SAVINGSRETIRING WORKERRETIRING WORKERSRETURNSRETURNS ON EQUITIESRISK CAPITALRISK EXPOSURERISK MANAGEMENTRISK POOLINGRISK PROFILESSAFETY NETSECURITIESSHAREHOLDERSSHORT-TERM DEBTSINGLE LIFE ANNUITIESSOCIAL SECURITYSOLVENCYSOLVENCY REQUIREMENTSSUPERVISORY FRAMEWORKSWAPTAXTAX ADVANTAGESTAX INCENTIVESTAX TREATMENTTRADINGTRANSPARENCYVALUATIONVALUATIONSVARIABLE ANNUITIESVARIABLE ANNUITYVOLUNTARY ANNUITY MARKETSWITHDRAWALYIELD CURVEYIELD CURVESWorld Bank10.1596/1813-9450-5276