Mongolia Policy Options for Pension Reform

This report was prepared in response to a request by the Mongolian authorities for an evaluation of the Mongolian pension system and policy reform options. The report identifies a number of design weaknesses in the current pension insurance scheme...

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Bibliographic Details
Main Author:	World Bank
Format:	Policy Note
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCRUAL RATE ACTUARIAL MODELING AGING POPULATION ANNUITY ANNUITY FACTOR ANNUITY FACTORS ASSET MANAGERS AVERAGE BENEFIT AVERAGE WAGE GROWTH BANKRUPTCY BENEFIT ADJUSTMENTS BENEFIT FORMULA BENEFIT FORMULAS BENEFIT INDEXATION BENEFIT LEVEL BENEFIT LEVELS CAPITAL MARKETS CASH TRANSFERS COMMODITY COMMODITY PRICE COMPENSATION CONSUMER PRICE INDEX CONSUMER PRICE INFLATION CONTRIBUTION RATE CONTRIBUTION RATES CREDIBILITY CREDIT GROWTH DEBT DEFICITS DEFINED BENEFIT DEFINED BENEFIT SCHEME DEFINED CONTRIBUTION PENSION DEFINED CONTRIBUTIONS DEFINED-BENEFIT SCHEME DEMOGRAPHIC DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPMENT BANK DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISBURSEMENTS DOMESTIC FINANCIAL MARKETS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC VOLATILITY ELDERLY EMPLOYEE EXPENDITURE EXPENDITURES EXPOSURE FEMALE FEMALES FERTILITY FERTILITY RATES FINANCES FINANCIAL INTERMEDIARY FINANCIAL MARKETS FINANCIAL RISKS FISCAL BURDEN FUNDED ACCOUNTS FUTURE OBLIGATIONS FUTURE PENSION GENDER GOVERNMENT SUBSIDY GROSS DOMESTIC PRODUCT GUARANTEED BENEFIT HOME HOUSEHOLD INCOME HOUSEHOLD INCOMES HUMAN DEVELOPMENT INCOME DISTRIBUTION INCOME INEQUALITY INCOME LEVEL INCOME SECURITY INCOME TAX INCOME TAXES INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INEQUALITY INFORMAL ECONOMY INFORMAL SECTOR INSTITUTIONAL CAPACITY INSTITUTIONAL REFORM INSTRUMENT INSURANCE PENSION INSURANCE PRODUCTS INTEREST RATE INTERNATIONAL MARKETS INVESTMENT MANAGEMENT INVESTMENT POLICIES INVESTMENT RETURNS INVESTMENT RISKS LABOR FORCE LABOR MARKET LEGAL FRAMEWORK LEGISLATION LIFE EXPECTANCY LIVING STANDARD MACROECONOMIC POLICIES MANDATORY SCHEME MARKET ECONOMY MARKET VOLATILITY MINIMUM BENEFIT MINIMUM INCOME MONETARY FUND NATIONAL PENSION NATURAL RESOURCE NATURAL RESOURCES NORMAL RETIREMENT AGE NOTIONAL ACCOUNT NOTIONAL ACCOUNTS OLD-AGE INCOME OLD-AGE PENSION OLD-AGE PENSIONS OUTPUT OUTPUTS PAYROLL TAXES PENSION PENSION ADMINISTRATION PENSION ARRANGEMENTS PENSION AT RETIREMENT PENSION BENEFICIARIES PENSION BENEFIT PENSION BENEFITS PENSION COSTS PENSION INCOME PENSION INSURANCE PENSION INSURANCE FUND PENSION INSURANCE SYSTEM PENSION LIABILITIES PENSION POLICIES PENSION PROGRAM PENSION PROVISION PENSION PROVISIONS PENSION REFORM PENSION RESERVE PENSION SAVINGS PENSION SCHEME PENSION SYSTEM PENSION SYSTEM PARAMETERS PENSION SYSTEMS PENSIONERS PENSIONS PERSONAL INCOME PERSONAL PENSION PERSONAL TAX RATE POLITICAL RISKS PORTFOLIO PORTFOLIO INVESTMENT PREGNANCY PRICE GROWTH PRICE INDEXATION PRISONERS RAPID GROWTH RATE OF GROWTH RATE OF RETURN REFORM PROGRAM REGULATORY FRAMEWORK REGULATORY INFRASTRUCTURE REPLACEMENT RATE REPLACEMENT RATES RESERVE FUND RESERVES RETIREE RETIREES RETIREMENT RETIREMENT AGES RETIREMENT BENEFIT RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT INCOMES RETIREMENT SAVINGS SAVINGS SCHEMES SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE BENEFIT SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE CONTRIBUTION SOCIAL INSURANCE CONTRIBUTIONS SOCIAL INSURANCE FUND SOCIAL INSURANCE PROGRAMS SOCIAL INSURANCE SYSTEM SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL WELFARE SUPERVISORY FRAMEWORK SUPPLEMENTARY PENSION SUPPLEMENTARY SCHEME SUSTAINABILITY ANALYSIS TAX TAX BENEFIT TAX RATE TAX TREATMENT TECHNICAL ASSISTANCE TRADE UNIONS TRANSITION ECONOMIES TRANSPARENCY TREASURY TRUST FUND UNEMPLOYMENT INSURANCE UNEMPLOYMENT INSURANCE FUND UNEMPLOYMENT RATES VALUATIONS VOLUNTARY PENSION VOLUNTARY PENSIONS WAGE GROWTH WILL WITHDRAWAL WOMAN WORKER CONTRIBUTION
Online Access:	http://documents.worldbank.org/curated/en/2011/01/16662950/mongolia-policy-options-pension-reform http://hdl.handle.net/10986/19460

Description
Summary:	This report was prepared in response to a request by the Mongolian authorities for an evaluation of the Mongolian pension system and policy reform options. The report identifies a number of design weaknesses in the current pension insurance scheme and needs for reform in response to changes in the Mongolian economy. The summary of this report provides a brief synopsis for key policymakers of the rationale for reform and policy options considered. The main text responds to requests by the Mongolian authorities for the Bank's assessment. It considers the design architecture and parameters of the pension insurance scheme, the design of non- contributory elderly social assistance, pension provisions for herders and the rationale and design options for a pension reserve fund. The appendices provide more detailed analysis for technical staff including current pension insurance parameters; needs and policy options for herders and other informal sector workers; options for establishing a pension reserve fund; and elaboration of the actuarial modeling methodology employed, key assumptions and parameters, and detailed findings. Mongolia's economy, labor market and fiscal position are undergoing rapid changes as a result of growth in the mining sector. These changes present both challenges and opportunities for reform in pension provisions.

Mongolia Policy Options for Pension Reform

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