Countries in Central, Eastern and South-Eastern Europe (CESE) face the challenge of becoming "demographically old before being economically rich". Ensuring the long-term stability and adequacy of pension systems was one of the most important tasks that these countries faced following economic...

This report discuses Kazakhstan's pension system reform which is nearing the completion of the sixth year of its implementation. In addition to the need to address the design and operation of the payout phase of the pension system, the report finds two main areas in which changes and refinements...

The policy brief presents a review of potential effects of parametric pension reform in Belarus starting in 2017 for the population aged 50 and more in terms of unemployment, alcohol consumption, and poverty. It concludes that, despite the fact that raising the retirement age is overdue in...

This collection of papers focuses on the recent pension reform experiences in Central-Eastern Europe, while starting from a broader theoretical and empirical context. It provides evidence for the political feasibility of radical pension reform, considered unlikely in the West. The approach is...

Purpose – This paper aims to analytically show that in an over-lapping-generation (OLG) model, low earning cohorts bear unwanted risk and absorb higher economic cost than high earning cohorts do. Design/methodology/approach – This paper aims to consider the individual’s risk appetite,...

The paper examines the effects of ageing and makes a case for partial prefunding of pensions. The argument is based on inter-generational fairness in a situation where pension expenditure as compared to wages increases due to low fertility and increasing longevity. We illustrate the approach by...