Current issues in banking policy range from the need to construct basic institutions and incentive structures in transition economies, to the challenges posed by the increasingly complex interactions involved in contemporary banking. The authors of this report outline the basic regulatory...

This paper discusses the mechanics and regulation of participating and unit-linked variable payout annuities. These annuities offer benefits that are not fixed in either nominal or real terms but depend on the performance of the fund or funds in which the underlying reserve assets are invested,...

The Danish ATP (Arbejdmarkedets TillaegsPension or Labor Market Supplementary Pension) fund is a public pension fund that was created in 1964 to complement the universal pension benefit that is financed from general tax revenues and is paid to all old-age residents. When it was created,...

Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak...

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...

This paper asserts that the disability insurance system in Chile is much less well-known than the pension part, but it is equally innovative. It differs from traditional public disability insurance in two important ways: 1) it is largely pre-funded--through the accumulation in the retirement...

El sistema de seguro de invalidez en Chile es mucho menos conocido que el de pensiones, pero es igualmente innovador. Difiere de los sistemas más tradicionales de dos maneras: (1) las prestaciones son en gran medida financiadas por las cuentas individuales de retiro, y complementadas...

El año 1981 Chile adoptó su nuevo sistema de pensiones caracterizado por la existencia de cuentas de ahorro individual. En 1983 el nuevo sistema comenzó a pagar pensiones, existiendo un conjunto de reglas muy detalladas que se aplican al cálculo y procedimientos de contratación de los...

Social security systems in many countries face problems of high and escalating disability costs. This paper analyzes how disability costs have been controlled in Chile. The disability insurance system in Chile is much less well-known than the pension part, but it is equally innovative. It...