Download or read book Assessing Chile s Pension System Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Download or read book Pensions at a Glance 2009 Retirement Income Systems in OECD Countries written by OECD and published by OECD Publishing. This book was released on 2009-09-01 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This third edition of Pensions at a Glance updates in-depth information on the key features of mandatory pension systems—both public and private—in the 30 OECD countries, including projections of retirement income for today’s workers.
Download or read book Social Security Privatization written by Jan Walliser and published by . This book was released on 1999 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Fund Economics and Finance written by Jacob Bikker and published by Routledge. This book was released on 2017-11-22 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension fund benefits are crucial for pensioners’ welfare and pension fund savings have accumulated to huge amounts, covering a major part of world-wide institutional investments. However, the literature on pension fund economics and finance is rather limited, caused, in part, to limited data availability. This book contributes to this literature and focuses on three important areas. The first is pension fund (in)efficiency, which has a huge impact on final benefits, particularly when annual spoilage accumulates over a lifetime. Scale economies, pension plans complexity and alternative pension saving plans are important issues. The second area is investment behavior and risk-taking. A key question refers to the allocation of investments over high risk/high return and relatively safe assets. Bikker investigates whether pension funds follow the life-cycle hypothesis: more risk and return for pension funds with young participants. Many pension funds are rather limited in size, which may raise the question how financially sophisticated the pension fund decision makers are: rather professionals or closer to unskilled private persons? The third field concerns two regulation issues. How do pension fund respond to shocks such as unexpected investment returns or changes in life expectancy? What are the welfare implications to the beneficiary for different methods of securing pension funding: solvency requirements, a pension guarantee fund, or sponsor support? This groundbreaking book will challenge the way pension fund economics is thought about and practiced.
Download or read book Money in Retirement written by John Daley and published by . This book was released on 2018-11-06 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Population Ageing and Australia s Future written by Hal Kendig and published by ANU Press. This book was released on 2016-10-21 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides evidence from many of Australia’s leading scholars from a range of social science disciplines to support policies that address challenges presented by Australia’s ageing population. It builds on presentations made to the 2014 Symposium of the Academy of the Social Sciences in Australia. The material is in four parts: Perspectives on AgeingPopulation Ageing: Global, regional and Australian perspectivesImproving Health and WellbeingResponses by Government and Families/Individuals ‘The Academy of the Social Sciences in Australia sees this volume as a major contribution to improving our understanding of Australia’s population ageing. Social science research in this area truly underpins our ability as a nation to manage such demographic change, and its consequences for the economy and society. Such knowledge helps ensure that our citizens can live even better lives.’ — Glenn Withers, President, ASSA ‘It is fantastic that Australians are living longer and healthier lives but we need to address these demographic changes.’ — The Hon Joe Hockey MP, 2015 Intergenerational Report
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Download or read book Management and Regulation of Pension Schemes written by Nicholas Morris and published by Routledge. This book was released on 2018-03-19 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Perhaps the greatest long-term challenge facing modern economies is how to pay for the living expenses and care costs of the elderly. Following policy decisions made in Australia in the 1990s, a substantial part of the pension requirements of the next cohort of retirees will be met from savings accumulated during working years. The effective management of these savings is crucial. If they are invested wisely, the assets available to fund pensions and care will grow; if not, available funds may turn out to be insufficient. Unfortunately, there is considerable evidence worldwide that the management of funds attracts rent-seeking behaviour by the financial services industry which erodes much of the potential return. Australia introduced compulsory superannuation contributions for its working population in 1991, leading to a proliferation of funded schemes that are largely run by the private sector. Complexity, and many degrees of separation between fund members and those who manage their funds, have emerged as serious problems. Combined with weak competitive pressures and governance systems, and insufficient legal and regulatory constraints, the result is a system that does not serve its members well. This book provides a detailed evaluation of the Australian experience, highlights the extent to which the financial services industry has extracted rents from Australian pensioners, and how and why this occurred. Based on original empirical research, and examination of industry reviews and relevant literature, the book demonstrates the numerous principal–agent, conflict of interest and rent extraction problems that have emerged in Australia. The book makes suggestions for how these problems can be addressed in Australia, and also provides lessons for other countries wishing to enact pension reform.
Download or read book Ageing in Australia written by Kate O’Loughlin and published by Springer. This book was released on 2016-11-18 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This stimulating volume examines the many faces of Australia’s ageing population, the social and health issues they contend with, and the steps being taken—and many that should be taken—to help ensure a more positive and productive later life. Individual and societal ageing are conceptualized as developmental in nature, socially diverse, and marked by daily life challenges stemming from the country’s economic structures, attitudes, geography, political landscape, and infrastructure. Wide-ranging coverage (e.g., health, inequalities, employment, transportation) assesses options available to older people, and the role of families, employers, service providers, government agencies, and others in promoting or expanding those choices. The book’s double emphasis on challenges in older people’s lives and opportunities for enhancing their quality of life is on clear display as case studies examine policy issues—and propose solutions—in a societal and individual context. Included in the coverage: · Australian developments in ageing: issues and history. · Cultural diversity, health, and ageing. · Indigenous Australians and ageing: responding to diversity in policy and practice. · Enhancing the health and employment participation of older workers. · Housing and the environments of ageing. · Health services and care for older people. The rich examples in Ageing in Australia contain a depth of understanding and evidence for sociologists, gerontologists and psychologists studying ageing, health care professionals providing care to older people, and policy analysts assessing areas for improvement.
Download or read book Social Security and the Stock Market written by Alicia Haydock Munnell and published by W.E. Upjohn Institute. This book was released on 2006 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to explore the use of equities to help solve the Social Securityfinancing problem.
Download or read book The Taxation of Pensions written by Robert Holzmann and published by MIT Press. This book was released on 2018-08-07 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical and policy perspectives on the taxation of pension, viewed in an international context. Policy makers and academic researchers have been preoccupied in recent decades with the design of pension schemes and effective pension system reform. Relatively little attention has been given to the taxation of pensions and, more broadly, the provision of retirement income. In this book, experts from a range of countries explore the interconnection. Their contributions are especially timely, given recent demographic and political developments including population aging that lengthens the time between contribution payment and benefit receipt, the mobility of capital and labor brought about by globalization, and the complexity of pension taxation within and between countries. In shedding light on these issues, the chapters document the various forms of taxation of pension systems; use economic theory to explain both qualitative and quantitative observations; and consider whether the observed interaction of taxation and pensions is efficient. Theoretical overviews are followed by rigorous analyses of pension taxation in specific countries, including Denmark, Sweden, Portugal, Australia, Germany, the United Kingdom, and the United States. Contributors Torben M. Andersen, Spencer Bastani, Hazel Bateman, Sören Blomquist, Axel Börsch-Supan, Jorge Miguel Bravo, Gary Burtless, Rafal Chomik, Helmuth Cremer, Carl Emmerson, Csaba Feher, Bernd Genser, Robert Holzmann, Paul Johnson, Alain Jousten, Christian Keuschnigg, Eric Koepcke, George Kudrna, Jukka Lassila, Luca Micheletto, Pierre Pestieau, John Piggott, Christopher Quinn, Tarmo Valkonen, Alan Woodland
Download or read book Automatic written by William G. Gale and published by Rowman & Littlefield. This book was released on 2011-12-01 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Automatic offers an innovative new way to think about how Americans can save for retirement. Over the past quarter century, America's pension system has shifted away from defined benefit plans and toward defined contribution savings programs such as 401(k)s and IRAs. There is much to be done to improve the defined contribution system. Many workers fail to participate and those who do often contribute too little, invest the funds poorly, and are not adequately prepared to manage funds while in retirement. To resolve these problems, the authors propose that employees should be automatically enrolled into a 401(k) plan when they are hired, with the right to opt out, change the amount that they contribute, or change investment choices if they choose. If the employer does not sponsor a 401(k) or similar retirement plan, they would be enrolled in a payroll deduction Automatic IRA. This vision of a transformed defined contribution system incorporates key positive features of defined benefit plans to improve retirement security. Employess contributions would increase over time, their investments would benefit from professional management and rebalancing, and they would receive lifetime income upon retirement. These automatic features will make the 401(k) and similar plans a more effective tool for retirement saving, and they can be extended to the many workers who do not currently have access to an employer plan. In Automatic, the authors present proposals to implement automatic features in all phases of the 401(k) and in IRAs for workers with no employer plan. They also draw from the experience of countries that have implemented automatic saving structures.
Download or read book Reforming the Greek Pension System written by Mr. Alvar Kangur and published by International Monetary Fund. This book was released on 2021-07-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.
Download or read book The Real Deal written by Sylvester J.. Schieber and published by Yale University Press. This book was released on 1999-01-01 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work puts debates about Social Security reform into historical perspective, considers various reform ideas, and elaborates a proposal to ensure that the system can continue to meet the claims of the retired and the disabled. It sets out a plan to change the way Social Security is financed.
Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Download or read book Towards a National Retirement Incomes Policy written by Chris Foster and published by . This book was released on 1988 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Successful Defined Contribution Investment Design written by Stacy L. Schaus and published by John Wiley & Sons. This book was released on 2017-02-07 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Start-to-finish guidance toward building and implementing a robust DC plan Successful Defined Contribution Investment Design offers a comprehensive guidebook for fiduciaries tasked with structuring and implementing a 401(k) or other defined contribution (DC) pension plan. More than a collection of the usual piecemeal information, this book seeks to offer a complete, contemporary framework for plan design, together with tested methodologies and analytic techniques to help streamline plan monitoring, management and improve participant outcomes. Examples from plan sponsors provide on-the-ground insight while suggestions from DC consultants add expert perspective. Views from ERISA expert counsel provide additional understanding—along with input from academic thought leaders. Finally, investment evaluation and analysis is joined with participant savings and asset allocation data to look prospectively at potential outcomes, and case studies illustrate real-world implementation of objective-aligned asset allocation such as custom target-date strategies. Though the focus is primarily on U.S. plan design, author perspectives from countries including Australia, the United Kingdom and Canada provide relevant and helpful viewpoints for both new and experienced plan fiduciaries. For the vast majority of workers, DC plans have replaced traditional defined benefit pension plans as the primary source of employer-provided retirement income. This book provides comprehensive guidance to help you construct a plan to help workers to retire with confidence. Adopt a framework for DC evaluation and structure Learn new methodologies for investment choice evaluation Use the innovative PIMCO Retirement Income Cost Estimate—or PRICE—to help quantify the amount of money a worker needs to create and stay on track to building a real income stream in retirement Examine methodologies used at major companies in the U.S. and globally DC plans are the most rapidly growing retirement market in the world, yet sources of consolidated structural and analytical guidance are lacking. Successful Defined Contribution Investment Design fills the gap with a comprehensive handbook that covers the bases to help you develop an objective-aligned defined contribution plan.
