Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies

Holzmann, Robert ; Guven, Ufuk

World Bank

关键词: ACCUMULATION PERIOD;    ANNUAL RATE OF RETURN;    ANNUITIES;    ANNUITY;    ARBITRAGE;   

DOI  :  10.1596/978-0-8213-7781-9
RP-ID  :  47812

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

All of the former transition economiesin Central, Eastern, and Southern Europe (CESE) inheritedfrom the era of central planning traditional defined-benefitpension systems financed on a pay-as-you-go basis. Like manypay-as-you-go public pension systems elsewhere in the world,CESE pension systems were in need of reforms to addressshort-term fiscal imbalances and longer-term issues relatingto population aging. Reforms were also needed to adjustbenefit and contribution structures to meet the challengesof-as well as to take advantage of opportunities relating tothe transition to a market economy, including the widespreadadoption of multiplier designs with improved risk-sharingacross funded and unfunded pillars. By 2006, most countriesin Europe and Central Asia had introduced a voluntaryprivate pension scheme. By 2008, 14 countries roughly halfof all countries in the region had legislated mandatoryprivate pension schemes, and all but one of those schemes(the one in Ukraine) had been introduced. These reformsshared a number of common objectives, in particular puttingthe systems on a sounder financial footing and betteraligning them with the (very different) incentives of amarket economy. This report is organized as follows. Thefirst section discusses the motivation for reform across theeight countries included in the study against the backdropof the regional (and global) trend toward multiplier pensionarrangements. The second section summarizes the keyprovisions of the reformed systems in the eight countrieswithin the World Bank's five-pillar framework forpension system design. The third section summarizes pensionsystem performance against the two crucially importantdimensions of adequacy and sustainability. The last sectionprovides some policy recommendations for addressing gaps inreforms and taking advantage of further opportunities.