Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges
Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain &...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2012/05/16272522/global-pension-systems-reform-worldwide-drivers-trends-challenges http://hdl.handle.net/10986/13557 |
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okr-10986-13557 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
| topic |
ACCOUNTING ACCRUAL RATE ACCUMULATED SAVINGS ADMINISTRATIVE COSTS ADVANCED COUNTRIES ADVANCED ECONOMIES ANNUITIES ANNUITY ANNUITY MARKET ANNUITY MARKETS ASSET CLASSES ASSET MANAGEMENT ASSET PRICES BANK SUPERVISION BANKS BASIS POINTS BENEFIT LEVEL CASH FLOW CASH TRANSFER CASH TRANSFER PROGRAMS CASH TRANSFERS CLEARING HOUSES CONDITIONAL CASH CONSUMPTION SMOOTHING CONTRIBUTION PERIODS CONTRIBUTION RATE CONTRIBUTION RATES CREDIBILITY DEBT DEBT REDUCTION DEFICITS DEFINED BENEFIT DEFINED CONTRIBUTION PENSIONS DEFINED CONTRIBUTIONS DEMOGRAPHIC DEVELOPING COUNTRIES ECONOMIC GROWTH ELDERLY EMERGING ECONOMIES EMPLOYMENT PROJECT ENABLING ENVIRONMENT ENABLING ENVIRONMENTS FERTILITY FERTILITY RATES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL STABILITY FISCAL CONDITIONS FOOD PRICE FUND ASSET FUND ASSETS FUNDED PENSION FUNDED SCHEMES FUNDED SYSTEMS FUTURE PENSION GLOBAL PENSION GLOBALIZATION GOVERNMENT BONDS GROWTH RATE HEALTH CARE HEALTH INSURANCE IMPLICIT PENSION DEBT INCENTIVE STRUCTURE INCOME INCOME GROUPS INCOME SUPPORT INCOME TRANSFERS INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNT SYSTEMS INDIVIDUAL ACCOUNTS INFLATION INFORMAL SECTOR INFORMAL WORKERS INFORMATION ASYMMETRY INSURANCE INSURANCE COMPANIES INSURERS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL LABOUR ORGANIZATION INTERNATIONAL SOCIAL SECURITY LABOR FORCE LABOR FORCE GROWTH LABOR MARKET LABOR MARKETS LEVY LIFE EXPECTANCIES LIFE EXPECTANCY LIQUIDITY LONGEVITY RISK LONGEVITY RISKS MARKET DISTORTIONS MARKET ECONOMIES MOBILE PHONES MONETARY FUND MORTALITY NATURAL DISASTERS OLD AGE OLD AGE CRISIS OLD AGE PENSIONS OLD-AGE INCOME OLDER PEOPLE PENSION COVERAGE PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUNDS PENSION PLAN PENSION PRODUCTS PENSION PROVISION PENSION REFORM PENSION REFORM DESIGN PENSION REFORMS PENSION RESERVE PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEM REFORM PENSION SYSTEMS PILLAR PENSION POOR PORTFOLIO PORTFOLIOS POVERTY REDUCTION PRICE VOLATILITY PRIVATIZATION PRODUCTIVITY PROTECTION SYSTEMS PUBLIC BUDGETS PUBLIC DEBT PUBLIC DEFICIT PUBLIC INTERVENTION PUBLIC PENSION PUBLIC PENSION REFORM PUBLIC PILLAR PUBLIC SUPPORT RATE OF RETURN RATE OF RETURNS RATES OF RETURN RATES OF RETURNS REAL ASSET RESERVE RESERVE FUND RESERVE FUNDS RETIREMENT RETIREMENT ACCOUNTS RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT INCOME PROVISIONS RETIREMENT INCOME SCHEME RETIREMENT INCOME SYSTEMS RETIREMENT PRODUCTS RETIREMENT-INCOME RETIRING WORKERS RISK DIVERSIFICATION RISK SHARING RURAL POPULATION SAFETY NET PROGRAMS SAFETY NETS SAVINGS SCHOOL FEEDING SELF-EMPLOYMENT SEVERANCE PAY SHORT-TERM LIQUIDITY SOCIAL ASSISTANCE SOCIAL BENEFITS SOCIAL FUNDS SOCIAL INSURANCE SOCIAL INSURANCE AGENCY SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL PROTECTION STRATEGY SOCIAL SAFETY NET SOCIAL SAFETY NETS SOCIAL SECURITY SOCIAL SERVICE SOLVENCY SURVIVOR PENSIONS TAX TEMPORARY EMPLOYMENT TRANSACTIONS COSTS TRANSITION ECONOMIES TREATY UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNFUNDED PENSIONS UNIVERSAL BENEFITS VALUATION VOCATIONAL TRAINING VOLATILITY VULNERABLE INDIVIDUALS WAGES aging population |
| spellingShingle |
ACCOUNTING ACCRUAL RATE ACCUMULATED SAVINGS ADMINISTRATIVE COSTS ADVANCED COUNTRIES ADVANCED ECONOMIES ANNUITIES ANNUITY ANNUITY MARKET ANNUITY MARKETS ASSET CLASSES ASSET MANAGEMENT ASSET PRICES BANK SUPERVISION BANKS BASIS POINTS BENEFIT LEVEL CASH FLOW CASH TRANSFER CASH TRANSFER PROGRAMS CASH TRANSFERS CLEARING HOUSES CONDITIONAL CASH CONSUMPTION SMOOTHING CONTRIBUTION PERIODS CONTRIBUTION RATE CONTRIBUTION RATES CREDIBILITY DEBT DEBT REDUCTION DEFICITS DEFINED BENEFIT DEFINED CONTRIBUTION PENSIONS DEFINED CONTRIBUTIONS DEMOGRAPHIC DEVELOPING COUNTRIES ECONOMIC GROWTH ELDERLY EMERGING ECONOMIES EMPLOYMENT PROJECT ENABLING ENVIRONMENT ENABLING ENVIRONMENTS FERTILITY FERTILITY RATES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL STABILITY FISCAL CONDITIONS FOOD PRICE FUND ASSET FUND ASSETS FUNDED PENSION FUNDED SCHEMES FUNDED SYSTEMS FUTURE PENSION GLOBAL PENSION GLOBALIZATION GOVERNMENT BONDS GROWTH RATE HEALTH CARE HEALTH INSURANCE IMPLICIT PENSION DEBT INCENTIVE STRUCTURE INCOME INCOME GROUPS INCOME SUPPORT INCOME TRANSFERS INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNT SYSTEMS INDIVIDUAL ACCOUNTS INFLATION INFORMAL SECTOR INFORMAL WORKERS INFORMATION ASYMMETRY INSURANCE INSURANCE COMPANIES INSURERS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL LABOUR ORGANIZATION INTERNATIONAL SOCIAL SECURITY LABOR FORCE LABOR FORCE GROWTH LABOR MARKET LABOR MARKETS LEVY LIFE EXPECTANCIES LIFE EXPECTANCY LIQUIDITY LONGEVITY RISK LONGEVITY RISKS MARKET DISTORTIONS MARKET ECONOMIES MOBILE PHONES MONETARY FUND MORTALITY NATURAL DISASTERS OLD AGE OLD AGE CRISIS OLD AGE PENSIONS OLD-AGE INCOME OLDER PEOPLE PENSION COVERAGE PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUNDS PENSION PLAN PENSION PRODUCTS PENSION PROVISION PENSION REFORM PENSION REFORM DESIGN PENSION REFORMS PENSION RESERVE PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEM REFORM PENSION SYSTEMS PILLAR PENSION POOR PORTFOLIO PORTFOLIOS POVERTY REDUCTION PRICE VOLATILITY PRIVATIZATION PRODUCTIVITY PROTECTION SYSTEMS PUBLIC BUDGETS PUBLIC DEBT PUBLIC DEFICIT PUBLIC INTERVENTION PUBLIC PENSION PUBLIC PENSION REFORM PUBLIC PILLAR PUBLIC SUPPORT RATE OF RETURN RATE OF RETURNS RATES OF RETURN RATES OF RETURNS REAL ASSET RESERVE RESERVE FUND RESERVE FUNDS RETIREMENT RETIREMENT ACCOUNTS RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT INCOME PROVISIONS RETIREMENT INCOME SCHEME RETIREMENT INCOME SYSTEMS RETIREMENT PRODUCTS RETIREMENT-INCOME RETIRING WORKERS RISK DIVERSIFICATION RISK SHARING RURAL POPULATION SAFETY NET PROGRAMS SAFETY NETS SAVINGS SCHOOL FEEDING SELF-EMPLOYMENT SEVERANCE PAY SHORT-TERM LIQUIDITY SOCIAL ASSISTANCE SOCIAL BENEFITS SOCIAL FUNDS SOCIAL INSURANCE SOCIAL INSURANCE AGENCY SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL PROTECTION STRATEGY SOCIAL SAFETY NET SOCIAL SAFETY NETS SOCIAL SECURITY SOCIAL SERVICE SOLVENCY SURVIVOR PENSIONS TAX TEMPORARY EMPLOYMENT TRANSACTIONS COSTS TRANSITION ECONOMIES TREATY UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNFUNDED PENSIONS UNIVERSAL BENEFITS VALUATION VOCATIONAL TRAINING VOLATILITY VULNERABLE INDIVIDUALS WAGES aging population Holzmann, Robert Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges |
| relation |
Social Protection and Labor Discussion Paper;No. 1213 |
| description |
Across the world, pension systems and
their reforms are in a constant state of flux driven by
shifting objectives, moving reform needs, and a changing
enabling environment. The ongoing worldwide financial crisis
and the adjustment to an uncertain 'new normal'
will make future pension systems different from past ones.
The objectives of this policy review paper are threefold:
(i) to briefly review recent and ongoing key changes that
are triggering reforms; (ii) to outline the main reform
trends across pension pillars; and (iii) to identify a few
areas on which the pension reform community will need to
focus to make a difference. The latter includes: creating
solutions after the marginalization or, perhaps, demise of
Bismarckian systems in countries with high rates of
informality; keeping the elderly in the labor market; and
addressing the uncertainty of longevity increases in pension schemes. |
| format |
Publications & Research :: Working Paper |
| author |
Holzmann, Robert |
| author_facet |
Holzmann, Robert |
| author_sort |
Holzmann, Robert |
| title |
Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges |
| title_short |
Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges |
| title_full |
Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges |
| title_fullStr |
Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges |
| title_full_unstemmed |
Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges |
| title_sort |
global pension systems and their reform : worldwide drivers, trends, and challenges |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/05/16272522/global-pension-systems-reform-worldwide-drivers-trends-challenges http://hdl.handle.net/10986/13557 |
| _version_ |
1764423720863006720 |
| spelling |
okr-10986-135572021-04-23T14:03:08Z Global Pension Systems and Their Reform : Worldwide Drivers, Trends, and Challenges Holzmann, Robert ACCOUNTING ACCRUAL RATE ACCUMULATED SAVINGS ADMINISTRATIVE COSTS ADVANCED COUNTRIES ADVANCED ECONOMIES ANNUITIES ANNUITY ANNUITY MARKET ANNUITY MARKETS ASSET CLASSES ASSET MANAGEMENT ASSET PRICES BANK SUPERVISION BANKS BASIS POINTS BENEFIT LEVEL CASH FLOW CASH TRANSFER CASH TRANSFER PROGRAMS CASH TRANSFERS CLEARING HOUSES CONDITIONAL CASH CONSUMPTION SMOOTHING CONTRIBUTION PERIODS CONTRIBUTION RATE CONTRIBUTION RATES CREDIBILITY DEBT DEBT REDUCTION DEFICITS DEFINED BENEFIT DEFINED CONTRIBUTION PENSIONS DEFINED CONTRIBUTIONS DEMOGRAPHIC DEVELOPING COUNTRIES ECONOMIC GROWTH ELDERLY EMERGING ECONOMIES EMPLOYMENT PROJECT ENABLING ENVIRONMENT ENABLING ENVIRONMENTS FERTILITY FERTILITY RATES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL STABILITY FISCAL CONDITIONS FOOD PRICE FUND ASSET FUND ASSETS FUNDED PENSION FUNDED SCHEMES FUNDED SYSTEMS FUTURE PENSION GLOBAL PENSION GLOBALIZATION GOVERNMENT BONDS GROWTH RATE HEALTH CARE HEALTH INSURANCE IMPLICIT PENSION DEBT INCENTIVE STRUCTURE INCOME INCOME GROUPS INCOME SUPPORT INCOME TRANSFERS INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNT SYSTEMS INDIVIDUAL ACCOUNTS INFLATION INFORMAL SECTOR INFORMAL WORKERS INFORMATION ASYMMETRY INSURANCE INSURANCE COMPANIES INSURERS INTEREST RATE INTERNATIONAL BANK INTERNATIONAL LABOUR ORGANIZATION INTERNATIONAL SOCIAL SECURITY LABOR FORCE LABOR FORCE GROWTH LABOR MARKET LABOR MARKETS LEVY LIFE EXPECTANCIES LIFE EXPECTANCY LIQUIDITY LONGEVITY RISK LONGEVITY RISKS MARKET DISTORTIONS MARKET ECONOMIES MOBILE PHONES MONETARY FUND MORTALITY NATURAL DISASTERS OLD AGE OLD AGE CRISIS OLD AGE PENSIONS OLD-AGE INCOME OLDER PEOPLE PENSION COVERAGE PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUNDS PENSION PLAN PENSION PRODUCTS PENSION PROVISION PENSION REFORM PENSION REFORM DESIGN PENSION REFORMS PENSION RESERVE PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSION SYSTEM REFORM PENSION SYSTEMS PILLAR PENSION POOR PORTFOLIO PORTFOLIOS POVERTY REDUCTION PRICE VOLATILITY PRIVATIZATION PRODUCTIVITY PROTECTION SYSTEMS PUBLIC BUDGETS PUBLIC DEBT PUBLIC DEFICIT PUBLIC INTERVENTION PUBLIC PENSION PUBLIC PENSION REFORM PUBLIC PILLAR PUBLIC SUPPORT RATE OF RETURN RATE OF RETURNS RATES OF RETURN RATES OF RETURNS REAL ASSET RESERVE RESERVE FUND RESERVE FUNDS RETIREMENT RETIREMENT ACCOUNTS RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT INCOME PROVISIONS RETIREMENT INCOME SCHEME RETIREMENT INCOME SYSTEMS RETIREMENT PRODUCTS RETIREMENT-INCOME RETIRING WORKERS RISK DIVERSIFICATION RISK SHARING RURAL POPULATION SAFETY NET PROGRAMS SAFETY NETS SAVINGS SCHOOL FEEDING SELF-EMPLOYMENT SEVERANCE PAY SHORT-TERM LIQUIDITY SOCIAL ASSISTANCE SOCIAL BENEFITS SOCIAL FUNDS SOCIAL INSURANCE SOCIAL INSURANCE AGENCY SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL PROTECTION STRATEGY SOCIAL SAFETY NET SOCIAL SAFETY NETS SOCIAL SECURITY SOCIAL SERVICE SOLVENCY SURVIVOR PENSIONS TAX TEMPORARY EMPLOYMENT TRANSACTIONS COSTS TRANSITION ECONOMIES TREATY UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNFUNDED PENSIONS UNIVERSAL BENEFITS VALUATION VOCATIONAL TRAINING VOLATILITY VULNERABLE INDIVIDUALS WAGES aging population Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain 'new normal' will make future pension systems different from past ones. The objectives of this policy review paper are threefold: (i) to briefly review recent and ongoing key changes that are triggering reforms; (ii) to outline the main reform trends across pension pillars; and (iii) to identify a few areas on which the pension reform community will need to focus to make a difference. The latter includes: creating solutions after the marginalization or, perhaps, demise of Bismarckian systems in countries with high rates of informality; keeping the elderly in the labor market; and addressing the uncertainty of longevity increases in pension schemes. 2013-05-28T17:07:52Z 2013-05-28T17:07:52Z 2012-05 http://documents.worldbank.org/curated/en/2012/05/16272522/global-pension-systems-reform-worldwide-drivers-trends-challenges http://hdl.handle.net/10986/13557 English en_US Social Protection and Labor Discussion Paper;No. 1213 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research |