Journal articles on the topic 'Pension reforms'
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1
Price, Debora. "The pensions White Paper: taking account of gender." Benefits: A Journal of Poverty and Social Justice 15, no. 1 (February 2007): 45–57. http://dx.doi.org/10.51952/lbqa9574.
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Many women face severe obstacles in accumulating adequate income in later life. The pensions White Paper heralds substantive reform of the pension system, with certain elements assisting women in future to build pension entitlements. The extent to which the reforms will have the desired effect is, however, unclear since the system remains complex and means-tested benefits will remain a substantial element of pensioner income for many in the population. The government has committed to a gender impact assessment of the reforms. This article explores the elements of the pension system that should be evaluated if this assessment is to take full account of gender.
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DÍAZ-GIMÉNEZ, JAVIER, and JULIÁN DÍAZ-SAAVEDRA. "The future of Spanish pensions." Journal of Pension Economics and Finance 16, no. 2 (June 6, 2016): 233–65. http://dx.doi.org/10.1017/s1474747216000093.
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AbstractWe use an overlapping generations model economy with endogenous retirement to study the 2011 and 2013 reforms of the Spanish public pension system. These reforms delay the legal retirement ages, increase the contributivity of the system, and adopt a sustainability factor and a pension revualuation index that effectively transform the Spanish pension system into a defined-contribution pension system. We find that these reforms improve the sustainability of Spanish pensions substantially, and that they limit the tax increases that would have been necessary to finance the pension system deficits. But these results are achieved at the expense of large reductions in the real value of the average pension. This reduction is progressive and, by 2050, the average pension is approximately 30% smaller in real terms than what it would have been under the pension system rules that prevailed in 2010. We also show that these reforms are costly in welfare terms and that households born between 1950 and 1970, young disabled workers who are alive at the time of the reform, and future cohorts bear the highest welfare costs. The substantial reduction of pensions and the high welfare costs that these reforms bring about lead us to conjecture that further reforms lurk in the future of Spanish pensions.
3
Grech, Aaron. "What Makes Pension Reforms Sustainable?" Sustainability 10, no. 8 (August 15, 2018): 2891. http://dx.doi.org/10.3390/su10082891.
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Policymakers pushing pension reforms have tended to justify changes on the basis that they would make systems more sustainable by lowering future spending on pensions. This is a rather narrow interpretation of sustainability that fails to consider that other fiscal programs may need to accommodate the impact of reforms that reduce pension system adequacy. In this light, this article argues that in order to correctly assess the sustainability of pension reforms, one needs to adopt a more holistic framework that encapsulates the interaction between pension system goals and constraints. In a number of countries, reforms focused solely on reducing future spending were followed by reforms that restored generosity. A holistic approach to assess pension sustainability could help limit this cycle of reform and increase trust in pension systems.
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Rasmussen, Magnus B., and Carl Henrik Knutsen. "Laying Down The Principles: How Local Socialist Achievements Spurred National Bourgeois Support for Noncontributory Pensions." World Politics 76, no. 1 (January 2024): 172–217. http://dx.doi.org/10.1353/wp.2024.a916344.
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abstract: The authors develop a perspective of locally embedded welfare state development to explain how relatively weak national political actors can, nonetheless, shape national policy over time by pursuing local reforms. Empirically, the authors assess their argument by using municipality-level representative shares, data on noncontributory pension reforms, roll-call votes from parliament, and archival material from early twentieth-century Norway, in which several local governments introduced noncontributory old-age pensions before Norway adopted a national scheme. The authors show, first, how nationally underrepresented but highly institutionalized socialist parties with geographically concentrated support introduced local pensions. Over time, these parties thus shaped the possibility space for national reform, effectively locking the national policy agenda into a pension system preferred by the socialists—namely, noncontributory pensions. Citing high municipality-debt pressures in their constituencies, bourgeois politicians from districts with local pensions eventually supported and promoted national-level pension reform. This support, in turn, spurred the cross-class alliance required to establish a national noncontributory pension system.
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Petreski, Blagica, and Marjan Petreski. "Dynamic microsimulation modelling of potential pension reforms in North Macedonia." Journal of Pension Economics and Finance 20, no. 1 (January 10, 2020): 49–66. http://dx.doi.org/10.1017/s1474747219000374.
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AbstractDue to structural and policy shifts, pension deficit in North Macedonia doubled over a decade and significantly outpaced the central budget deficit. The objective of the paper is to examine fiscal and development effects of few pension-reform designs. We constructed MK-PENS Dynamic Microsimulation Pension Model and simulated the effects of few reforms affecting one stakeholder and few combined reforms. Results robustly suggest that without reform and assuming only statutory pension adjustment, the deficit will remain as is. Simulated scenarios suggest that proposed pension reforms significantly reduce the pension deficit, with the most favourable results obtained within the combined scenarios of shared burden. Gradual introduction of reform's elements should come into play in case large political cost is envisaged.
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Bridgen, Paul, and Traute Meyer. "Fair Cuts? The Impact of British Public Service Pension Reform on Workers in the Main Occupations." Social Policy and Society 12, no. 1 (October 22, 2012): 105–22. http://dx.doi.org/10.1017/s1474746412000541.
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Public service pensions have been a fundamental component of the British pension system in the post-war period and recent reform initiatives have caused political controversy. This article assesses the impact of the Conservative/Liberal government's public sector pension reform plans of 2011 for different public sector workers. It simulates their projected pension outcomes, assuming people contribute to the new system throughout their working lives. In particular, we examine the government's claim that the move away from final to average salary schemes will make pensions fairer for women and lower paid workers. The article shows that the reforms are indeed fair, if measured by the government's standards: retirement is delayed for all, but the lowest skilled and women lose least and some even gain higher pensions without paying proportionately more. Despite austerity, recent British pension reforms reflect a greater awareness of social inequality than many would expect and they have been built on more cross-party agreement than apparent at first sight.
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Zhukova, T. V. "Wavelike Character of Pension Reforms. First-wave 1994–2008." Outlines of global transformations: politics, economics, law 12, no. 6 (December 30, 2019): 130–51. http://dx.doi.org/10.23932/2542-0240-2019-12-6-6.
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The article puts forward the hypothesis about the wave nature of pension systems reforms since the early 1990 under the effect of demographic and economic factors. In response to the results of previous works on this subject and statistical analysis results, wave’s mechanism has been identified. Conditions for starting the wave of pension reforms established with long-term demographic trend in periods of tension (the higher growth rates of age dependency ratio and others). The start and dynamic of the wave are determined by macroeconomic shocks arise from decreasing phase of business-cycle. The growth phase of pension reforms are followed by the period of deceleration. There is a factor that slowdowns responses to macroeconomic shocks (the decisions about pension reforms are not accepted instantly). Pension system adjusts to new conditions until further tightening. Quantitative and quality analysis of pension reforms across countries would allow to test this hypothesis. To that end an appropriate instruments have been developed: the classifier of pension reform (67 items with scoring system to estimate the depth of the changes), evaluation system for economic factors influences via sensitive to pension systems indicators and associated macroeconomic shocks. A cross-section of 24 countries generates a mix of pension reforms for the period of 1994–2019, two waves of pension reforms (1990–2008 and 2009 – present) is revealed, the hypothesis of waves nature of pension reforms is confirmed. The heart of pension systems transformations in the first way is identified. These are lowering of government pensions obligations, shifting the risks from state to population with the introduction of DCschemes. The suggestions that the implementation of second pillar is positive only for countries with well-developed financial market. The research of second-wave of pension reforms and projection of the third way will be dealt with in the next article.
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Mesa-Lago, Carmelo, and Eva Maria Hohnerlein. "Testing the Assumptions concerning the Effects of the German Pension Reform Based on Latin American and Eastern European Outcomes." European Journal of Social Security 4, no. 4 (December 2002): 285–330. http://dx.doi.org/10.1177/138826270200400402.
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The pension reform, approved in Germany in 2001, and implemented on January 1, 2002, has been described by the Federal Minister of Labour and Social Affairs, Walter Riester, as ‘one of the greatest social reforms this country has seen’ (Federal Ministry, 2002a) and it has prompted considerable discussion and publications. This article analyses key assumptions on the effects of the German reform in the light of two decades of experience with structural pension reforms (‘privatisation’) in Latin America. This region has pioneered this type of reform and has influenced both the international debate and changes in other regions such as Eastern Europe. The article has four objectives: (1) to elaborate a taxonomy of old-age structural pension reforms in the world and place Germany's within it; (2) to identify and analyse crucial assumptions related to the effects of the German reform (incentives for affiliation, competition and administrative costs, impact on the level of pensions, sustainability of the public pension contribution ceiling, and effects on national saving, fiscal costs, the capital market and investment returns); (3) to contrast those German assumptions that are similar to their counterparts in Latin America with data collected on real outcomes from the pension reforms in several countries of that region and, to a lesser extent, from a few Eastern European countries (the two regions combined embrace more than 80 million insured persons in private pensions); and (4) to summarise our findings and draw some useful lessons. Economic, social security and other differences between Germany and the countries compared will be taken into account in the analysis.
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Zhang, Hanyue, and Xianglei Duan. "Pension System Reform: International Experience and Insights." Frontiers in Business, Economics and Management 9, no. 1 (May 15, 2023): 103–6. http://dx.doi.org/10.54097/fbem.v9i1.8402.
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The purpose of this paper is to analyze and conduct a comparative study of pension system reforms in the international arena in order to obtain experiences and insights from the pension system reforms in various countries. After introducing the basic concepts and current status of pension systems, this paper reviews the history of pension system reform in the international arena and analyzes the reform measures, policy effectiveness, and problems and challenges of different countries. By comparing and summarizing the international experiences and insights, this paper provides references and inspirations for the future pension system reform in China. The study finds that the effectiveness of pension system reform measures and policies varies across countries, but in general can be summarized in four directions: gradually raising the retirement age, increasing personal responsibility, increasing funding sources, and improving administrative efficiency. In addition, there are some common problems and challenges in pension system reforms in different countries, such as political difficulties, social stability, funding gaps, and overly conservative policies. In order to solve these problems, governments need to take into account national conditions and actual situations and adopt reform measures that meet the characteristics and realities of their countries. Comparing the experience and inspiration of international pension system reform, we can find that: firstly, it is necessary to adhere to the people-oriented principle and focus on protecting the basic rights and interests of individuals; secondly, it is necessary to strengthen the institutional guarantee of policies and laws to ensure the continuity and stability of policies; thirdly, it is necessary to play the role of market mechanism to increase the funding source of pensions; fourthly, it is necessary to strengthen the supervision and management of the government to improve the management efficiency. These experiences and inspirations are useful for China's future pension system reform.
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Poškutė, Virginija, Tadas Gudaitis, Teodoras Medaiskis, and Jaroslav Mečkovski. "SEARCH FOR SUSTAINABLE PENSION SYSTEM AND STATE SUPPORT FOR FUNDED PENSIONS IN CEE COUNTRIES." Business: Theory and Practice 23, no. 2 (September 7, 2022): 313–22. http://dx.doi.org/10.3846/btp.2022.16250.
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Pension systems around Europe are being reformed for several decades already. Main objectives of the reforms are to enable people to have adequate income at retirement and to ensure the system’s financial sustainability. Many European countries implemented policies aiming at diversification of financing sources of income at older age: risk-sharing between pay-as-you-go and funded pensions is expected to help in achieving social policy objectives towards pension systems. Central and Eastern European countries (CEE) face even more challenges in ensuring adequate income at retirement. First, CEE countries were required to transform radically their economies in 1990s towards market economy, including old age pension systems. Second, in order to ensure diversified future old age pension income and attract more financial means to the system, introduction of funded pensions from scratch and ensuring as wide as possible coverage with funded pension schemes was of primary importance also. The paper discusses latest developments of retirement pension systems in Europe and state involvement in private pension schemes. In doing so, the focus is on the introduction of funded private pension schemes in selected CEE countries. In spite of initially chosen different paths for the reforms, inconsistent state policies towards funded pensions in the CEE countries resulted in similar outcomes of the reforms. The paper starts with discussion on main objectives of pension systems – enabling people to have adequate income at retirement and ensuring financial sustainability of the systems. Further, possibilities to achieve the objectives of pension reforms are analysed – diversification of income at retirement. Third part of the paper discusses prevailing debates on future of welfare state as such and individualisation trends within different European welfare state models. These debates and perceptions of population about responsibilities of a state for individual welfare affect direction of reforms and future shape of old age pension systems. Fourth part of the paper deals with state policies and tools that are used for encouragement of participation in supplementary pensions. Final part of the paper presents more detailed outline of the pension reforms in selected CEE countries and summarises particular challenges of their pension systems. The paper ends with a discussion on policy implications in relation to latest developments of pension systems in CEE countries.
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Jurakulovich, Ziyadullaev Makhmudjon. "SOCIAL SECURITY REFORMS IN THE NEW UZBEKISTAN: PROBLEMS AND SUGGESTIONS." International Journal of Advance Scientific Research 03, no. 02 (February 1, 2023): 33–37. http://dx.doi.org/10.37547/ijasr-03-02-05.
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This article examines pension provision as University of Public Safety independent researcher, one of the most important and urgent functions of each state, and also defines the concept of pension and gives an idea of the importance of pension. Proposals were also developed on the reforms being carried out in Uzbekistan, including in the pension sector, on the procedure for increasing the size of pensions starting from January 2023.
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Ginn, Jay, and Ken MacIntyre. "UK Pension Reforms: Is Gender Still an Issue?" Social Policy and Society 12, no. 1 (October 12, 2012): 91–103. http://dx.doi.org/10.1017/s1474746412000504.
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The UK Pensions Commission confirmed that women's domestic roles are crucial to their pension disadvantage. As a result, measures enacted in the Pensions Acts of 2007 and 2008 aimed to make state pensions more inclusive for those with periods out of the labour market for family caring, as well as encouraging more saving through private pensions by those with low to moderate earnings. Will these legislative changes, and subsequent reforms and plans, substantially reduce future gender inequality in UK pensions? In this article, we suggest the benefits to women will be patchy and overall less than expected. We first review the interaction of male-oriented pension schemes with the gendered division of caring labour and how this has changed for later cohorts of women. We then analyse, from a gender perspective, the pension reforms and proposals since 2007. Finally, we consider policy alternatives that would give women a better deal in pensions and conclude with an assessment of the mixed effects of pension reforms.
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BRIDGEN, PAUL, and TRAUTE MEYER. "The Liberalisation of the German Social Model: Public–Private Pension Reform in Germany since 2001." Journal of Social Policy 43, no. 1 (October 29, 2013): 37–68. http://dx.doi.org/10.1017/s0047279413000597.
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AbstractSome commentators view reforms to the German political economy since the 1990s as constituting a broad liberalisation of a previously coordinated market economy (e.g., Streeck, 2009). Others argue that by maintaining protection for core workers the reforms represent a dualisation rather than liberalisation (e.g., Palier and Thelen, 2010). This debate has paid little attention to public–private pension reform since 2001. This paper argues that pensions have been a crucial component of the German social model since 1957 and demonstrates why comprehensive analysis of its development must consider them. After summarising how public and occupational pensions have supported core German workers since 1957, the paper calculates core workers’ projected net pensions and those of less privileged employees before and after recent reforms. On this basis, it concludes that pension reforms have created a system more characteristic of a liberal than a dualised political economy. Since the reform, the projected pensions of today's young workers are closer to the poverty line, and the gap between the projected benefits of core and peripheral workers has narrowed. Increasingly, as young core workers age, they will thus have less incentive to invest in employer specific skills, a development that threatens the model as a whole.
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GEYER, JOHANNES, and VIKTOR STEINER. "Future public pensions and changing employment patterns across birth cohorts." Journal of Pension Economics and Finance 13, no. 2 (November 12, 2013): 172–209. http://dx.doi.org/10.1017/s1474747213000334.
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AbstractWe analyse the impacts of changing employment patterns and pension reforms on the future level of public pensions across birth cohorts in Germany. The analysis is based on a microsimulation model and a rich data set that combines household survey data from the German Socio-Economic Panel Study (SOEP) and process-produced microdata from the German pension insurance. We account for cohort effects in individual employment and unemployment affecting earnings over the life cycle as well as the differential impact of recent pension reforms. For individuals born between 1937 and 1971, cohort effects vary greatly by region, gender and education, and strongly affect life cycle earnings profiles. The largest effects can be observed for younger cohorts in East Germany and for the low educated. Using simulated life cycle employment and income profiles, we project gross future pensions across cohorts taking into account changing demographics and recent pension reforms. Simulations show that pension levels for East German men and women will fall dramatically among younger birth cohorts, not only because of policy reforms but also due to higher cumulated unemployment. For West German men, the small reduction of average pension levels among younger birth cohorts is mainly driven by the impact of pension reforms, while future pension levels of West German women are increasing or stable due to rising labour market participation of younger birth cohorts.
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Poznyakova, O., N. Panchuk, and O. Burtseva. "Analysis of Reforming the Pension System of Ukraine: Implementation Problems and Development Prospects." Economic Herald of the Donbas, no. 4 (62) (2020): 155–60. http://dx.doi.org/10.12958/1817-3772-2020-4(62)-155-160.
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Pension provision is an element of the pension system that ensures sustainable socio-economic development of the state as a whole. The article discusses the current problems of the pension system in Ukraine, ways to overcome and directions for its improvement. Determination of the further development and reform of the pension system aimed at ensuring the financial stability of the solidarity system. Introduction of the development of the pension system, taking into account the peculiarities of the current situation in the country, ways of reforming social insurance. The compulsory accumulative pension system is considered. Its introduction to retirees for two centuries. The advantages of the funded system, what it is based on, and its main contingent of citizens are analyzed. Principles of pension accrual, pension entitlements, old-age pensions, pension transfer, minimum and maximum pension in the course of reforms. Analyzed, introduced by introducing amendments to some legislative acts of Ukraine regarding the increase in pensions. The demographic state of the population is considered. The article proves that the main strategic directions for improving the pension reform is the introduction of changes in the demography of the population; percentage of ERUs, when calculated for each entrepreneur separately (respectively, from the group of an individual entrepreneur to the type of activity); open your deposit account for the savings system in the public domain; to enable pensioners to work (to improve their knowledge with practitioners, to provide an opportunity to work with modern equipment, programs) to determine the dates for the introduction of the second level and the age category of participants; to establish and improve the work of the organization of pension provision; to show confidence in the reforms of the Pension Fund bodies to the population. Nowadays, constant monitoring of the achievement of the strategic goals of the reform of the pension system and pension provision and the adoption of fundamental decisions to overcome strategic gaps is quite an urgent issue and requires further research.
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CLARK, TOM, and CARL EMMERSON. "Privatising provision and attacking poverty? The direction of UK Pension Policy under new Labour." Journal of Pension Economics and Finance 2, no. 1 (March 2003): 67–89. http://dx.doi.org/10.1017/s1474747203001227.
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This paper analyses the thrust of the UK Government's pension reforms in the context of the system they inherited. The reforms represent continuity with what went before in seeking to continue the privatisation of pension provision, but herald a new emphasis on pensioner poverty reduction. There is a clear broad strategy even though not all of the reforms fit obviously within it – a generous means-tested system, extensive private provision and a diminished contributory pension. In the long term, this strategy has advantages in terms of containing public sector liabilities, but involves further downgrading the contributory principle. It will also affect the incentive to save for many individuals. Individuals currently on means-tested benefits will be able to keep more of their savings as a result of the reform. But those currently outside the means-tested benefit regime who expect to be brought into it as a result of the reforms will face a diminished incentive to save.
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Gedeon, P. "Pension reform in Hungary." Acta Oeconomica 51, no. 2 (July 1, 2001): 201–38. http://dx.doi.org/10.1556/aoecon.51.2000-2001.2.3.
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Reforms are not created simply by will, they are constrained by path dependency and also by existing economic and political structures. The course of reforms is also dependent on the formulation of reform alternatives and the balance of power among decisive actors. Both the postponement and then the introduction of the pension reform in Hungary can be explained by the economic and political constraints of the reform, by how reform alternatives were formulated, and by the role of the different actors in the reform process. The structure of this paper reflects these considerations. First, I summarize the characteristics of the socialist pension system that partly created path dependency in the process of pension reform. Second, I look at the economics of pension reform, by discussing the economic constraints of the reforms, and presenting the economic aspects of reform arguments and economic policies modifying and changing the pension system. Third, I examine the politics of the pension reform, and describe the political process of bargaining that generated reform outcomes. Finally, I deal with the role of the World Bank that was the most important international actor in the Hungarian pension reform process.
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Mamatkazin, I. R. "Structural-Functional Analysis of a Pension as an Object of Pension Legal Relations." Siberian Law Review 18, no. 2 (October 20, 2021): 138–50. http://dx.doi.org/10.19073/2658-7602-2021-18-2-138-150.
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The pension system of the Russian Federation has undergone three fundamental reforms. In 1992, the first law on pensions began to operate in Russia, which significantly differed from the Union legislation. In 2002, insurance principles were introduced into the pension system, which led to a change in the entire system of pension coverage for persons working under an employment contract, including new types of pension coverage. In 2015, there was a significant reform of the existing insurance pension system, which in its significance is no less significant than all the previous changes in the pension legislation. Each pension reform changed the procedure for calculating pensions, legislatively establishing a new pension formula for determining the amount of a pension. Along with this, the structural elements of pensions also changed. At the same time, it is possible to identify similar features in the structural elements of pensions assigned in different periods, but at the functional level. The totality of similar functions of pension elements allows us to talk about certain patterns in the development of the pension provision of the Russian Federation. So, despite the change in the nature of pensions from state to insurance, the essence of pensions, in general, remained the same. Moreover, the essence and functions of the elements of state and insurance pensions are largely the same. The pension is a social security payment with a complex structure. The presence of a structure, the presence of elements and connections between them, indicates a complex function performed by a pension. This function cannot be reduced to a compensatory function, a function of assistance or a function of substitution of earnings. There is an element in the pension structure that reflects past employment. In pensions of different nature, this happens in different ways: wages are taken into account (in state pensions) or insurance contributions (in compulsory pension insurance pensions). In addition, the pension should include an element that increases the amount of the pension in the presence of special circumstances of a subjective nature: disabled dependents, the need for constant outside care. In pensions for state pension provision, such an element is supplements to pensions; in compulsory pension insurance, this function is performed by a fixed payment. Social pensions and funded pension are one-component payments, which raises questions not only about the nature of these pensions, but also about their essence.
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Gelepithis, Margarita. "Institutional Mismatch, Party Reputation, and Industry Interests: Understanding the Politics of Private-Heavy Pension Systems." Political Studies 66, no. 3 (November 14, 2017): 735–51. http://dx.doi.org/10.1177/0032321717726923.
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Private-heavy welfare systems, in which low or moderate state benefits are topped up by private welfare arrangements, are expected to undermine political support for the extension of social rights and perpetuate benefit fragmentation over time. And where low state benefits are means tested, political support is expected to be particularly prone to erosion. In this article I develop the argument that the combination of private pensions and means-testing does not always perpetuate fragmentation. Rather, it structures the policy preferences of pension industry representatives and right-of-centre parties such that these actors push for reforms to make the state pension more universal. I make my argument by examining the reform history of nine private-heavy pension systems in the three decades since 1980. A fuzzy-set qualitative comparative analysis maps the conditions under which universalizing reforms have occurred, and two case studies link institutional conditions to reform outcomes via the policy preferences of key political actors.
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Collard, Sharon. "Workplace Pension Reform: Lessons from Pension Reform in Australia and New Zealand." Social Policy and Society 12, no. 1 (September 25, 2012): 123–34. http://dx.doi.org/10.1017/s1474746412000474.
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The UK Government's workplace pension reforms introduce major changes to the way in which employees save for retirement. Eligible employees will be automatically enrolled into a workplace-based pension scheme and, for the first time in the UK, employers will be legally required to contribute to employees’ pensions. This article critically examines the evidence from New Zealand and Australia, two countries that have undergone pension reforms similar in some ways to the UK reforms. We assess what we can learn from their experiences in two areas: firstly, how pension schemes are structured and, secondly, the outcomes for individuals. The evidence highlights the potential of automatic enrolment to overcome people's disinterest in pension saving. At the same time, relatively few UK employees are likely to choose where their pension savings are invested. As a result, default funds will play an important role in determining the pension outcomes for individuals.
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Paul, Susanne S., and James A. Paul. "The World Bank, Pensions, and Income (In)Security in the Global South." International Journal of Health Services 25, no. 4 (October 1995): 697–725. http://dx.doi.org/10.2190/w99v-7jbj-ep4b-53x2.
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The authors describe and analyze recent reductions and reorganizations of public pension programs in Latin America, as well as trends in pensions in the global South more broadly. They consider the role of the World Bank in the current pension “reform” process and situate the Bank's policies in the context of privatization, reduction of social budgets, and other aspects of structural adjustment. Chilean pension changes are analyzed in particular, showing that even by the Bank's criteria, the reforms have not been successful. The authors then discuss pension changes in China, where the World Bank is also deeply involved. The article concludes with the consideration of a number of arguments about pensions and support mechanisms in later life—including family support and means-tested welfarism—and argues in favor of global policy approaches, such as globally funded pensions and full access by older persons to productive and remunerated labor.
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Frericks, Patricia, and Julia Höppner. "Does the marketisation of pensions lead to individualisation? An examination of family-related pension entitlements." Policy & Politics 47, no. 4 (October 1, 2019): 579–97. http://dx.doi.org/10.1332/030557319x15629058906187.
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Countries around the world have undertaken pension reforms and introduced market-based schemes to replace parts of existing public schemes. Previous research has shown how these reforms are often driven by a commitment to individualisation, and accompanied by rhetoric that encourages ‘self-responsibility’. To date, however, no research has examined the effects of this shift on family-related pension entitlements. In response, this article provides a critical analysis of whether family-related pension rights have, indeed, decreased in the course of marketisation. Through a systematic comparison of Austria and Germany, we show that this is not the case: family-related rights have been included in newly introduced market-based schemes; and pension reforms did not lead to individualisation in either existing public or market-based schemes. As a result, we argue that reform trajectories are path-dependent and contextual; and that future studies should focus on non-individual entitlements when assessing welfare marketisation in general and pension reforms in particular.
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Borzutzky, Silvia, and Mark Hyde. "Chile's private pension system at 35: impact and lessons." Journal of International and Comparative Social Policy 32, no. 1 (February 2016): 57–73. http://dx.doi.org/10.1080/21699763.2016.1148623.
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This paper provides an analysis of Chile's 35 year experience with defined contribution, fully funded pensions and argues that this pension approach should not be emulated by countries seeking to reduce the state role in the provision of pensions. The paper shows that 35 years of privatized pensions have led to a massive accumulation and concentration of capital and profits in the hands of the pension fund administrators and insufficient and unequal pensions for the retirees. This legacy of the Pinochet dictatorship has experienced marginal reforms after the transition to democracy. However, those reforms have not altered the system's structure and have augmented the fiscal role as the state attempts to repair some the most damaging outcomes of the private pension scheme.
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Wiß, Tobias. "Divergent occupational pensions in Bismarckian countries: the case of Germany and Austria." Transfer: European Review of Labour and Research 24, no. 1 (February 2018): 91–107. http://dx.doi.org/10.1177/1024258917748258.
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Pension reforms and the changing public/private pension mix of the last decades are well documented. However, a more detailed look at the design of occupational pensions reveals remarkable differences even in countries that are usually treated as similar in the literature. Germany and Austria share many similarities and are having to cope with similar reform pressure. However, the design of occupational pensions varies substantially. Why? In Germany, trade unions are regularly involved in occupational pension schemes and benefits are calculated on the basis of defined contributions (DC), but with minimum return guarantees preventing losses in times of financial turmoil. By contrast, trade unions rarely participate in Austrian occupational schemes. In Austria, pure DC schemes without guarantees resulted in heavy occupational pension cuts during the recent financial market crises. Following the method of difference, the article explains this difference by trade union structure, unions’ strategic thinking and (lacking) reform threats supported by employers.
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Blakeman, Mark. "Pension reforms." Faculty Dental Journal 4, no. 1 (January 2013): 34–35. http://dx.doi.org/10.1308/204268513x13527109981175.
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Dentists working in the NHS will be well aware that there are a number of changes taking place in the public sector pension scheme. Mark Blakeman, National Sales Manager at Wesleyan Medical Sickness, looks at how changes to the National Health Service (NHS) pension scheme are affecting the profession and provides an update and look ahead to what happens next.
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Haupt, Marlene. "Aktuelle Diskussionen zum Ausbau kapitalgedeckter Altersvorsorge als Ergänzung des Rentensystems." Wirtschaftsdienst 104, no. 2 (February 1, 2024): 82–86. http://dx.doi.org/10.2478/wd-2024-0028.
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Abstract Germany faces complex challenges in ensuring adequate pensions and the financial sustainability of its pension system amid demographic aging, necessitating comprehensive reforms. The Focus Group on Private Pensions has proposed measures to reform the private Riester pension scheme, advocating, for example, the enhancement of simplicity, transparency and flexibility. Additionally, it has debated the introduction of a state-mandated fund. The German Council of Economic Experts has also proposed a state-mandated fund with automatic enrollment and an opt-out option. However, the proposal faces skepticism and is widely debated. Despite this, the discussion on a state-mandated fund remains relevant, with political party initiatives even considering mandatory funded pensions.
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Sorsa, Ville-Pekka, and Natascha van der Zwan. "Sustaining the unsustainable? The political sustainability of pensions in Finland and the Netherlands." Journal of European Social Policy 32, no. 1 (November 16, 2021): 91–104. http://dx.doi.org/10.1177/09589287211035691.
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What makes a pension scheme sustainable? Most answers to this question have revolved around expert assessments of pension schemes’ affordability or adequacy. This study shifts focus from the financial or social sustainability of pension scheme designs to their political sustainability. Political sustainability refers to policymakers’ ability and willingness to sustain pension schemes in the face of perceived challenges. We seek to fill a key research gap concerning the political sustainability of pensions by highlighting the processes of parametric adjustment through which pension schemes are sustained. We show how capital, labour and state actors have been able to actively sustain collective defined benefit (DB) pension schemes in two coordinated market economies, Finland and the Netherlands. The two countries have managed to sustain their DB pensions for relatively long periods of time despite facing the same sustainability challenges that have motivated paradigmatic shifts in other pension systems. We find that sustaining has been successful thanks to a governance culture in which policymakers have been willing to keep all pension scheme parameters open for negotiation and an institutional context that made policymakers able to turn parametric pension reforms into power resources for further reforms. Our findings also explain recent changes in the Netherlands, which moved the Dutch system towards collective defined contribution pensions.
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Sukovic, Danilo. "Reforms of pension system and problem of aging population." Stanovnistvo 51, no. 1 (2013): 91–102. http://dx.doi.org/10.2298/stnv1301091s.
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This paper analyzes the far-reaching changes on social plane caused by aging population which endanger social security for old people, especially in times of global economic crisis and major changes in the labor market. A special emphasis is given to the economic unsustainability of the pension system in Serbia, where the ratio of the aging population and the working population is very unfavorable, and where high unemployment and weak economic growth threaten an aging population and increase the poverty. The analysis shows that pensions in Serbia in recent years have a real decline, and their relation to average earnings is still unfavorable despite large subsidies from the state budget which last years covers about 50 % of the expenditure for pensions. The second part of the paper discusses the advantages and disadvantages of PAYG (pay as you go) pension system and private pension insurance. The advantage of PAYG pension system is that it protects the retired persons' savings which would not be lost due to extraordinary market circumstances, such as wars, high inflation, etc. This system avoids the risk of a failed investment opportunities, which is the biggest weakness of private pension funds. In addition, the population trust this system believing that the government will not allow them to live in poverty when they get old. The key advantage of the private pension system is that this system realizes the economic function of pensions, because contributions paid are saving for their old age. Also, the placement of pension contributions to the capital market increase the return on investment and total government savings, which contribute to higher economic growth. Advantages of one pension system are actually weaknesses of another. Since the system "pay as you go" has proved ineffective to provide pension funding for the elderly population, which is increasing due to longer life expectancy, and its relationship to the working population is more unfavorable, it is necessary to introduce the pension reform, which has already more or less successfully implemented in many countries of the world. Globalization and especially the global economic crisis have made this issue particularly urgent. Finally, it is noted that the pension reform in Serbia should not just include leaving the system "pay as you go" and a gradual transition to a private pension plan. Also, it is necessary to implement the long overdue economic reforms to achieve significant long-term economic growth, because only higher economic growth can create the material conditions for desired changes in the pension system.
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Ring, Patrick, Rune Ervik, and Tord Skogedal Lindén. "Justifying pension reforms: Comparing policy discourses in Norway and the UK." European Journal of Social Security 22, no. 3 (September 2020): 306–26. http://dx.doi.org/10.1177/1388262720950736.
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The latest UK and Norwegian state pension reforms have reflected contrasting policy design in the balance of private pensions, savings and state provision. Nevertheless, we argue that both governments have in many ways adopted strikingly similar approaches in seeking public acceptance of these potentially controversial reforms, employing a similar repertoire of discursive elements to persuade populations about their logic and rationality. Based on critical analysis of government policy papers, speeches and parliamentary debates, we find that both countries emphasise ‘sustainability’ and ‘fairness’ within an increasingly individualised context where both systems are characterized as facilitating individuals’ efforts to attain security in retirement through ‘choice’ or ‘flexibility’. Significantly, contrasting symbolic metaphors are adopted to situate these reforms, and their proponents, within the heritage and traditions of their different welfare systems, which we find is a key element in successfully implementing the reforms. We note the implications of this research for the analysis of European state pension reform.
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Grech, Aaron George. "Comparing state pension reforms in EU countries before and after 2008." Journal of International and Comparative Social Policy 33, no. 3 (October 2017): 225–39. http://dx.doi.org/10.1080/21699763.2017.1363075.
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AbstractMany EU countries have been carrying out substantial state pension reforms since the mid-1990s. This article studies whether the reforms that were carried out in ten EU countries before and after the 2008 financial crisis are different. This is done through an analysis of the different elements of these reforms and also by comparing pension entitlements after each set of reforms. The main conclusion is that the pre-crisis reforms were much stronger and had a more negative impact on women than the post-crisis reforms. It is harder to determine whether this represents a temporary break in the reform process or a permanent change in the orientation of pension reforms in these ten countries.
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Bridgen, Paul, and Traute Meyer. "Individualisation reversed: the cross-class politics of social regulation in the UK’s public/private pension mix." Transfer: European Review of Labour and Research 24, no. 1 (February 2018): 25–41. http://dx.doi.org/10.1177/1024258917746031.
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Since the turn of the century UK pension politics has been dominated by legislative and regulatory efforts to increase the state’s redistributive role in the pension system. Such developments are unexpected by the theoretical literature on welfare states. This predicts regulatory disputes in multi-pillar pension systems, but does not expect egalitarian reforms in liberal systems like the UK where organised labour is weak. We explain these reforms as a product of a temporary cross-class alliance, facilitated by a cohesive pension policy network, and formalised by an independent Pensions Commission. The consensus was possible because the public/private nature of the UK pension system politicised the non-state sphere, shaping the preferences of pension policy actors, and leading business to reach a compromise agreement with unions.
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CATALÁN, MARIO. "Pension funds and corporate governance in developing countries: what do we know and what do we need to know?" Journal of Pension Economics and Finance 3, no. 2 (July 2004): 197–232. http://dx.doi.org/10.1017/s1474747204001532.
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Conventional wisdom holds that pension reforms from pay-as-you-go to fully funded systems spur the development of stock markets through a corporate governance channel, i.e. pension funds become large shareholders of publicly traded firms and therefore have the incentives to monitor managers and improve investor protections. This paper reviews the literature on the corporate governance channel associated with pension reforms in developing countries, and asks what we know and need to know about it. We know that pension funds are not yet large shareholders of publicly traded firms in developing countries. However, econometric results suggest that pension reforms lead to stock market development, but do not allow us to identify and separate the corporate governance channel. We know that pension reforms are followed by pro-investor legislation, but there is no convincing evidence that the pro-investor laws are enforced. We need to know more about the effects of pension reform on stock prices and performance of publicly traded firms, and whether pension fund management companies act in the best interest of pensioners. The paper also reviews the political economy explanations of the links between pension fund specific capital controls and the corporate governance channel, and suggests that there is a trade-off between the objectives of pensioners' welfare maximization, and corporate governance reform and stock market development.
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Arza, Camila. "Non-Contributory Benefits, Pension Re-Reforms and the Social Protection of Older Women in Latin America." Social Policy and Society 16, no. 3 (June 16, 2016): 361–75. http://dx.doi.org/10.1017/s1474746416000208.
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Gender inequalities are a key issue for most pension systems in Latin America. Contributory pension schemes that link benefit entitlements to work and earnings tend to reflect in the benefits they offer the gender gaps that prevail in the labour market. This deepened with the implementation of individual private accounts as part of structural pension reforms in a number of countries. This article evaluates how recent pension policies, including measures geared to coverage expansion and so-called pension ‘re-reforms’, have addressed gender gaps in pensions in four Latin American countries. It shows that the expansion of non-contributory pensions and a greater emphasis on redistribution are important for the protection of older women in a context of gendered labour markets and the unequal distribution of paid and unpaid work between women and men. Looking at the cases of Argentina, Bolivia, Brazil and Chile, the article identifies progress but also the persistence of gender gaps in pensions and emphasises the need for further measures to promote adequate social protection for older women.
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Lain, David, Sarah Vickerstaff, and Wendy Loretto. "Reforming State Pension Provision in ‘Liberal’ Anglo-Saxon Countries: Re-Commodification, Cost-Containment or Recalibration?" Social Policy and Society 12, no. 1 (September 28, 2012): 77–90. http://dx.doi.org/10.1017/s1474746412000450.
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There are good theoretical reasons for expecting pension reform in Anglo-Saxon countries to follow similar paths. Esping-Andersen (1990) famously identified these countries as belonging to the same ‘Liberal’ model of welfare, under which benefits, including pensions, are said to be residual and weakly ‘de-commodifying’, reducing individuals’ reliance on the market to a much lesser degree than elsewhere. Pierson (2001) has furthermore argued that because of path dependency welfare states are likely to follow established paths when dealing with ‘permanent austerity’. Following this logic, Aysan and Beaujot (2009) argue that pension reform in liberal countries has resulted in increasing re-commodification. In this paper, we review pension reforms in the UK, USA, Canada and New Zealand in the 2000s. We argue that because, in reality, the pension systems differed significantly at the point of reform, the paths followed varied considerably in terms of whether they focused on ‘re-commodification’, ‘cost-containment’ or ‘recalibration’.
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Paiella, Monica. "The Italian gender gap in pensions: A cohort of birth approach." Ubezpieczenia Społeczne. Teoria i praktyka 157, no. 2 (December 7, 2023): 1–24. http://dx.doi.org/10.5604/01.3001.0054.1480.
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Introduction: The text discusses the gender pension gap in rich countries, focusing specifically on Italy. The paper delves into the evolution of this gap across different generations, analyzing social security reforms and their impact on retirement incomes. The study emphasizes the importance of understanding these disparities for designing effective pension systems that address gender inequalities and ensure well-being in retirement.Objective: The aim of the article is to investigate the gender pension gap, specifically in the context of Italy, by analyzing the factors contributing to this disparity, including late entry into the job market, wage gaps, and caregiving responsibilities. The study focuses on understanding the impact of social security reforms and the pension system on these gender inequalities, aiming to provide insights for the design of equitable pension systems.Materials and methods: The article utilized administrative data from the Italian National Institute for Social Security (INPS) covering pension payments from 1995 to 2022. The study employed a cohort perspective, analyzing the evolution of the gender pension gap across generations and examining the impact of social security reforms and labor market arrangements.Results: The main conclusion of the study indicates that while the absolute gender disparity in mean retirement income has increased across cohorts of Italian retirees born between 1930 and 1954, the relative gender gap, when considering men's average pension, has decreased over time. Additionally, the impact of survivor's benefits has been significant in reducing the gender disparity in pensions, particularly in the later stages of life. Furthermore, the study found that the impact of social security reforms in Italy has been limited, primarily affecting the youngest cohorts, with most retirees still relying on the dominant defined benefit component for their pensions.
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Saritas, Serap. "Financialisation of pensions: The case of Turkey." Global Social Policy 20, no. 1 (June 13, 2019): 60–79. http://dx.doi.org/10.1177/1468018119856042.
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This study contributes to the literature on pension reforms by evaluating the Turkish case within a theoretical framework drawing on financialisation as extensive and intensive accumulation of finance assets. Financialisation refers to the expansion of finance into ever more areas of economic and social life while increasing its depth through more sophisticated financial operations. The Turkish pension reform, which has been run under the influence of global policy actors, illustrates the integration of finance with social policy. The intensification of dependence upon finance is demonstrated by the Turkish pension funds that stimulate innovation of financial instruments through demand-side impacts on capital markets. The critical analysis of financialised pensions reveals that the social policy advice of international financial institutions, with motives to extend financial markets, exacerbates class and gender inequalities. JEL Classification: G230 Pension funds; J140 Ageing, Pension; N2 Financialisation
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Cristina, Maria, and Gomes Da Conceição. "Households and Income: Ageing and Gender Inequalities in Urban Brazil and Colombia." Journal of Developing Societies 18, no. 2-3 (June 2002): 149–68. http://dx.doi.org/10.1177/0169796x0201800207.
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This paper discusses the ageing process in Brazil and Colombia according to gender and socioeconomic inequalities. The ageing process is related to reforms in social policies in each country. Reforms in the pension systems show contrasting results for the family structure and income. In Brazil, the extension of pensions to rural and informal workers leads to empowering poorer elderly women and men in economic and domestic relationships. Universalizing pensions allows the elderly to chose to live alone or to support adult children. On the other hand, in Colombia the reform created the individual saving system, reinforcing social exclusion and inequalities at the end of the life course. At the same time, the structural adjustments of the economy have generated new social contracts and economic order, but in different ways. The universal or individual character of the new pension system redefines in each country the profile of gender, generations, and socioeconomic inequalities. The universal reform can mitigate the economic and domestic exclusion of poorer and rural elderly, as in Brazil; and the individual reform can reinforce inequalities and, as a result, reproduce gender roles of domestic submission and dependence for poorer women in advanced ages.
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Gurvich, Evsey T. "The junctions of pension reforms: Russian and international experience." Voprosy Ekonomiki, no. 9 (September 4, 2019): 5–39. http://dx.doi.org/10.32609/0042-8736-2019-9-5-39.
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Recent decision to raise retirement age in Russia is compared with alternative ways of pension system adjustment to population ageing. We conclude that postponing retirement was superior in terms of public welfare as compared to increasing public spending on pensions or lowering pension size relative to wages. Unlike advanced countries, which apply mainly a combination of higher effective retirement age, less generous pension benefits, and higher pension spending, Russia used various adjustment tools in sequence: sharp decline in pensions to wage ratio in 2002—2007 was followed by a marked increase in pension spending (which hiked almost 3 p.p. of GDP over 2007—2017). Some 2/3 of this growth was attributable to the cut in other spending (mainly “productive”, i.e. growth-enhancing), and 1/3 was financed by a redistribution of income from employees to pensioners. The general decision to raise retirement age thus was fully justified, but its parameters look reasonable only on average. Estimates based on cross-country analysis evidence that retirement age matching healthy life indicators anticipated for Russia would be 63/62 for men/women. Actual decision to increase retirement age to 65/60 maintains sharp gender distortions: the retirement age will remain too low for women and will get too high for men. Fiscal effect of higher retirement age are calculated by comparing pension spending ensuring constant pension to wage ratio under the old and new retirement ages. We find that this effect will stabilize around 3% of GDP in some 10 years after the start of reform. A bulk of this effect is in a sense “virtual”, as it mainly makes possible to evade further increase in pension spending. “Genuine” effect can be estimated as some 1% of GDP — these are public funds saved and available for different purposes, say for supporting programs increasing healthy life expectancy.
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Díaz-Saavedra, Julián. "The fiscal and welfare consequences of the price indexation of Spanish pensions." Journal of Pension Economics and Finance 19, no. 2 (December 27, 2018): 163–84. http://dx.doi.org/10.1017/s147474721800032x.
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AbstractWe study the fiscal and welfare consequences of three options for increasing pension generosity in Spain: (i) disability and minimum pensions are fully indexed with the Consumer Price Index (CPI); (ii) minimum and lower value pensions are fully indexed with the CPI; and (iii) returning to full price indexation of all Spanish pensions. While these reforms increase pension adequacy, the tax increases needed to finance the higher pension expenditure differ significantly. Moreover, most current cohorts prefer returning to the full price indexation of all Spanish pensions, but future cohorts prefer that only disability and minimum pensions be indexed with the CPI.
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Liu, Shuna. "The Current Situation of the Reform on World Public Pension and Its Enlightenment to China." Journal of Finance Research 2, no. 1 (January 16, 2018): 16. http://dx.doi.org/10.26549/jfr.v2i1.706.
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From a worldwide perspective, the proportion of the elderly in the total population is increasing. How to maintain the adequacy and fnancial sustainability of pension system will be a formidable challenge for all countries. Most OECD (the Organization for Economic Cooperation and Development) countries and many emerging market countries have reformed their pensions system. Structural reforms and parametric reforms are main reform measures. Meanwhile, employment promotion of the elderly and alleviating old age poverty are drawing much more attention. It can be concluded that , on the basis of empirical analysis of other countries' reforms and comparative analysis, China should combine measures of raising the retirement age with promoting the age management ; and lower the poverty of older people to ensure that the elderly population can receive adequate retirement income; and extend the coverage of voluntary pension scheme to attract more labor force employed in informal sectors to participate in ,thus increasing retirement income eventually
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Khmyz, O. "Recent Reforms of the Russian Pension System: pro et contra." Voprosy Ekonomiki, no. 12 (December 20, 2003): 56–67. http://dx.doi.org/10.32609/0042-8736-2003-12-56-67.
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Recent reforms of the general pension regime have gone a long way to ensuring a fair, equitable and transparent pension scheme, available to all workers younger than 45 years old. An adjustable formula relates pensions to the duration and level of contributions, and life-expectancy. It introduces some welcome flexibility to the system, as benefits are automatically adjusted for the effects of population ageing. Today the workers must choose a state or a private pension fund's management company. However, it is not clear whether recent reforms will be sufficient to ensure the long-term actuarial and financil balance of the general system.
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GAL, JOHN. "How well does a partnership in pensions really work? The Israeli public/private pension mix." Ageing and Society 22, no. 2 (March 2002): 161–83. http://dx.doi.org/10.1017/s0144686x02008619.
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This paper takes the old-age pension system in Israel as a test case to examine the implications of proposals for pension reform now being debated or implemented in many welfare states. For over a decade, high on the agenda of decision-makers on both national and international levels, there has been the notion of moving towards a changing ‘partnership in pensions’ or, to put it more bluntly, towards greater privatisation of social security. Virtually since its emergence in the 1950s, the Israeli old-age pension has been based primarily upon a mix of low universal state pensions and income-related private occupational pensions. This paper compares the British and Israeli social security systems for older people in the wake of the reforms recently introduced in Britain and analyses the implications of the Israeli structure on the distribution of social security spending and on the wellbeing of different categories of older individuals.
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Zhang, X. Y. "Enterprise Pensions in China: History and Challenges." Public Finance and Management 9, no. 1 (March 2009): 76–96. http://dx.doi.org/10.1177/152397210900900104.
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Since the establishment of the People's Republic of China by the Communist Party in 1949, the government has introduced a social welfare system for both urban and rural populations. Before the economic reform and the open door policy that started at the end of the 1970s, enterprises were not concerned about the effect of their payments because their budgets were not completely separated from the government budget. After more than 50 years of changes and reforms to the pension system, the current system in China is still dominated by the public pillar, a largely urban-based, contributory, partially funded and defined contribution system. for the mainstream of the urban working population, the social security system provides the main source of assistance for maternity, medical service, unemployment, work injury and old-age pensions. This paper focuses only on the old-age pension scheme. the evolution of the Chinese insurance-based state pension system is described. as readjustments and restructuring are taking place in politics as well as in the economy, the current pension system faces many challenges, which are also discussed and suggestions are made for further reforms for addressing these challenges.
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MADRID, RAÚL L. "Labouring against Neoliberalism: Unions and Patterns of Reform in Latin America." Journal of Latin American Studies 35, no. 1 (February 2003): 53–88. http://dx.doi.org/10.1017/s0022216x0200665x.
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In recent years Latin American countries have enacted sweeping privatisation measures and major trade, financial and tax reforms, but they have moved much more slowly to reform their pension systems and labour laws. This pattern of reform partly reflects differences in the intensity of organised labour's opposition to the reforms. Organised labour has undertaken greater efforts to block labour law reforms and, to a lesser extent, pension reforms, because these measures impose severe losses on more unions than other types of reforms. These greater efforts, moreover, have had significant effects on policy outcomes. The article shows how organised labour reacted quite differently to various types of market-oriented reforms in Argentina and Mexico in the 1990s, and describes how the reaction of the unions helped shape the fate of the reform proposals.
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Dorofeev, M. L. "Directions for improving the pension indexations mechanism in the context of Russian economy’s transformation." Vestnik Universiteta, no. 9 (November 1, 2022): 110–19. http://dx.doi.org/10.26425/1816-4277-2022-9-110-119.
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The purpose of this study is to analyse the current mechanism for indexing pensions of Russian pensioners and find directions for its possible development in the context of the structural transformation of the Russian economy. To achieve this goal, a statistical and coefficient analysis of pension level indicators from the Rosstat database was carried out. Based on the results obtained, it was concluded that, all other things being equal, it is not possible to fundamentally improve the level of pension provision and it is necessary to continue to carry out significant reforms of the Russian pension system. Taking into account the new realities in which Russia found itself after February 2022, authors proposed and analysed directions in which it would be possible to further reform the Russian pension system. The proposed directions were classified into four groups: 1) measures of a general economic nature, indirectly affecting the level of pension provision; 2) changing the general parameters of the existing pension system in order to optimize it; 3) the development of a non-governmental pension insurance system to solve the problem of a low replacement rate for high-income groups of pension recipients and 4) a change in the existing mechanism for indexing pensions, which involves more radical changes to fundamentally increase the level of pension provision for Russian pensioners.
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Mohsin, Hasan Muhammad. "David A. Robalino, et al. (eds.). Pensions in the Middle East and North Africa: Time for Change. Washington, D. C.: The World Bank, 2005. pp.xxviii+253. Price not given." Pakistan Development Review 44, no. 3 (September 1, 2005): 327–29. http://dx.doi.org/10.30541/v44i3pp.327-329.
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This report by David A. Robalino, et al. on Pensions in the Middle East and North Africa: Time for Change evaluates the current mandatory pension systems formulated in the 1970s in the region. Since the publication of Boersch-Supan Palacios and Tumbarello (1999), cited in the volume, the Word Bank has been providing technical assistance to the countries of the region in the area of pension reforms. According to Schwarz and Demirguc-Kunt (1999), also cited in the volume, more than 60 countries have introduced pension reforms in the last 20 years. The financial problems and the fiscal burden of these generous schemes was the common motivation for the reforms undertaken. The present book by David Robalino and his co-authors is the extension of those previous works published five years ago.
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Georgi Gigolashvili, Georgi Gigolashvili, and Nato Gegenava Nato Gegenava. "The Main Objectives of Pension Reform." Economics 105, no. 3-4 (May 15, 2023): 38–43. http://dx.doi.org/10.36962/ecs105/3-4/2023-38.
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The developed states of the modern world have already understood the need to reform the pension system, which will be adequate for the financial, demographic and economic challenges facing the civilized world. The need to reform the pension system in Georgia is becoming more and more relevant in recent years. One of the important reforms of state social policy and the future development of the economy is the creation of a funded pension system. International experience and the opinions of a number of researchers show that it is necessary to implement a number of reforms in the system. The introduction of the private pension system will make it possible for the social pension system to gradually become an instrument for overcoming poverty. The existing system allows citizens of retirement age to be protected from poverty. Thus, the private pension system would make it possible for the social pension to be aimed at overcoming poverty at retirement age and not at ensuring a high replacement rate. Keywords: Pension, Pension System, Employment.
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Thom, Michael. "The Drivers of Public Sector Pension Reform Across the U.S. States." American Review of Public Administration 47, no. 4 (June 3, 2015): 431–42. http://dx.doi.org/10.1177/0275074015589342.
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This study analyzes the diffusion of public sector pension reforms across the American states between 1999 and 2012, a policy area notable for its fiscal implications as much as its recent political polarization. Previous enactment in other, non-contiguous states was the largest and most consistent driver of reform. Otherwise, empirical findings suggest that reform antecedents varied by reform type. Existing funding levels reduced the likelihood that states would cut benefits, change pension governance, or reduce cost of living allowances, but had no effect otherwise. Evidence for partisan legislative influence is weak, although Republican control had partial, positive effects on the enactment of pension governance reforms and increases to the retirement age. Across the board, other relevant factors such as constitutional pension protections, collective bargaining rights, and union membership density had no effect. That external contagion pressures have a more robust influence than endogenous conditions raises questions about the future efficacy of pension reform.
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ARZA, CAMILA. "Pension Reform in Latin America: Distributional Principles, Inequalities and Alternative Policy Options." Journal of Latin American Studies 40, no. 1 (February 2008): 1–28. http://dx.doi.org/10.1017/s0022216x07003616.
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AbstractDuring the 1990s a wave of major structural reforms that changed the distributional principles underpinning pension policies spread across Latin America. Outcomes were not always as expected. The implementation of new pension rules in the socio-economic, political and institutional context of Latin America has resulted in a number of inequalities which affect pension system performance and the gains that different income groups and generations may obtain. In order to overcome the distributional drawbacks of reform, Latin American governments may need to afford a new role to non-contributive pensions, as well as consider the application of specific regulatory adjustments to reduce the risks and inequalities involved in the private pillar. Cross-border policy learning may provide useful tools to achieve these aims.
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Wang, Huan, Jianyuan Huang, and Qi Yang. "Assessing the Financial Sustainability of the Pension Plan in China: The Role of Fertility Policy Adjustment and Retirement Delay." Sustainability 11, no. 3 (February 8, 2019): 883. http://dx.doi.org/10.3390/su11030883.
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Population aging is creating serious challenges for the sustainability of China’s pension system. To mitigate the adverse impact of the demographic shift, China has recently introduced fertility and retirement policy reforms. The research presented in this paper primarily evaluates the impacts of recent reforms on the financial sustainability of China’s Urban Employees’ Pension Plan (UEPP). By using the Leslie matrix and actuarial models, the financial sustainability of the UEPP from 2019 to 2070 is projected and evaluated under a set of assumed policy reform scenarios. The results indicate that an imbalance in the pension fund would occur in the early 2020s and then expand under existing policies. Fertility adjustment, retirement delay, or combination reforms would not fundamentally solve this financial crisis in the long term. When 100% of couples have a second child and the retirement age is increased to 65, the current and accumulated pension deficits would drop by 50.05–67.56% and 35.88–54.23% between 2040 and 2070, respectively. Supplementary policy measures should be designed to encourage childbearing and retirement delay, including family support policies and top-designed pension system reform policies.