Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies

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Title:
Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies
Author: Holzmann, Robert ; Guven, Ufuk
Subjects: ACCUMULATION PERIOD ; ANNUAL RATE OF RETURN ; ANNUITIES ; ANNUITY ; ARBITRAGE ; ASSET MANAGEMENT ; AVERAGE BENEFITS ; AVERAGE EARNINGS ; AVERAGE WAGE ; BANKS ; BASIC BENEFIT ; BASIC PENSION ; BENEFICIARIES ; BENEFICIARY ; BENEFIT ADJUSTMENT ; BENEFIT FORMULA ; BENEFIT FORMULAS ; BENEFIT INDEXATION ; BENEFIT LEVEL ; BENEFIT RATE ; CALCULATIONS ; CAPITAL ACCUMULATION ; CAPITAL GAINS ; CASH PAYMENTS ; Central Europe ; Comparative analysis ; CONSUMER ; CONSUMER PRICE INDEX ; CONTRIBUTION ; CONTRIBUTION PAYMENTS ; CONTRIBUTION RATE ; CONTRIBUTION RATES ; CONTRIBUTION RECORD ; CONTRIBUTION SCHEME ; CONTRIBUTION SCHEMES ; CONTRIBUTION SYSTEM ; CONTRIBUTIONS ; COPYRIGHT CLEARANCE ; COPYRIGHT CLEARANCE CENTER ; Cross-national analysis ; CURRENCY ; DEFINED BENEFIT ; DEFINED-BENEFIT PENSION ; DEFINED-BENEFIT SCHEME ; DEFINED-BENEFIT SCHEMES ; DEMOGRAPHIC ; DEMOGRAPHIC CHANGES ; DEPENDENCY RATIO ; DEPENDENCY RATIOS ; DEVELOPMENT FINANCE ; DISABILITIES ; DISABILITY ; DISABILITY BENEFITS ; DISABILITY INSURANCE ; DISABILITY PENSION ; DISABILITY PENSIONS ; DIVERSIFICATION ; DIVORCE ; DOMESTIC MARKET ; EARNINGS ; EARNINGS-RELATED PENSION ; Eastern Europe ; ELDERLY ; EMPLOYEE ; EMPLOYER CONTRIBUTIONS ; FAMILY MEMBER ; FERTILITY ; FERTILITY RATES ; FINANCIAL CRISIS ; FINANCIAL INSTITUTIONS ; FINANCIAL INSTRUMENTS ; FINANCIAL MARKET ; FINANCIAL MARKET DEVELOPMENT ; FINANCIAL SECTORS ; FINANCIAL SERVICES ; FINANCIAL SUSTAINABILITY ; FINANCIAL SYSTEMS ; FISCAL SUSTAINABILITY ; FOREIGN CURRENCIES ; FULL-CAREER WORKERS ; FUND ASSETS ; FUNDED COMPONENT ; FUNDED PENSION ; FUNDED SCHEMES ; GOVERNMENT POLICY ; GROSS DOMESTIC PRODUCT ; GUARANTEED BENEFIT ; HEALTH CARE ; HEALTH INSURANCE ; HEALTH INSURANCE FUND ; HOUSEHOLD INCOME ; INCOME GROUPS ; INCOME LEVEL ; INCOME REPLACEMENT ; INCOME TAX ; INCOME TAX BASE ; INCOME TAXES ; INDIVIDUAL ACCOUNTS ; INDIVIDUAL SAVINGS ; INFLATION ; INSURANCE COMPANIES ; INSURANCE SCHEMES ; INTERNATIONAL BANK ; INTERNATIONAL LABOUR ORGANIZATION ; INVESTING ; INVESTMENT RETURNS ; JOINT ANNUITY ; LABOR FORCE ; LABOR FORCE PARTICIPATION ; LEVEL OF PENSION EXPENDITURES ; LIFE EXPECTANCY ; LIFE INSURANCE ; LIFE INSURANCE COMPANIES ; LIFETIME ; LIFETIME EARNINGS ; LONG-TERM CARE ; LOW-INCOME ; LUMP SUM ; LUMP-SUM DISTRIBUTIONS ; MANDATORY PILLARS ; MARKET CONDITIONS ; MARKET ECONOMY ; MIDDLE-INCOME COUNTRIES ; MINIMUM INCOME ; MINIMUM OLD-AGE PENSION ; MINIMUM PENSION ; MINIMUM PENSIONS ; MINIMUM PERIOD ; MINIMUM WAGE ; MULTIPILLAR PENSION SYSTEMS ; MULTIPILLAR SYSTEMS ; MUTUAL FUNDS ; NOMINAL WAGE ; NOMINAL WAGES ; NORMAL RETIREMENT AGE ; NOTIONAL CAPITAL ; OLD-AGE PENSIONS ; OUTPUT ; PAY-AS-YOU-GO PENSION SYSTEMS ; PENSION ; PENSION ARRANGEMENTS ; PENSION BENEFITS ; PENSION CONTRIBUTIONS ; PENSION ENTITLEMENTS ; PENSION INCOME ; PENSION POLICY ; PENSION PROVIDERS ; PENSION PROVISIONS ; PENSION REFORM ; PENSION REFORMS ; PENSION SCHEMES ; PENSION SPENDING ; PENSION SYSTEM ; PENSION SYSTEM PARAMETERS ; PENSION SYSTEMS ; PENSION TAXATION ; PENSIONABLE AGE ; PENSIONERS ; PENSIONS ; PERSONAL PENSION ; PILLAR BENEFITS ; PRESENT VALUE ; PRICE INDEX ; PRICE-INDEXED ANNUITIES ; PRICE-INDEXED ANNUITY ; PRIVATE LIFE INSURANCE ; PRIVATE PENSION ; PRIVATE PENSION FUNDS ; PRIVATIZATION ; PUBLIC PENSION ; PUBLIC PENSION SCHEME ; PUBLIC PENSIONS ; PUBLIC SCHEMES ; REPLACEMENT RATE ; REPLACEMENT RATES ; RESERVE FUND ; RETIREES ; RETIREMENT ; RETIREMENT AGES ; RETIREMENT BENEFITS ; RETIREMENT INCOME ; Retirement pensions ; RETIREMENT SAVINGS ; SAVINGS ACCOUNTS ; SAVINGS PROGRAMS ; SECURITIES ; SECURITIES MARKETS ; SMALL ENTERPRISES ; SOCIAL ASSISTANCE ; SOCIAL INSURANCE ; SOCIAL INSURANCE FUND ; SOCIAL PENSION ; SOCIAL PENSIONS ; SOCIAL SECURITY ; SOCIAL SECURITY CONTRIBUTIONS ; STAKEHOLDERS ; STATE ENTERPRISES ; STATE PENSION ; SURVIVOR PENSIONS ; TAX ADVANTAGES ; TAX BENEFITS ; TAX DEDUCTIBLE ; TAX PROVISIONS ; TAX PURPOSES ; TAX RATE ; TAX REGIMES ; TAX RELIEF ; TAXABLE INCOME ; TRANSITION COUNTRIES ; UNEMPLOYMENT ; VOLUNTARY PENSION ; VOLUNTARY RETIREMENT SAVINGS ; WAGE ; WAGE GROWTH ; WAGES ; WORKING AGE ; WORKING LIFE ; WORTH ; YEARS OF SERVICE
Description: All of the former transition economies in Central, Eastern, and Southern Europe (CESE) inherited from the era of central planning traditional defined-benefit pension systems financed on a pay-as-you-go basis. Like many pay-as-you-go public pension systems elsewhere in the world, CESE pension systems were in need of reforms to address short-term fiscal imbalances and longer-term issues relating to population aging. Reforms were also needed to adjust benefit and contribution structures to meet the challenges of-as well as to take advantage of opportunities relating to the transition to a market economy, including the widespread adoption of multiplier designs with improved risk-sharing across funded and unfunded pillars. By 2006, most countries in Europe and Central Asia had introduced a voluntary private pension scheme. By 2008, 14 countries roughly half of all countries in the region had legislated mandatory private pension schemes, and all but one of those schemes (the one in Ukraine) had been introduced. These reforms shared a number of common objectives, in particular putting the systems on a sounder financial footing and better aligning them with the (very different) incentives of a market economy. This report is organized as follows. The first section discusses the motivation for reform across the eight countries included in the study against the backdrop of the regional (and global) trend toward multiplier pension arrangements. The second section summarizes the key provisions of the reformed systems in the eight countries within the World Bank's five-pillar framework for pension system design. The third section summarizes pension system performance against the two crucially important dimensions of adequacy and sustainability. The last section provides some policy recommendations for addressing gaps in reforms and taking advantage of further opportunities.
Related Titles: Directions in Development
Publisher: World Bank
Creation Date: 2009
Language: English
Identifier: ISBN: 9780821377819
ISBN: 0821377817
DOI: 10.1596/978-0-8213-7781-9
Source: Open Knowledge Repository
Ebook Central Academic Complete


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Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies

CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank ;ISBN: 9780821377819 ;ISBN: 0821377817 ;DOI: 10.1596/978-0-8213-7781-9

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