The overwhelming number of contributors that have been allocated into the default option is one of the main characteristics of the Russian second pillar. This finding confirms that the level of financial literacy for most of the participants is not sufficient to make informed portfolio...

There is no doubt that on average the performance of state financial institutions around the world has been below the lowest expectations. Lack of governance, management skills, regulation, and transparency, and misguided incentives have contributed to discredit these institutions for supporting...

This paper provides a comparative summary of the payout phase of pension systems in five countries - Australia, Chile, Denmark, Sweden, and Switzerland. All five countries have large pension systems with mandatory or quasi-mandatory retirement savings schemes. But they exhibit important...

The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. This paper summarizes and updates an earlier longer study on the...

The movement from a defined benefit to a defined contribution pension system has important implications in the area of portfolio allocation. While the focus of defined benefit pension funds is essentially in the long term, some defined contribution funds might have incentives to invest with...

After the financial crisis, some Central and Eastern Europe countries partially or totally reversed the pension reforms they had initiated in the previous two decades. In the presence of an aging population in the region, reductions in replacement rates will be the most likely adjustment...

Disability is a complex, evolving and multidimensional concept. According to the World Disability report (2011), disability will be an even greater concern as its prevalence is on the rise due to Ageing Populations as well as the Global increase in chronic health conditions such as diabetes,...

Aging may be one of the most far-reaching processes defining the economic, fiscal, and social changes societies are likely to experience over the next 40 years. The demographic consequences of aging will have a dramatic impact on labor markets, economic growth, social structures — and...

Disability is a complex, evolving and multidimensional concept. According to the World Disability report (2011), disability will be an even greater concern as its prevalence is on the rise due to Ageing Populations as well as the Global increase in chronic health conditions such as diabetes,...