NDC : The Generic Old-Age Pension Scheme

NDC : The Generic Old-Age Pension Scheme

This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs...

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Bibliographic Details
Main Authors: Góra, Marek, Palmer, Edward
Format: Working Paper
Language:English
Published: World Bank, Washington, DC 2019
Subjects:
PENSION REFORM
UNIVERSAL PUBLIC PENSION SCHEME
DEFINED CONTRIBUTION
DEFINED BENEFIT
NONFINANCIAL DEFINED CONTRIBUTIONS
TRANSPARENCY
Online Access:http://documents.worldbank.org/curated/en/440441556879507688/NDC-The-Generic-Old-Age-Pension-Scheme
http://hdl.handle.net/10986/31631
id okr-10986-31631
recordtype oai_dc
spelling okr-10986-316312021-05-25T09:23:29Z NDC : The Generic Old-Age Pension Scheme Góra, Marek Palmer, Edward PENSION REFORM UNIVERSAL PUBLIC PENSION SCHEME DEFINED CONTRIBUTION DEFINED BENEFIT NONFINANCIAL DEFINED CONTRIBUTIONS TRANSPARENCY This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs designated as either defined contribution (DC) or defined benefit (DB), and financial or nonfinancial. With individual DC accounts, the ball is in the individual’s court. The transparent link between contributions and retirement income is the enabler of efficiency that through marginal decisions to choose formal work over informal work or leisure and to postpone retirement marginally toward the end of the working life, supports affordability and sustainability for a chosen level of adequacy. Hence, UPPS-DC designs are found superior to UPPS-DB designs. 2019-05-06T21:15:35Z 2019-05-06T21:15:35Z 2019-04 Working Paper http://documents.worldbank.org/curated/en/440441556879507688/NDC-The-Generic-Old-Age-Pension-Scheme http://hdl.handle.net/10986/31631 English Social Protection and Jobs Discussion Paper,no. 1907; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic PENSION REFORM
UNIVERSAL PUBLIC PENSION SCHEME
DEFINED CONTRIBUTION
DEFINED BENEFIT
NONFINANCIAL DEFINED CONTRIBUTIONS
TRANSPARENCY
spellingShingle PENSION REFORM
UNIVERSAL PUBLIC PENSION SCHEME
DEFINED CONTRIBUTION
DEFINED BENEFIT
NONFINANCIAL DEFINED CONTRIBUTIONS
TRANSPARENCY
Góra, Marek
Palmer, Edward
NDC : The Generic Old-Age Pension Scheme
relation Social Protection and Jobs Discussion Paper,no. 1907;
description This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs designated as either defined contribution (DC) or defined benefit (DB), and financial or nonfinancial. With individual DC accounts, the ball is in the individual’s court. The transparent link between contributions and retirement income is the enabler of efficiency that through marginal decisions to choose formal work over informal work or leisure and to postpone retirement marginally toward the end of the working life, supports affordability and sustainability for a chosen level of adequacy. Hence, UPPS-DC designs are found superior to UPPS-DB designs.
format Working Paper
author Góra, Marek
Palmer, Edward
author_facet Góra, Marek
Palmer, Edward
author_sort Góra, Marek
title NDC : The Generic Old-Age Pension Scheme
title_short NDC : The Generic Old-Age Pension Scheme
title_full NDC : The Generic Old-Age Pension Scheme
title_fullStr NDC : The Generic Old-Age Pension Scheme
title_full_unstemmed NDC : The Generic Old-Age Pension Scheme
title_sort ndc : the generic old-age pension scheme
publisher World Bank, Washington, DC
publishDate 2019
url http://documents.worldbank.org/curated/en/440441556879507688/NDC-The-Generic-Old-Age-Pension-Scheme
http://hdl.handle.net/10986/31631
_version_ 1764474772020789248

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