The regulation and supervision of pension funds is a critical part of building public confidence in a funded-pension system. This report argues that confidence is best bolstered by an independent, autonomous, and transparent supervision agency, particularly when previous systems have failed. The...

This report summarizes key aspects of unemployment benefit schemes across the world and presents information on their characteristics in a cross-country comparative context. Unemployment benefit schemes can be of insurance type (paid from employer/worker contributions to provide insurance...

This report reviews defined contribution pension return guarantees typically made by governments in connection with pension privatizations. Finance theory related to the pricing of options provides a unifying framework for evaluating the cost of these guarantees. The report considers two types...

In the context of a serious financial, and legal crisis, Argentina reformed its pension system in 1994, when a multi-pillar model with a funded scheme was introduced, and first pillar parameters, as minimum age and vesting requirements were tightened. The new system has a significant first...

This report provides a set of preliminary hypotheses and exploratory econometric testing to explain low rates of participation in reformed social security systems, with special emphasis on two Latin American countries. The hypotheses claim that the working poor and self-employed continue to have...

This paper explores the appropriate development of policy towards mandatory, retirement income streams within this broad framework, paying particular attention to the economic environments relevant to developing economies. After a review of existing practices, numerical simulation techniques are...

This paper considers alternatives to disperse the accumulated pension rights during the liquidation phase or retirement. First, the paper classifies the risks that affect pensioners, discusses the defined benefit and defined contribution options, and classifies pension contracts according to...

Fiscal problems are prompting many developing nations to amend and sometimes restructure their national old-age programs. As they do, these countries seek guidance on how to design market and regulatory structures to enhance their chances of success. This paper investigates the types of risks...

The main objective of this paper is to review the regulatory framework for pension funds, and examine whether there is scope for improvements in pension regulation, particularly in light of regulatory and supervisory developments in the banking industry. The report is structured as follows: The...

The objectives of this paper are to highlight some of the potential and limitations of microinsurance in the context of Social Risk Management (SRM) framework to stimulate further discussion. The paper draws on existing literature on SRM and microinsurance. Where relevant, it invokes lessons...