Collection : Transferring Contributions to Individual Pension Accounts

Collection : Transferring Contributions to Individual Pension Accounts

Collecting contributions is more complicated in a decentralized pension system, based on individual accounts, than in a public system. Many public plans provide a defined benefit pension based on only a few years' earnings, which limits the ne...

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Bibliographic Details
Main Author: World Bank
Format: Brief
Language:English
Published: Washington, DC 2012
Subjects:
ADMINISTRATIVE COSTS
ADMINISTRATIVE DISCRETION
AUTHORITY
BANKING SYSTEM
CASH-FLOW
CENTRALIZATION
CHECKING
CLEARING HOUSE
CLEARING SYSTEMS
COLLECTION AGENCIES
CONTRIBUTION COLLECTION
CONTRIBUTION RATES
CONTRIBUTION TRANSFERS
CORRUPTION
DECENTRALIZED COLLECTION
ENFORCEMENT POWERS
FINANCIAL INSTITUTION
FUNDED PENSIONS
GOVERNMENT AGENCIES
GROSS WAGES
HUMAN DEVELOPMENT NETWORK
INCOME TAXES
INDIRECT COST
INDIVIDUAL ACCOUNTS
INFLATION
INSTITUTIONAL WEAKNESSES
INSURANCE
INVESTMENT RETURNS
LATIN AMERICAN
LEGISLATION
LEVIES
LIABILITY
PENSION FUND
PENSION FUND MANAGERS
PENSION FUNDS
PENSION REFORM
PENSION REFORMS
PENSION SYSTEM
PENSION SYSTEMS
PENSIONS
PERSONAL INCOME TAXES
POOR GOVERNANCE
PUBLIC AGENCIES
PUBLIC AGENCY
PUBLIC SECTOR
PUBLIC SYSTEM
SOCIAL PROTECTION
SOCIAL SECURITY
SOCIAL SECURITY AGENCY
SUPERVISORY AGENCY
TAX ADMINISTRATION
TAX AUTHORITIES
TAX AUTHORITY
TAX COLLECTION
TAX COMPLIANCE
TAXATION
Online Access:http://documents.worldbank.org/curated/en/2000/01/6244001/collection-transferring-contributions-individual-pension-accounts
http://hdl.handle.net/10986/11442
Description
Summary:Collecting contributions is more complicated in a decentralized pension system, based on individual accounts, than in a public system. Many public plans provide a defined benefit pension based on only a few years' earnings, which limits the need for keeping records of people's earnings and contributions in every year of their working life. And there is usually a choice of pension fund manager with individual accounts. Collection, record-keeping and transferring contributions to individual accounts has often proved problematic. Some reforms have been delayed or abandoned because of collection problems. Using a series of case studies of Latin American and European countries, this briefing highlights policy choices in operating individual accounts systems.

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