Pension Patterns in Sub-Saharan Africa

This report provides an initial stocktaking of the characteristics, environment and performance of public and private pensions and elderly assistance programs in Sub-Saharan Africa. It identifies key challenges and suggests reform options for consi...

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Bibliographic Details
Main Author:	Dorfman, Mark
Format:	Working Paper
Language:	English en_US
Published:	World Bank Group, Washington, DC 2015
Subjects:	CONTINGENT LIABILITIES REPLACEMENT RATES RETIREMENT INCOME SECURITY LABOR INCOME PENSION FUND MANAGEMENT OLD-AGE PENSION DEFINED BENEFIT SCHEME PENSION FUND MANAGERS PENSION RIGHTS ANNUITY FACTOR SOCIAL PENSIONS FAMILY SUPPORT BENEFIT FORMULAS INFLATION RISK DEFINED- CONTRIBUTION PENSION LONGEVITY INSURANCE LABOR FORCE PENSION ENTITLEMENT SOCIAL SAFETY NET AGING POPULATIONS INFLATION RISKS PENSION REFORMS PRIVATE PENSION FUND LIFE EXPECTANCY RETIREMENT AGES PENSION PROVISIONS DEFINED CONTRIBUTION PENSION VOLUNTARY PENSION SCHEMES PENSION PAYMENT PERSONAL PENSION PLANS REPLACEMENT RATE MORAL HAZARD PENSION LAW PENSION CONTRIBUTIONS DEFINED-BENEFIT SCHEME SOCIAL INSURANCE FUND OCCUPATIONAL PENSION PLANS NATIONAL PENSION RETIREMENT PENSION SOCIAL PROTECTION PUBLIC SCHEMES DEPENDENCY RATIOS MANDATORY SCHEME PENSION FUNDS MORTALITY LEGAL FRAMEWORK PENSION INVESTMENT ELDERLY DEFINED BENEFIT ACCRUAL RATE PENSION FUND ASSETS SOCIAL SECURITY SYSTEMS FUNDED SCHEMES ACCOUNTING METHODS OCCUPATIONAL SCHEME PRIVATE PENSIONS BENEFIT LEVEL NATIONAL PENSIONS SOCIAL WELFARE PENSION ADMINISTRATION PENSION AGENCY SOCIAL SECURITY AGENCY RETIREMENT SAVINGS WORKER CONTRIBUTION TAX PURPOSES PENSION SCHEME ANNUITY INVESTMENT RETURN PENSION ASSETS PENSIONERS PENSION DEBT EARNINGS REPLACEMENT EMPLOYEE PENSION BENEFITS MANDATORY SCHEMES PENSION RESERVES PENSION SCHEMES SUPERVISORY AGENCY INSURANCE COMPANIES DEFINED BENEFIT SCHEMES FUNDED SCHEME PENSION ARRANGEMENTS PUBLIC PENSION PENSION PROVISION VOLUNTARY PENSIONS EMPLOYEES CONTRIBUTION BASE INDIVIDUAL ACCOUNTS PENSIONABLE EARNINGS RETIREMENT ACCOUNT INDIVIDUAL BENEFITS RETIREES CONTRIBUTION RECORDS INFORMAL SECTOR RETIREMENT SUPERVISORY AUTHORITY LIFE INSURANCE PENSION SYSTEMS PROVIDENT FUNDS DEFINED- BENEFIT SCHEME PENSION LIABILITIES PORTFOLIO CHOICE AGING POPULATION PENSION CONTRIBUTION WELFARE INDEXED ANNUITY HEALTH PRICE INDEXATION DEFERRED ANNUITY WAGE TAX PENSION SYSTEM SOCIAL SECURITY BENEFITS CONTRIBUTION RATES PENSION SERVICE SOCIAL ASSISTANCE PRIVATE PENSION PENSION LONGEVITY RISK RETIREMENT INCOME SYSTEM WAGE GROWTH SAFETY NETS PENSION POLICIES PENSION ACCOUNTS BENEFIT SCHEMES CIVIL SERVICE PENSIONS RETIREE PROVIDENT FUND PENSION FUND MEMBER RETIREMENT ELIGIBILITY RETIREMENT AGE PENSION REGULATION PENSION PLAN SOCIAL INSURANCE TAX TREATMENTS RETIREMENT PLANNING PENSION REFORM SOCIAL SECURITY SUPPLEMENTAL BENEFIT DEPENDENCY RATIO PENSION SAVINGS PENSIONER CIVIL SERVICE PENSION PENSION INCOME AGE SUPPORT BENEFIT SCHEME OCCUPATIONAL RETIREMENT SOCIAL SAFETY NETS BENEFIT LEVELS TAX ADVANTAGES FORMAL PENSION ANNUITIES RETIREMENT BENEFIT PENSIONS CONTRIBUTION RATE MINIMUM BENEFIT SOCIAL POLICY LIFE EXPECTANCIES LONGEVITY RISKS FUTURE PENSION PENSION REGULATOR SAFETY NET INDIVIDUAL ACCOUNT SOCIAL PENSION SUPERVISORY FRAMEWORK PENSION PROGRAMS FUNDED ACCOUNTS RETIREMENT BENEFITS DEFINED-CONTRIBUTION PENSION BENEFIT FORMULA DEFINED-BENEFIT SCHEMES PENSION ENTITLEMENTS INITIAL REPLACEMENT RATES RETIREMENT FUNDS INVESTMENT RETURNS LONG-TERM PROJECTIONS PUBLIC SYSTEM INVESTMENT MANAGEMENT PENSION BENEFICIARIES PAYROLL TAX OCCUPATIONAL SCHEMES PENSIONABLE AGE PENSION PROVIDER PERSONAL PENSION PENSION BENEFIT SOCIAL CONTRIBUTION OLDER PERSONS PENSION COSTS TAX TREATMENT PENSION EXPENDITURE SOCIAL SECURITY SYSTEM PENSION COVERAGE VOLUNTARY PENSION NORMAL RETIREMENT AGE PENSION FUND FERTILITY RETIREMENT INCOME PENSION PLANS PENSION EXPENDITURES PENSION INVESTMENTS PENSION SPENDING RETIREMENT SYSTEMS PENSION PROGRAM ACCRUAL RATES
Online Access:	http://documents.worldbank.org/curated/en/2015/07/24786040/pension-patterns-sub-saharan-africa http://hdl.handle.net/10986/22339

Description
Summary:	This report provides an initial stocktaking of the characteristics, environment and performance of public and private pensions and elderly assistance programs in Sub-Saharan Africa. It identifies key challenges and suggests reform options for consideration. Considerations for future work and principles for pension policies are also suggested. Two major challenges noted in the report are the need to increase coverage of the labor force by pensions and social insurance schemes, and to increase the proportion of poor elderly covered by social assistance. The report suggests that improving coverage will require a number of parametric reforms to existing contributory schemes, strengthening institutions to serve informal sector workers, and piloting new design options. The report also proposes other parametric reforms, including the harmonization or merger of civil service and national pension schemes. Finally, the report recommends principles to consider for reform, including measures to improve coverage, protect the elderly poor, and better align pension design with needs and enabling conditions, including the needs of rural and informal sector workers.

Pension Patterns in Sub-Saharan Africa

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