Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies
All of the former transition economies in Central, Eastern, and Southern Europe (CESE) inherited from the era of central planning traditional defined-benefit pension systems financed on a pay-as-you-go basis. Like many pay-as-you-go public pension...
| Main Authors: | , |
|---|---|
| Format: | Publication |
| Language: | English |
| Published: |
World Bank
2012
|
| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090319032815 http://hdl.handle.net/10986/2610 |
| id |
okr-10986-2610 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCUMULATION PERIOD ANNUAL RATE OF RETURN ANNUITIES ANNUITY ARBITRAGE ASSET MANAGEMENT AVERAGE BENEFITS AVERAGE EARNINGS AVERAGE WAGE BANKS BASIC BENEFIT BASIC PENSION BENEFICIARIES BENEFICIARY BENEFIT ADJUSTMENT BENEFIT FORMULA BENEFIT FORMULAS BENEFIT INDEXATION BENEFIT LEVEL BENEFIT RATE CALCULATIONS CAPITAL ACCUMULATION CAPITAL GAINS CASH PAYMENTS CONSUMER CONSUMER PRICE INDEX CONTRIBUTION CONTRIBUTION PAYMENTS CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORD CONTRIBUTION SCHEME CONTRIBUTION SCHEMES CONTRIBUTION SYSTEM CONTRIBUTIONS COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CURRENCY DEFINED BENEFIT DEFINED-BENEFIT PENSION DEFINED-BENEFIT SCHEME DEFINED-BENEFIT SCHEMES DEMOGRAPHIC DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPMENT FINANCE DISABILITIES DISABILITY DISABILITY BENEFITS DISABILITY INSURANCE DISABILITY PENSION DISABILITY PENSIONS DIVERSIFICATION DIVORCE DOMESTIC MARKET EARNINGS EARNINGS-RELATED PENSION ELDERLY EMPLOYEE EMPLOYER CONTRIBUTIONS FAMILY MEMBER FERTILITY FERTILITY RATES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SUSTAINABILITY FINANCIAL SYSTEMS FISCAL SUSTAINABILITY FOREIGN CURRENCIES FULL-CAREER WORKERS FUND ASSETS FUNDED COMPONENT FUNDED PENSION FUNDED SCHEMES GOVERNMENT POLICY GROSS DOMESTIC PRODUCT GUARANTEED BENEFIT HEALTH CARE HEALTH INSURANCE HEALTH INSURANCE FUND HOUSEHOLD INCOME INCOME GROUPS INCOME LEVEL INCOME REPLACEMENT INCOME TAX INCOME TAX BASE INCOME TAXES INDIVIDUAL ACCOUNTS INDIVIDUAL SAVINGS INFLATION INSURANCE COMPANIES INSURANCE SCHEMES INTERNATIONAL BANK INTERNATIONAL LABOUR ORGANIZATION INVESTING INVESTMENT RETURNS JOINT ANNUITY LABOR FORCE LABOR FORCE PARTICIPATION LEVEL OF PENSION EXPENDITURES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LIFETIME EARNINGS LONG-TERM CARE LOW-INCOME LUMP SUM LUMP-SUM DISTRIBUTIONS MANDATORY PILLARS MARKET CONDITIONS MARKET ECONOMY MIDDLE-INCOME COUNTRIES MINIMUM INCOME MINIMUM OLD-AGE PENSION MINIMUM PENSION MINIMUM PENSIONS MINIMUM PERIOD MINIMUM WAGE MULTIPILLAR PENSION SYSTEMS MULTIPILLAR SYSTEMS MUTUAL FUNDS NOMINAL WAGE NOMINAL WAGES NORMAL RETIREMENT AGE NOTIONAL CAPITAL OLD-AGE PENSIONS OUTPUT PAY-AS-YOU-GO PENSION SYSTEMS PENSION PENSION ARRANGEMENTS PENSION BENEFITS PENSION CONTRIBUTIONS PENSION ENTITLEMENTS PENSION INCOME PENSION POLICY PENSION PROVIDERS PENSION PROVISIONS PENSION REFORM PENSION REFORMS PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEM PARAMETERS PENSION SYSTEMS PENSION TAXATION PENSIONABLE AGE PENSIONERS PENSIONS PERSONAL PENSION PILLAR BENEFITS PRESENT VALUE PRICE INDEX PRICE-INDEXED ANNUITIES PRICE-INDEXED ANNUITY PRIVATE LIFE INSURANCE PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATIZATION PUBLIC PENSION PUBLIC PENSION SCHEME PUBLIC PENSIONS PUBLIC SCHEMES REPLACEMENT RATE REPLACEMENT RATES RESERVE FUND RETIREES RETIREMENT RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT SAVINGS SAVINGS ACCOUNTS SAVINGS PROGRAMS SECURITIES SECURITIES MARKETS SMALL ENTERPRISES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE FUND SOCIAL PENSION SOCIAL PENSIONS SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTIONS STAKEHOLDERS STATE ENTERPRISES STATE PENSION SURVIVOR PENSIONS TAX ADVANTAGES TAX BENEFITS TAX DEDUCTIBLE TAX PROVISIONS TAX PURPOSES TAX RATE TAX REGIMES TAX RELIEF TAXABLE INCOME TRANSITION COUNTRIES UNEMPLOYMENT VOLUNTARY PENSION VOLUNTARY RETIREMENT SAVINGS WAGE WAGE GROWTH WAGES WORKING AGE WORKING LIFE WORTH YEARS OF SERVICE |
| spellingShingle |
ACCUMULATION PERIOD ANNUAL RATE OF RETURN ANNUITIES ANNUITY ARBITRAGE ASSET MANAGEMENT AVERAGE BENEFITS AVERAGE EARNINGS AVERAGE WAGE BANKS BASIC BENEFIT BASIC PENSION BENEFICIARIES BENEFICIARY BENEFIT ADJUSTMENT BENEFIT FORMULA BENEFIT FORMULAS BENEFIT INDEXATION BENEFIT LEVEL BENEFIT RATE CALCULATIONS CAPITAL ACCUMULATION CAPITAL GAINS CASH PAYMENTS CONSUMER CONSUMER PRICE INDEX CONTRIBUTION CONTRIBUTION PAYMENTS CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORD CONTRIBUTION SCHEME CONTRIBUTION SCHEMES CONTRIBUTION SYSTEM CONTRIBUTIONS COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CURRENCY DEFINED BENEFIT DEFINED-BENEFIT PENSION DEFINED-BENEFIT SCHEME DEFINED-BENEFIT SCHEMES DEMOGRAPHIC DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPMENT FINANCE DISABILITIES DISABILITY DISABILITY BENEFITS DISABILITY INSURANCE DISABILITY PENSION DISABILITY PENSIONS DIVERSIFICATION DIVORCE DOMESTIC MARKET EARNINGS EARNINGS-RELATED PENSION ELDERLY EMPLOYEE EMPLOYER CONTRIBUTIONS FAMILY MEMBER FERTILITY FERTILITY RATES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SUSTAINABILITY FINANCIAL SYSTEMS FISCAL SUSTAINABILITY FOREIGN CURRENCIES FULL-CAREER WORKERS FUND ASSETS FUNDED COMPONENT FUNDED PENSION FUNDED SCHEMES GOVERNMENT POLICY GROSS DOMESTIC PRODUCT GUARANTEED BENEFIT HEALTH CARE HEALTH INSURANCE HEALTH INSURANCE FUND HOUSEHOLD INCOME INCOME GROUPS INCOME LEVEL INCOME REPLACEMENT INCOME TAX INCOME TAX BASE INCOME TAXES INDIVIDUAL ACCOUNTS INDIVIDUAL SAVINGS INFLATION INSURANCE COMPANIES INSURANCE SCHEMES INTERNATIONAL BANK INTERNATIONAL LABOUR ORGANIZATION INVESTING INVESTMENT RETURNS JOINT ANNUITY LABOR FORCE LABOR FORCE PARTICIPATION LEVEL OF PENSION EXPENDITURES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LIFETIME EARNINGS LONG-TERM CARE LOW-INCOME LUMP SUM LUMP-SUM DISTRIBUTIONS MANDATORY PILLARS MARKET CONDITIONS MARKET ECONOMY MIDDLE-INCOME COUNTRIES MINIMUM INCOME MINIMUM OLD-AGE PENSION MINIMUM PENSION MINIMUM PENSIONS MINIMUM PERIOD MINIMUM WAGE MULTIPILLAR PENSION SYSTEMS MULTIPILLAR SYSTEMS MUTUAL FUNDS NOMINAL WAGE NOMINAL WAGES NORMAL RETIREMENT AGE NOTIONAL CAPITAL OLD-AGE PENSIONS OUTPUT PAY-AS-YOU-GO PENSION SYSTEMS PENSION PENSION ARRANGEMENTS PENSION BENEFITS PENSION CONTRIBUTIONS PENSION ENTITLEMENTS PENSION INCOME PENSION POLICY PENSION PROVIDERS PENSION PROVISIONS PENSION REFORM PENSION REFORMS PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEM PARAMETERS PENSION SYSTEMS PENSION TAXATION PENSIONABLE AGE PENSIONERS PENSIONS PERSONAL PENSION PILLAR BENEFITS PRESENT VALUE PRICE INDEX PRICE-INDEXED ANNUITIES PRICE-INDEXED ANNUITY PRIVATE LIFE INSURANCE PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATIZATION PUBLIC PENSION PUBLIC PENSION SCHEME PUBLIC PENSIONS PUBLIC SCHEMES REPLACEMENT RATE REPLACEMENT RATES RESERVE FUND RETIREES RETIREMENT RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT SAVINGS SAVINGS ACCOUNTS SAVINGS PROGRAMS SECURITIES SECURITIES MARKETS SMALL ENTERPRISES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE FUND SOCIAL PENSION SOCIAL PENSIONS SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTIONS STAKEHOLDERS STATE ENTERPRISES STATE PENSION SURVIVOR PENSIONS TAX ADVANTAGES TAX BENEFITS TAX DEDUCTIBLE TAX PROVISIONS TAX PURPOSES TAX RATE TAX REGIMES TAX RELIEF TAXABLE INCOME TRANSITION COUNTRIES UNEMPLOYMENT VOLUNTARY PENSION VOLUNTARY RETIREMENT SAVINGS WAGE WAGE GROWTH WAGES WORKING AGE WORKING LIFE WORTH YEARS OF SERVICE Holzmann, Robert Guven, Ufuk Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies |
| geographic_facet |
Europe and Central Asia Eastern Europe Bulgaria Croatia Czech Republic Hungary Poland Romania Slovak Republic Slovenia |
| relation |
Directions in Development ; finance |
| description |
All of the former transition economies
in Central, Eastern, and Southern Europe (CESE) inherited
from the era of central planning traditional defined-benefit
pension systems financed on a pay-as-you-go basis. Like many
pay-as-you-go public pension systems elsewhere in the world,
CESE pension systems were in need of reforms to address
short-term fiscal imbalances and longer-term issues relating
to population aging. Reforms were also needed to adjust
benefit and contribution structures to meet the challenges
of-as well as to take advantage of opportunities relating to
the transition to a market economy, including the widespread
adoption of multiplier designs with improved risk-sharing
across funded and unfunded pillars. By 2006, most countries
in Europe and Central Asia had introduced a voluntary
private pension scheme. By 2008, 14 countries roughly half
of all countries in the region had legislated mandatory
private pension schemes, and all but one of those schemes
(the one in Ukraine) had been introduced. These reforms
shared a number of common objectives, in particular putting
the systems on a sounder financial footing and better
aligning them with the (very different) incentives of a
market economy. This report is organized as follows. The
first section discusses the motivation for reform across the
eight countries included in the study against the backdrop
of the regional (and global) trend toward multiplier pension
arrangements. The second section summarizes the key
provisions of the reformed systems in the eight countries
within the World Bank's five-pillar framework for
pension system design. The third section summarizes pension
system performance against the two crucially important
dimensions of adequacy and sustainability. The last section
provides some policy recommendations for addressing gaps in
reforms and taking advantage of further opportunities. |
| format |
Publications & Research :: Publication |
| author |
Holzmann, Robert Guven, Ufuk |
| author_facet |
Holzmann, Robert Guven, Ufuk |
| author_sort |
Holzmann, Robert |
| title |
Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies |
| title_short |
Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies |
| title_full |
Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies |
| title_fullStr |
Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies |
| title_full_unstemmed |
Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies |
| title_sort |
adequacy of retirement income after pension reforms in central, eastern, and southern europe : eight country studies |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090319032815 http://hdl.handle.net/10986/2610 |
| _version_ |
1764385703480786944 |
| spelling |
okr-10986-26102021-04-23T14:02:03Z Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies Holzmann, Robert Guven, Ufuk ACCUMULATION PERIOD ANNUAL RATE OF RETURN ANNUITIES ANNUITY ARBITRAGE ASSET MANAGEMENT AVERAGE BENEFITS AVERAGE EARNINGS AVERAGE WAGE BANKS BASIC BENEFIT BASIC PENSION BENEFICIARIES BENEFICIARY BENEFIT ADJUSTMENT BENEFIT FORMULA BENEFIT FORMULAS BENEFIT INDEXATION BENEFIT LEVEL BENEFIT RATE CALCULATIONS CAPITAL ACCUMULATION CAPITAL GAINS CASH PAYMENTS CONSUMER CONSUMER PRICE INDEX CONTRIBUTION CONTRIBUTION PAYMENTS CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORD CONTRIBUTION SCHEME CONTRIBUTION SCHEMES CONTRIBUTION SYSTEM CONTRIBUTIONS COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CURRENCY DEFINED BENEFIT DEFINED-BENEFIT PENSION DEFINED-BENEFIT SCHEME DEFINED-BENEFIT SCHEMES DEMOGRAPHIC DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPMENT FINANCE DISABILITIES DISABILITY DISABILITY BENEFITS DISABILITY INSURANCE DISABILITY PENSION DISABILITY PENSIONS DIVERSIFICATION DIVORCE DOMESTIC MARKET EARNINGS EARNINGS-RELATED PENSION ELDERLY EMPLOYEE EMPLOYER CONTRIBUTIONS FAMILY MEMBER FERTILITY FERTILITY RATES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SUSTAINABILITY FINANCIAL SYSTEMS FISCAL SUSTAINABILITY FOREIGN CURRENCIES FULL-CAREER WORKERS FUND ASSETS FUNDED COMPONENT FUNDED PENSION FUNDED SCHEMES GOVERNMENT POLICY GROSS DOMESTIC PRODUCT GUARANTEED BENEFIT HEALTH CARE HEALTH INSURANCE HEALTH INSURANCE FUND HOUSEHOLD INCOME INCOME GROUPS INCOME LEVEL INCOME REPLACEMENT INCOME TAX INCOME TAX BASE INCOME TAXES INDIVIDUAL ACCOUNTS INDIVIDUAL SAVINGS INFLATION INSURANCE COMPANIES INSURANCE SCHEMES INTERNATIONAL BANK INTERNATIONAL LABOUR ORGANIZATION INVESTING INVESTMENT RETURNS JOINT ANNUITY LABOR FORCE LABOR FORCE PARTICIPATION LEVEL OF PENSION EXPENDITURES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LIFETIME EARNINGS LONG-TERM CARE LOW-INCOME LUMP SUM LUMP-SUM DISTRIBUTIONS MANDATORY PILLARS MARKET CONDITIONS MARKET ECONOMY MIDDLE-INCOME COUNTRIES MINIMUM INCOME MINIMUM OLD-AGE PENSION MINIMUM PENSION MINIMUM PENSIONS MINIMUM PERIOD MINIMUM WAGE MULTIPILLAR PENSION SYSTEMS MULTIPILLAR SYSTEMS MUTUAL FUNDS NOMINAL WAGE NOMINAL WAGES NORMAL RETIREMENT AGE NOTIONAL CAPITAL OLD-AGE PENSIONS OUTPUT PAY-AS-YOU-GO PENSION SYSTEMS PENSION PENSION ARRANGEMENTS PENSION BENEFITS PENSION CONTRIBUTIONS PENSION ENTITLEMENTS PENSION INCOME PENSION POLICY PENSION PROVIDERS PENSION PROVISIONS PENSION REFORM PENSION REFORMS PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEM PARAMETERS PENSION SYSTEMS PENSION TAXATION PENSIONABLE AGE PENSIONERS PENSIONS PERSONAL PENSION PILLAR BENEFITS PRESENT VALUE PRICE INDEX PRICE-INDEXED ANNUITIES PRICE-INDEXED ANNUITY PRIVATE LIFE INSURANCE PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATIZATION PUBLIC PENSION PUBLIC PENSION SCHEME PUBLIC PENSIONS PUBLIC SCHEMES REPLACEMENT RATE REPLACEMENT RATES RESERVE FUND RETIREES RETIREMENT RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT SAVINGS SAVINGS ACCOUNTS SAVINGS PROGRAMS SECURITIES SECURITIES MARKETS SMALL ENTERPRISES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL INSURANCE FUND SOCIAL PENSION SOCIAL PENSIONS SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTIONS STAKEHOLDERS STATE ENTERPRISES STATE PENSION SURVIVOR PENSIONS TAX ADVANTAGES TAX BENEFITS TAX DEDUCTIBLE TAX PROVISIONS TAX PURPOSES TAX RATE TAX REGIMES TAX RELIEF TAXABLE INCOME TRANSITION COUNTRIES UNEMPLOYMENT VOLUNTARY PENSION VOLUNTARY RETIREMENT SAVINGS WAGE WAGE GROWTH WAGES WORKING AGE WORKING LIFE WORTH YEARS OF SERVICE All of the former transition economies in Central, Eastern, and Southern Europe (CESE) inherited from the era of central planning traditional defined-benefit pension systems financed on a pay-as-you-go basis. Like many pay-as-you-go public pension systems elsewhere in the world, CESE pension systems were in need of reforms to address short-term fiscal imbalances and longer-term issues relating to population aging. Reforms were also needed to adjust benefit and contribution structures to meet the challenges of-as well as to take advantage of opportunities relating to the transition to a market economy, including the widespread adoption of multiplier designs with improved risk-sharing across funded and unfunded pillars. By 2006, most countries in Europe and Central Asia had introduced a voluntary private pension scheme. By 2008, 14 countries roughly half of all countries in the region had legislated mandatory private pension schemes, and all but one of those schemes (the one in Ukraine) had been introduced. These reforms shared a number of common objectives, in particular putting the systems on a sounder financial footing and better aligning them with the (very different) incentives of a market economy. This report is organized as follows. The first section discusses the motivation for reform across the eight countries included in the study against the backdrop of the regional (and global) trend toward multiplier pension arrangements. The second section summarizes the key provisions of the reformed systems in the eight countries within the World Bank's five-pillar framework for pension system design. The third section summarizes pension system performance against the two crucially important dimensions of adequacy and sustainability. The last section provides some policy recommendations for addressing gaps in reforms and taking advantage of further opportunities. 2012-03-19T10:03:00Z 2012-03-19T10:03:00Z 2009 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20090319032815 978-0-8213-7781-9 http://hdl.handle.net/10986/2610 English Directions in Development ; finance CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication Europe and Central Asia Eastern Europe Bulgaria Croatia Czech Republic Hungary Poland Romania Slovak Republic Slovenia |