A large share of the population in emerging market economies has no pension coverage, exposing them to the economic risks arising from socio-economic and individual shocks. This problem, which arises from having large informal (unregulated) sectors, affects not only poor workers, but as many as...

As the heterogeneity in life expectancy by socioeconomic status increases, pension systemsbecome more regressive implying wealth transfers from short to long lived individuals. Variouspension reforms aim to reduce these inequalities that are caused by ex-ante differences in lifeexpectancy....