This paper argues that it is important to take into account unfunded public pension liabilities as part of an assessment of the overall fiscal situation, including the fiscal positions of pension schemes pre and post reforms. It examines the concept of the implicit pension debt (IPD) and...

The trend toward including individual accounts as part of the mandatory pension system continues unabated. Nine Latin American countries have introduced individual accounts (Chile, Peru, Argentina, Colombia, Uruguay, Bolivia, Mexico, El Salvador and Nicaragua) and several more are preparing to...

In June of 1997 Kazakhstan embarked on a dramatic reform of its pension system, replacing the inherited pay as you go regime with one based entirely on fully funded individual accounts. This paper provides projections of the effects of this reform on income replacement rates and considers some...

Pension systems in Europe and Central Asia are facing unprecedented demographic change. While many of the countries in the region have undertaken reforms when the economy faces difficult times, these reforms are frequently reversed when the economy improves. The demographic challenges that the...

"Averting the old age crisis: policies to protect the old and promote growth,"the publication for which this technical annex provides supporting documentation, is the third in a series of major World Bank policy research reports. Unlike its predecessors,"The East Asian miracle"and"Adjustment in...

Many pension schemes mandated by governments have accumulated large reserves. The management of these funds has a direct effect on financial sustainability, and potential benefit levels. It also has important indirect effects on the overall economy when the funds are large. Part I of this study...

Arguably, the most important public policy initiative underway today in the Dominican Republic is the reform of its social security programs. The reform is taking place in the context of an economic crisis that will make a complex implementation process even more difficult in the first few...

The retired population can be expected to make a substantial claim on the economic resources of virtually every nation. This book is geared to helping planners devise workable and efficient pension systems for Caribbean nations. It offers specific discussions of instruments, programs, and...

Since 1995, cash transfers to the poor elderly or 'social pensions' have been one of the most important anti-poverty programmes in India. On the assumption that elderly poverty rates are higher than the general population, the minimum eligibility condition is set for 60 + in most states. Our...