Outcomes and Risk Based Supervision in Pensions : Methodology with a Case Study for Costa Rica
This report illustrates a new methodology to develop an Outcomes and Risk Based Supervision (ORBS) framework for funded pensions with a case study of Costa Rica. The approach was used in a FIRST1 funded project in Costa Rica with the regulator and...
| Main Authors: | , , |
|---|---|
| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/06/26523235/world-outcome-based-assessments-private-pensions-methodology-case-study-costa-rica http://hdl.handle.net/10986/25175 |
| Summary: | This report illustrates a new
methodology to develop an Outcomes and Risk Based
Supervision (ORBS) framework for funded pensions with a case
study of Costa Rica. The approach was used in a FIRST1
funded project in Costa Rica with the regulator and
supervisor of pensions SUPEN. The intention is to highlight
an approach that may be useful in the region, and globally,
to help agencies responsible for private pensions to focus
on the long run outcomes they are seeking to achieve,
identify the risks to these outcomes and implement the most
effective solutions to these risks. This is all done through
a consistent framework that embeds the long run outcomes at
the heart of the process, and so lends itself naturally to
the greater focus on results, and Monitoring and Evaluation
that are central to modern development projects. The focus
on Costa Rica also helps illustrate the approach in a
country that has not typically been used as a case study.
This helps to broaden the range of case studies available
for practitioners and expands the possibilities for
‘South-South’ learning. It also shows how the approach can
be tailored to the specific characteristics of a country.
The report starts with a description of the Costa Rican
pension system. This provides the context for the case
study. It helps to illustrate the variety of defined benefit
and defined contribution pensions that needed to be covered.
It also identifies the wide range of different institutions
involved in delivering good pension outcomes, and hence the
‘eco-system’ in which the supervisor needs to operate
effectively to improve outcomes for the benefits of pension
savers in Costa Rica. |
|---|