This book has three main objectives: (i) discusses the main implications for the functioning of mandatory defined contribution pensions of consumers' inability to make rational choices; (ii) describes how jurisdictions have tried to address these problems through ad hoc policy interventions; and...

In 1995, the government of Uruguay undertook a first pillar-based reform of the pension system, as opposed to the second pillar-based Chilean-style reform. The paper's first section describes Uruguay's pension system prior to reform. It demonstrates quite clearly that the crisis faced by that...

This technical note discusses the civil servant pension system in Brazil over the past two decades. Since 1998 the Brazilian government has been implementing reforms to increase the financial sustainability of its pension schemes - seeking to contain pension deficits without hurting acquired...

This book has three main objectives: (i) discusses the main implications for the functioning of mandatory defined contribution pensions of consumers' inability to make rational choices; (ii) describes how jurisdictions have tried to address these problems through ad hoc policy interventions; and...

In 1995, the government of Uruguay undertook a first pillar-based reform of the pension system, as opposed to the second pillar-based Chilean-style reform. The paper's first section describes Uruguay's pension system prior to reform. It demonstrates quite clearly that the crisis faced by that...