Pension Funds with Automatic Enrollment Schemes : Lessons for Emerging Economies

Rudolph, Heinz P.

World Bank, Washington, DC

关键词: PENSION FUNDS;    AUTOMATIC ENROLLMENT;    CONTRIBUTORY PENSIONS;    EMERGING MARKET ECONOMIES;    PENSION REFORM;   

DOI  :  10.1596/1813-9450-8726
RP-ID  :  WPS8726

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Since the introduction of the KiwiSaverscheme in New Zealand in 2006, several countries haveimplemented, or are in the process of implementing,voluntary funded pension systems with automatic enrollmentfeatures. Since most of the literature has focused oncountries with the common law tradition, including theUnited Kingdom and the United States, this note analyzescases of countries with the civil code tradition, includingTurkey, Poland, the Russian Federation, Chile, Brazil, andthe Province of Quebec in Canada. This sample includesmostly emerging economies, with reforms at different stages,from those that have already been completed to those thatare about to start discussions in their parliaments.Although they are not a substitute for necessary parametricreforms, automatic enrollment schemes offer the possibilityof improvements in future retirement income for asignificant part of the labor force. This note stresses thatthe paternalistic approach of automatic enrollment schemesimposes a great degree of responsibility on governments andrequires careful consideration of the design of the system,including the industrial organization of the pension fundindustry and default investment strategies. Sufficient timeand resources for preparing communication and educationalcampaigns has played a key role in achieving high rates of participation.