This report illustrates a new methodology to develop an Outcomes and Risk Based Supervision (ORBS) framework for funded pensions with a case study of Costa Rica. The approach was used in a FIRST1 funded project in Costa Rica with the regulator and supervisor of pensions SUPEN. The intention is...

This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs designated as either defined contribution (DC)...

Differences in life expectancy between high and low socioeconomic groups are often large and have widened in recent decades. In the United States, the differences may now be as large as ten to fourteen years. These longevity gaps strongly affect the actuarial fairness and progressivity of many...

This paper identifies and discusses four issues in creating annuities in (nonfinancial) defined contribution (NDC) schemes that are essential for systems' financial stability and fair inter or intragenerational redistribution. The first issue is the choice between incorporating the rate of...

This paper reviews the factors that should guide the design of private funded pensions to create a complete pension system alongside a notional defined contribution-or public-component. It argues that a mix of public and private pensions is the most effective option to deliver the best...

Since the introduction of the KiwiSaver scheme in New Zealand in 2006, several countries have implemented, or are in the process of implementing, voluntary funded pension systems with automatic enrollment features. Since most of the literature has focused on countries with the common law...

The objectives of a well-designed pension system are poverty reduction in old age and income smoothing throughout an individuals' lifetime. Over the last thirty years, changing demographic trends have caused a shift from 'pay as you go' and occupational defined benefit (DB) schemes - where the...