Journal articles on the topic 'Public pension reform'
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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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O'Farrell, Brendan. "Public policy and pensions – Pension reform vs. pension adequacy." Pensions: An International Journal 5, no. 3 (May 2000): 191–92. http://dx.doi.org/10.1057/palgrave.pm.5940120.
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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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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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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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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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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.
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ST. CLAIR, TRAVIS, and JUAN PABLO MARTINEZ GUZMAN. "Contribution volatility and public pension reform." Journal of Pension Economics and Finance 17, no. 4 (April 6, 2017): 513–33. http://dx.doi.org/10.1017/s1474747217000129.
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AbstractIn the wake of the economic downturn of 2008–2009, researchers and policymakers have focused considerable attention on the extent of unfunded liabilities in US public sector pension plans and the implications for the long term fiscal sustainability of state and local governments. In response to the growth in liabilities, many states have introduced legislation that cuts back on defined benefit (DB) plan commitments, in some cases even shifting the pension system from a DB to a defined contribution or hybrid plan. This paper explores the factors that have led states to engage in pension reform, focusing particular attention on one factor that has only recently gained attention in the research literature: contribution volatility. While unfunded liabilities have significant long-term solvency implications, in the short term fluctuations in the amount of required contributions pose substantial difficulties for the ability of plan sponsors to balance budgets and engage in strategic planning. We begin by quantifying the volatility in the required contributions US states were expected to make between 2001 and 2013 and comparing the volatility of pension spending to other relevant tax and spending measures. Next, we describe the various types of pension reforms that states have implemented and examine the fiscal pressures facing those states that have engaged in reform. States with greater fluctuations in their required payments have been more likely to reduce benefits and increase employee contributions; they have also been more likely to institute these reforms sooner.
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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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Anenson, T. "Public Pensions and Fiduciary Law: A View From Equity." University of Michigan Journal of Law Reform, no. 50.2 (2017): 251. http://dx.doi.org/10.36646/mjlr.50.2.public.
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Controversies involving fund management may be the next frontier of public pension litigation. Recent scandals involving fraud, bribery, and corruption of public pension officials and other third parties have drawn the public eye toward the management of retirement assets. Individual and entity custodians, including pension boards of trustees, are charged with making investment and other decisions relating to pension funds. Unlike private pensions, there is no federal oversight of asset managers or others in control of retirement funds. Yet these funds hold more than three trillion dollars in assets. Until now, the guardians of these monies have operated almost invisibly in the background of the public pension crisis. This Article advances the retirement reform debate by looking more closely at the fiduciary relationship that exists between trustees and beneficiaries involving public sector employee pension funds. It offers a singular view from historic equity. The Article aims to see how equity in the medieval world relates to the modern pension problem. From that viewpoint, it evaluates what the fiduciary relation means, or should mean, in the changing legal environment of public retirement systems. The main objective is to raise issues involving fiduciary law and public pensions that have been undervalued or ignored. Based upon fiduciary law’s ancestry in equity, the Article offers guidance in assigning and defining obligations and associated remedies in the government pension situation. It contemplates the equitable dimension of the public pension problem, analyzes circumstances where fiduciary violations may arise, and suggests possible outcomes. It also comments on deficiencies in current law. Overall, the Article provides a deeper perspective of the fiduciary principle and corresponding doctrine in the context of government retirement systems.
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Kotsur, Andrii, and Viktor Ostroverkhov. "FEATURES OF DEVELOPMENT OF PUBLIC PENSION INSURANCE." Regional’ni aspekti rozvitku produktivnih sil Ukraїni, no. 23 (2018): 126–32. http://dx.doi.org/10.35774/rarrpsu2018.23.126.
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The article clarifies the peculiarities of the development of the pension system over the last decades and highlights the key stages of its reform. The main stages of the formation of a modern system of pensions are related to the adoption of legislative acts that deal with its improvement. The modern pension system of Ukraine is characterized by a number of negative phenomena: low level of pensions; a significant deficit of the Pension Fund of Ukraine, which is covered from the state budget, the availability of "special" pensions, negative trends in demographic development. Over the past five years, pensions remained virtually unchanged. If the amount of wages has doubled, then the amount of pensions increased by 30%. It should also be borne in mind that the military aggression against Ukraine has caused a high level of inflation and devaluation of the national currency during this period. Thus, the level of material support for Ukrainian pensioners is extremely unsatisfactory. Reforms of the pension system, which were carried out during the last decade, were also aimed at overcoming the budget deficit of the Pension Fund of Ukraine. To this end, the rates of a single social contribution were reduced in order to «withdraw» wages from the «shadow»; increased retirement age for women; Some «corruption" pension provisions for certain categories of population were canceled. However, the budget deficit of the Pension Fund has not only decreased, but also increased. Negative trends in demographic development add a particular danger to the functioning of the pension system. In recent years, the number of people of retirement age has not changed, but the number of young people and the number of children has decreased by 10 million people. In order to stabilize the pension system it is expedient to: refuse to put into effect the accumulative level of the pension system, which may lead to the final collapse of the joint system and is aimed at preserving income for top managers of state enterprises and high-level officials; increase the rate of the single social contribution for self-employed persons; to expand the scope of collecting fees to the Pension Fund of Ukraine; to carry out gradual updating of the size of the pension provision in accordance with the requirements of the International Labor Organization.
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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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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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SCHMÄHL, WINFRIED. "Dismantling an Earnings-Related Social Pension Scheme: Germany's New Pension Policy." Journal of Social Policy 36, no. 2 (March 5, 2007): 319–40. http://dx.doi.org/10.1017/s0047279406000626.
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A paradigm shift in pension policy decided by the German red–green coalition government will considerably affect the level and structure of pension benefits as well as the mix of public and private old-age security arrangements. The article starts with a brief outline of the pension schemes as they had been designed before the recent decisions, and with a few remarks on the reasons for current reform debates. The major measures of the 2001 Pension Reform are then described. The focus of the article is on the effects of the reform for (personal) income distribution and institutional design. A partial shift from (mandatory) public (pay-as-you-go financed) pensions to (voluntary) private (capital-funded) pensions and from defined benefit towards defined contribution will, among other things, reduce the benefit level in the social pension insurance. A large number of contributors – even after many years of paying contributions – will only receive benefits below the social assistance level. It can be expected that this development will transform the present earnings-related statutory pension scheme – which has a strong contribution–benefit link and is aimed at income smoothing over the lifecycle – into a basic, highly redistributive pension scheme, aimed mainly at avoiding poverty. Income inequality in old age is expected to increase as a result of the new strategy in pension policy.
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Heller, Peter S. "Rethinking Public Pension Reform Initiatives." IMF Working Papers 98, no. 61 (1998): 1. http://dx.doi.org/10.5089/9781451848144.001.
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Jousten, Alain. "Public Pension Reform: A Primer." IMF Working Papers 07, no. 28 (2007): 1. http://dx.doi.org/10.5089/9781451865929.001.
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Kilgour, John G. "Public Pension Reform in California." Compensation & Benefits Review 45, no. 6 (November 2013): 350–56. http://dx.doi.org/10.1177/0886368714525013.
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Okamoto, Akira. "Public Pension Reform in Japan." Economic Analysis and Policy 40, no. 2 (September 2010): 179–208. http://dx.doi.org/10.1016/s0313-5926(10)50024-9.
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CARRERA, LEANDRO N., and MARINA ANGELAKI. "The Diversity and Causality of Pension Reform Pathways: A Fuzzy-set Qualitative Comparative Analysis." Journal of Social Policy 49, no. 3 (November 4, 2019): 582–600. http://dx.doi.org/10.1017/s0047279419000679.
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AbstractPension reform is one of the top public policy priorities in advanced industrialized countries due to population ageing and the significant weight of pension spending in governments’ budgets. As a result of these concerns European countries have engaged in varying degrees of pension reforms over the last three decades. The extant literature on pension reform focuses on structural, institutional and blame avoidance theories to explain how pension reform take place. Yet, how do different conditions combine to lead to significant pension reform outcomes? To answer this question we analyze a set of 48 pension reform cases in eight European countries since the late 1980s up until 2014 by using fuzzy set qualitative comparative analysis (fsQCA). Our main finding is that institutional, structural or blame avoidance theories cannot account by themselves for instances of significant pension reform. Rather, we find three pathways that combine structural and institutional conditions to lead to significant pension reform.
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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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Owczarczyk, Anna. "IMPACT OF PENSION SYSTEM REFORMS ON PUBLIC FINANCE EXPENDITURES IN POLAND." Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing, no. 22(71) (December 16, 2019): 145–55. http://dx.doi.org/10.22630/pefim.2019.22.71.32.
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The social security system in each country, if it exists, plays a crucial role in supporting citizens and specific expenditures of the public finance system. Its importance in public spending depends on many factors; in particular, on its source and on its form of financing benefits or pensions. The social security system in Poland is composed of a social insurance and welfare system, a health insurance system, unemployment and family benefits, from which are enumerated an old-age pension, invalidity pension, sickness and maternity insurance, insurance against accidents at work and occupational diseases, and health insurance. The Polish social security system often changes due to implementation of improvements or limits on public spending. The most famous reform took place in 1999 and introduced the largest number of changes in the sphere of pension security. Because the scale of public funds that are passed on to the social security system is very large, pension reforms should are crucial for improving the state of public finances. The aim of the paper is to present changes that took place in the Polish pension system between 1999 and 2017 and how those changes influenced the amount of public expenditures. The study reviews the research hypothesis: frequent changes in the pension system have a negative impact on the state of Polish public finance. The study covers the years 1999-2017, as well as the previous four years before the implementation of the pension reform. Basic research materials used to conduct the research analysis were reports on implementation of the state budget, data prepared by the Social Insurance Institution and the Agricultural Social Insurance Fund as well as statistical data obtained from the Central Statistical Office.
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Yunho, Kim, Jung Yunjin, Seoh Dongwook, and Im Tobin. "Higher Public Service Motivation for Accepting Public Sector Pension Reform? Evidence from Korean Government Organizations." Korean Journal of Policy Studies 34, no. 1 (April 30, 2019): 23–42. http://dx.doi.org/10.52372/kjps34102.
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Organizational reforms that employees do not voluntary accept are likely to negatively affect organizational effectiveness in the long term. We conducted an empirical analysis with survey data by reviewing related studies on public service motivation (PSM) and acceptance of organizational changes, the goal being to verify the relationship between government employees’ PSMand their acceptance of public sector pension reform in Korea. Results show that public servants highly driven by PSM are willing to accept this pension reform even though it reduces their own benefits. This study is distinguished from existing literature of PSM and responses to organizational changes because it reduces the possibility of endogeneity problems.
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BOUCHET, MURIEL, LUCA MARCHIORI, and OLIVIER PIERRARD. "Pension reform in a worst case scenario: public finance versus political feasibility." Journal of Pension Economics and Finance 16, no. 2 (January 13, 2016): 173–204. http://dx.doi.org/10.1017/s1474747215000451.
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AbstractThis paper uses a quantitative overlapping generation model to suggest a pension reform able to sustain a retirement system, in the face of deep demographic changes. We derive the reform design from an optimization program that selects one or more policy instruments – and their values – among a predefined set, to minimize the welfare loss of the median voter while keeping sound public finances, sustaining gross domestic product growth and considering the welfare of the newborn generation. We calibrate the model to the Luxembourg economy. The European Commission (2012) forecasts that, among all euro area countries, Luxembourg will experience the largest increase in pension costs between now and 2060. Our simulations show that a single instrument reform would imply severe backlashes on the rest of the economy. The suggested pension reform instead consists of a policy mix including taxation, benefits and the effective retirement age. We stress the need to design pension reforms based on optimization programs that lead to the achievement of desired targets. Indeed, the reform implemented by the Luxembourg government in 2013, which does not result from an optimization program, will not keep public finances sound over the medium term.
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O'Donnell, Owen, and Platon Tinios. "The Politics of Pension Reform: Lessons from Public Attitudes in Greece." Political Studies 51, no. 2 (June 2003): 262–81. http://dx.doi.org/10.1111/1467-9248.00423.
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While the construction of a rational case for pension reform is often straightforward, the political implementation of such reform can be somewhat more difficult. In large part, this can be attributed to sceptical public opinion. The precise role played by public opinion in constraining the political feasibility of pension reform is, however, unclear. The purpose of this paper is to distil the ways in which public attitudes influence pension reform. This is done through examining survey data from Greece, where progress with the implementation of pension reform has been particularly modest. Political opposition to pension reform appears to be rooted in a general lack of public appreciation of the case for reform combined with the desire to protect interest group privileges. Public ignorance and insecurity breed attitudes not conducive to reform. Public attitudes do not simply act as a given constraint on reform but are a product of the structure of the pension system and the reform process itself. In this path-dependent process, implementation of a reform agenda of rationalisation is more difficult from the starting point of a severely fragmented and distorted system.
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Gorina, Evgenia, and Trang Hoang. "Pension Reforms and Public Sector Turnover." Journal of Public Administration Research and Theory 30, no. 1 (June 24, 2019): 96–112. http://dx.doi.org/10.1093/jopart/muz009.
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Abstract Over the past decade, many states have reformed their retirement systems by reducing benefit generosity, tightening retirement provisions, introducing non-defined-benefit (DB) plan options and even replacing DB plans with defined-contribution plans. Many of these reforms have affected post-employment benefits that public workers will receive when they retire. Have these reforms also affected the attractiveness of public sector employment? To answer this question, we use state-level data from 2002 to 2015 and examine the relationship between state pension reforms and public employee turnover following the reforms. We find that employee responsiveness to the reforms was tangible and that it differed by reform type and worker education. These results are important because the design of public retirement benefits will continue to influence the ability of the public sector to recruit and retain high-quality workforce.
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JAMES, ESTELLE, ALEJANDRA COX EDWARDS, and REBECA WONG. "The gender impact of pension reform." Journal of Pension Economics and Finance 2, no. 2 (July 2003): 181–219. http://dx.doi.org/10.1017/s1474747203001215.
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Pension systems may have a different impact on the two genders because women are less likely than men to work in formal labor markets and earn lower wages when they do. Recent multi-pillar pension reforms tighten the link between payroll contributions and benefits, leading critics to argue that they will hurt women. In contrast, supporters of these reforms argue that women will be helped by the removal of distortions pillar and the better targeted redistributions in the new systems. This paper examines the differential impact of the new and old systems in three Latin American countries – Chile, Argentina and Mexico. Based on household survey data, we simulate the wage and employment histories of representative men and women, the pensions that these are likely to generate under the new and old rules, and the relative gains or losses of the two genders due to the reform. We find that women do indeed accumulate private annuities that are only 30–40% those of men in the new systems. However, this effect is mitigated by sharp targeting of the new public pillars toward low earners, many of whom are women, and by restrictions on payouts from the private pillars, particularly joint annuity requirements. As a result, low-earning married women are the biggest gainers from the pension reform.
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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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RING, PATRICK JOHN. "Security in Pension Provision: A Critical Analysis of UK Government Policy." Journal of Social Policy 34, no. 3 (June 15, 2005): 343–63. http://dx.doi.org/10.1017/s0047279405008810.
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The Labour government has often argued that it is attempting to find a ‘third way’ in politics, appearing to take its inspiration from Anthony Giddens and, in relation to Labour's pensions policy, Giddens' notion of ‘positive welfare’.Noting that the government maintains that ‘pensions are all about security’, and that it has declared the importance of this position throughout its reform of UK pension provision, this article critically examines the nature of the ‘security’ its reform is likely to deliver. Using the work of Giddens, it notes the importance of the concept of ontological security, and the relevance of trust to security. From this basis, and drawing upon the work of both Giddens and Niklas Luhmann, it goes on to consider whether the government's reforms of the three pillars of pension provision in the UK – state provision, occupational provision and personal provision – are capable of delivering greater security in pension provision.It concludes that, quite apart from the potential criticisms of the conception of positive welfare itself, the government's apparent adoption of such an approach has failed to appreciate adequately the importance of ontological security to any understanding of welfare. As a consequence, it is suggested that the practical outcome is reform that is likely to create much less security in pension provision than either Giddens' approach, or indeed regular government pronouncements, might suggest.
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Holzmann, Robert. "Pension Policies in OECD Countries: Background, Trends and Implications." Journal of Public Policy 9, no. 4 (October 1989): 467–91. http://dx.doi.org/10.1017/s0143814x00008357.
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ABSTRACTConcerns about reforming public pensions schemes are an OECD-wide phenomenon. This paper highlights in a first part the background and various causes of the reform debate, summarized in five broad areas: budgetary, economic, social, population aging, and system maturation. The second part presents major directions of current reform approaches of public pension schemes. Despite the different structure and history of these schemes, the major trends in reform are strikingly similar. The final part discusses some major policy considerations resulting from the current reform approach in the face of an aging population. At present, the pace of the reform process in most countries must be considered insufficient to put the pension systems on a financially sound basis and thus to avoid future individual welfare losses and intergenerational income distribution.
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Jorg Michael, Dostal. "Nigerian Pension Reform 2004-2010: Great Leap or Inappropriate Policy Design?" Korean Journal of Policy Studies 25, no. 2 (August 31, 2010): 13–37. http://dx.doi.org/10.52372/kjps25202.
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This paper analyses early results of the 2004 Nigerian pension reform. At the beginning of 2010, the new system of privately managed, funded pension accounts covered around four million Nigerians in a country with a workforce of around 50 million people. The study focuses on shortcomings of the new system. Most crucially, the reform has failed to contribute to basic social security in old age for the majority of Nigerians employed in the informal sector. Moreover, the minority of covered workers are also likely to experience problems. The study demonstrates in a model calculation that the funded accounts have so far produced negative real returns for pension savers. It is suggested that shortcomings of the current system are unlikely to be addressed by reform within the existing paradigm and that alternative policies, such as noncontributory universal social pensions, should be considered to expand basic social security in the Nigerian context.
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Piasecki, Ryszar. "Reform of Healthcare and Pension Systems in Chile (Conclusions for Poland)." Comparative Economic Research. Central and Eastern Europe 14, no. 2 (November 8, 2011): 41–60. http://dx.doi.org/10.2478/v10103-011-0010-6.
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Health reform in Chile attemps to improve healthcare of the citizens. The authorities of the country managed to combine both the private (ISAPRE) and public systems FONASA). The biggest success was the creation of AUGE (state subsidies for 66 diseases). The unsolved problems are as follows: long waiting lists and shortages of beds in public hospitals, shortage of medical doctors and specialists. As far as the pension reform is concerned Chile was the first state in the world which in 1981 totally privatized the public pension system. Unfortunately, the fruit of changes in Chile is less optimistic (extremely low pensions) than it was initially assumed. According to specialists the only chance for a correct work of the pension system is introduction of the system which would combine two forms, i.e. a state intergenerational agreement and capital system.
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von Weizsäcker, Robert K. "Public pension reform, demographics, and inequality." Journal of Population Economics 8, no. 2 (May 1995): 205–21. http://dx.doi.org/10.1007/bf00166652.
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CLARK, ROBERT L., EMMA HANSON, and OLIVIA S. MITCHELL. "Lessons for public pensions from Utah's move to pension choice." Journal of Pension Economics and Finance 15, no. 3 (June 10, 2016): 285–310. http://dx.doi.org/10.1017/s1474747215000426.
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AbstractWe explore what happened when the state of Utah moved away from its traditional defined benefit pension. In its place, it offered new hires a choice between a conventional defined contribution plan and a hybrid plan option, where the latter has both a guaranteed benefit component and a defined contribution plan where employees bear investment risk. We show that around 60% of new hires failed to make any active choice and, as a result, were automatically defaulted into the hybrid plan. Slightly more than half of those who made an active choice elected the hybrid plan. Post-reform, employees who failed to actively elect a primary retirement plan were also far less likely to enroll in a supplemental retirement account, compared with new hires who actively selected a plan. We also find that employees hired following the reform were more likely to leave public employment, resulting in higher separation rates. This could reflect a reduction in the desirability of public employment under the new pension design and an improving economic climate in the state. Our results imply that public pension reformers must consider employee responses in addition to potential cost savings, when developing and enacting major pension plan changes.
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Lachowska, Marta, and Michał Myck. "The Effect of Public Pension Wealth on Saving and Expenditure." American Economic Journal: Economic Policy 10, no. 3 (August 1, 2018): 284–308. http://dx.doi.org/10.1257/pol.20150154.
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This paper examines the degree of substitution between public pension wealth and private saving by studying Poland’s 1999 pension reform. The analysis identifies the effect of pension wealth on private saving using cohort-by-time variation in pension wealth induced by the reform. The estimates, which are based on the 1997–2003 Polish Household Budget Surveys, show that 1 Polish zloty (PLN) less of pension wealth increases household saving by 0.3 PLN. Among highly educated households, pension wealth and private saving appear to be close substitutes. (JEL D14, E21, H55, I38)
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Monorchio, Andrea. "Reform: pension system." International Journal of Public Administration 23, no. 2-3 (January 2000): 293–314. http://dx.doi.org/10.1080/01900690008525463.
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KATO, JUNKO. "Public Pension Reforms in the United States and Japan." Comparative Political Studies 24, no. 1 (April 1991): 100–126. http://dx.doi.org/10.1177/0010414091024001005.
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In the early 1980s, facing the financial crises in their public pension systems, the governments of both the United States and Japan proposed reform. In each case the reform efforts failed. A few years later policy proposals by special commissions led to the enactment of reform legislation in both countries. No major political upheavals occurred in the intervening years; but in both cases, failure turned into success in a short period. The article demonstrates that similar shifts in political strategy (the use of special commissions) produced parallel outcomes (the benefits cut reforms). This study points to the universal components of political strategy in democratic systems at the same time as it emphasizes the distinctive feature of the American and Japanese political systems.
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Makarski, Krzysztof, Jan Hagemejer, and Joanna Tyrowicz. "ANALYZING THE EFFICIENCY OF PENSION REFORM: THE ROLE OF THE WELFARE EFFECTS OF FISCAL CLOSURES." Macroeconomic Dynamics 21, no. 5 (May 30, 2016): 1205–34. http://dx.doi.org/10.1017/s1365100515000383.
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Replacing the pay-as-you-go defined benefit (PAYG DB) system with an at least partially funded defined contribution (DC) system generates fiscal costs that need financing. The fiscal closures at hand differ by the channel and the extent of distortions. The main contribution of this paper is a thorough comparison of the welfare effects of the various fiscal closures of the pension system reform. In addition, we decompose the welfare effects to the parts attributable to changing the way pensions are financed (PAYG ⇒ prefunding) and to changing the way pensions are computed (DB ⇒ DC). We show that depending on the fiscal closure, the welfare effects differ substantially for the same pension system reform. The financing of the the pension system gap with public debt allows more intergenerational redistribution.
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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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R., Samuel, and Ajibose K.A. "An Assessment of the Impacts of the Pension System Reforms on Employees’ Performance and Retention in Nigeria Distilleries Limited, Lagos Nigeria." British Journal of Management and Marketing Studies 4, no. 3 (September 9, 2021): 73–86. http://dx.doi.org/10.52589/bjmms-d9pmgxpy.
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Consequently, upon many decades of inefficient and corrupt pension management system in Nigeria, public servants in Nigeria dreaded retirement because of the reported plight of retirees who were seen dying on queues or living under the bridges at the Federal Capital City of Abuja. While an average worker in other parts of the world looks forward to a decent and enjoyable post-work life, Nigerians lived in fear of ageing and retirement resulting in several malpractices such as multiple declarations of age with intent to keep them at work far past the official retirement age. Factors arising from pension inadequacies, poor funding, embezzlements and long arrears especially in the public sector led to the initiatives for restructuring of the country’s pension system and the enactment of the Pension Reform Act of 2004 and its review Act of 2014. The reforms aimed at making pension administration more effective, efficient, to make and improve on the question of adequacy and fund security. However, key problems in the management of the new pension system involve the perception of the degree and significance of its impact and whether key objectives are satisfied according to the intent of the reforms. This study was designed to examine whether the reforms have contributed significantly to addressing employees' post-work-life concerns and how such assessments impact their performance. Specifically, the paper examines if a relationship exists between the new pension reform act and employee retention, as well as organizational performance using a sample of employees of Nigerian Distilleries Ltd. Three hypotheses were tested at a 0.05 level of significance, using the inferential statistics of Regression Analysis with the aid of Statistical Package for Social Sciences (SPSS version 20). The findings show that there is a significant relationship between the New Pension Reform Act and employee’s performance. Also, the New Pension Reform Act has a positive effect on employee retention, compensation design must reflect this option in order to attract, motivate and retain employees. With further evidence that the pension system has the propensity to align the individual and corporate goals by increasing their job commitment, performance and motivation, the paper concludes that proper implementation of the provisions of the pension reform act is a prerequisite for achieving its objectives.
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Monahan, Amy B. "Public Pension Plan Reform: The Legal Framework." Education Finance and Policy 5, no. 4 (October 2010): 617–46. http://dx.doi.org/10.1162/edfp_a_00014.
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There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This article presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Nearly all of the various approaches to public pension plan protection taken by the states have significant flaws. These flaws include a lack of clarity regarding what plan changes the relevant legal standard will allow, combined with either too much or too little protection for plan participants. This article argues that states would be well served to adopt a contractual approach to public pension benefits but to limit that contractual protection to accrued benefits. This approach is clear, protects legitimate participant interests, and preserves an employer's ability to respond to changing economic conditions.
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Pudovkin, A. V. "PRIVATE AND PUBLIC PENSION SYSTEMS WORLWIDE: CASE OF RUSSIA." MGIMO Review of International Relations, no. 3(48) (June 28, 2016): 258–64. http://dx.doi.org/10.24833/2071-8160-2016-3-48-258-264.
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The article deals with the Russian pension system and make recommendations for its further development on the basis of international experience. The Russian pension system is in a state of transition. The reform of 2013-2015 is not completed, since in its current state pension system is still characterized by very low replacement rate value at a very high level of government spending. Moratorium on pension accumulation introduced in the course of recent reforms calls into question the future of the mandatory funded pension system. Review of international pension systems formation suggests that the most successful of them are not limited solely to public system, and use a combination of distribution and accumulation units. When choosing between mandatory or voluntary options they are guided by the characteristics of the national economy. Studying the successes and mistakes of world practice of voluntary and mandatory funded pension systems is of great scientific and practical interest, since it can contribute to a more accurate choice of the future path of development of the national pension system.
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Yusuke, Kawamura. "PENSION REFORM IN AN AUTHORITARIAN STATE: A CASE STUDY OF EGYPT." Public Administration Issues, no. 5 (2021): 89–106. http://dx.doi.org/10.17323/1999-5431-2021-0-5-89-106.
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This article focuses on two pension reforms in Egypt in order to understand the dynamics of social policy reform under authoritarian rule. One was supported by the World Bank and promulgated in 2010. It included drastic changes, such as the introduction of a defined benefit scheme, and ultimately failed. Another was successfully implemented in 2019. Compared to the 2010 reform, the 2019 reform involved only parametric change (such as increasing the retirement age and amalgamating social insurance funds), in order to mitigate the criticisms that had been made of the previous pension reform and to facilitate gradual, steady enhancement of the programme’s sustainability. The findings suggest that perceptions of authoritarian leaders as having wide-ranging discretion in decision-making concerning public policy and being able to more decisively implement harsh social reform compared with democratic political leaders need to be reconsidered.
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Koval, Natalia, Natalia Priamuhina, and Inna Zhmurko. "ANALYSIS OF ECONOMIC-FINANCIAL EXPERIENCE OF THE WORLD COUNTRIES IN THE SYSTEM OF PENSION INSURANCE." Baltic Journal of Economic Studies 6, no. 1 (March 16, 2020): 1. http://dx.doi.org/10.30525/2256-0742/2020-6-1-1-8.
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The purpose of this article is to analyze the experience of pension insurance systems in Europe, Asia, North and South America, Australia. The defining feature is that the existing pension insurance system in Ukraine does not perform its main task properly, since the rate of pension, for the most part, does not make it possible to maintain a decent standard of living for current pensioners. After analyzing the implementation of the pension reform in Ukraine, it should be emphasized that during the twelve-year period after the pension reform in the country there remain a number of unresolved issues regarding the pension provision of citizens, namely: aging of the population, which is one of the main factors that prompt the government to a new stage of reforming the pension system; the presence of arrears on contributions to compulsory state pension insurance; lack of proper differentiation of pension payments; shadow wages; lack of sound financial instruments for investing pension assets; unsatisfactory level of legal and financial awareness of the population in matters of pension provision; lack of interest of employers in financing non-state pension programs for employees, lack of confidence in the pension system of non-state pension funds. Methods. In most countries of the world, the problems of the pension system, same to what we have in our country, arose. But due to pension reform, they achieved successful results. Each country chose its own way of building a pension system based on its own demographic and socioeconomic features. However, despite this, the main task of any pension system is to secure from poverty and provide a pension that could guarantee a decent standard of living for a pensioner. Results. Ukraine is trying to build the pension insurance system, drawing on the best practice of the countries studied. Practical implications. It is found that the most effective and successful model of the pension system is considered to be Chilean, since the country has been using cumulative and voluntary pension systems for a long time, which are priority and allow to resolve the pension of their citizens financially, prudent and efficient investing of pension funds with lower rates of public investment income. The same model was taken as the basis in Peru, Argentina, Colombia and Kazakhstan. Value/originality. Analyzing the pension reforms implemented in Eastern Europe, it should be noted that part of the changes was due to the need to protect pensioners from poverty in the context of a sharp decrease in the rate of pensions because of the reduction of total pension contributions and the inability of the state to finance previous pension obligations. The real way to reduce the financial burden on employers and the state in the context of a solidarity pension system was to develop levels II and III of the pension system. It is noteworthy to study the foreign experience of the Eastern European country, such as Poland, which was one of the first to introduce a compulsory funded pension system.
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Shuls, James V., Collin Hitt, and Robert M. Costrell. "How state pension subsidies undermine equity." Phi Delta Kappan 100, no. 8 (April 29, 2019): 37–41. http://dx.doi.org/10.1177/0031721719846887.
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When policy advocates debate how best to ensure equity in public education funding, the topic of teacher pension reform rarely comes up. But, in fact, pensions represent a very large and fast-growing source of education spending, much of it distributed in ways that are, in a number of states, anything but equitable. When states subsidize teacher pensions directly, rather than expecting local school systems to fund those pensions themselves, affluent districts tend to benefit the most.
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Hinrichs, Karl. "Elephants on the move. Patterns of public pension reform in OECD countries." European Review 8, no. 3 (July 2000): 353–78. http://dx.doi.org/10.1017/s1062798700004956.
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Among OECD countries there are two clusters of old-age security systems: (1) ‘Social insurance’ countries had, by the end of the 1960s, fashioned the core of old-age security as public, contributory, earnings-related and unfunded insurance schemes; (2) a diverse collection of countries that, after 1970, topped up their basic pension arrangements with funded occupational pension schemes with (almost) universal coverage. ‘Social insurance’ countries, on which this essay focuses, reveal at least six common trends in pension reform, all about improving the financial sustainability of public schemes. Although the repertoire of incremental adjustment strategies is quite limited, policy changes since the early 1980s have not led to a clear convergence among ‘social insurance’ countries (or across the two clusters). Their original diversity has been somewhat diminished, but it has for the most part merely taken a different form. Public pension reforms regularly harmed (future) beneficiaries. Nevertheless, most reforms were actually based on broad political consensus. The success of attempts to introduce retrenchment policies depends on prior negotiation with – and support obtained from – collective actors above and beyond a simple parliamentary majority. This peculiar prerequisite ensures success in the sense of a sustained implementation of the measures taken and of actual improvement in public trust in ‘reliable’ pension schemes.
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Anderson, Karen M., and Traute Meyer. "Social Democracy, Unions, and Pension Politics in Germany and Sweden." Journal of Public Policy 23, no. 1 (January 2003): 23–54. http://dx.doi.org/10.1017/s0143814x03003027.
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This article investigates the politics of reforming mature, pay-as-you-go pensions in the context of austerity. In both Sweden and Germany the Social Democratic party leadership advocated reform in response to similar financial and demographic pressures, but the Swedish reform was more successful in correcting perceived program weaknesses and in defending social democratic values. To explain this difference in outcomes, we focus on policy legacies and the organizational and political capacities of labor movements. We argue that existing pension policies in Germany were more constraining than in Sweden, narrowing the range of politically feasible strategies. By contrast, in Sweden, existing pension policy provided opportunities for turning vices into virtues and financing the transition to a new system. In addition, the narrow interests of German unions and the absence of institutionalized cooperation with the Social Democratic Party hindered reform. By contrast, the Swedish Social Democrats' bargaining position in pension reform negotiations with non-socialist parties was formulated with blue collar union interests in mind. The encompassing interests of Swedish unions and their close links with the Social Democrats facilitated a reform compromise.
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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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McKinnon, Roddy. "Pension system reform." International Social Security Review 62, no. 2 (April 2009): 1–3. http://dx.doi.org/10.1111/j.1468-246x.2009.01326.x.
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CALVO, ESTEBAN, FABIO M. BERTRANOU, and EVELINA BERTRANOU. "Are Old-age Pension System Reforms Moving Away from Individual Retirement Accounts in Latin America?" Journal of Social Policy 39, no. 2 (January 13, 2010): 223–34. http://dx.doi.org/10.1017/s0047279409990663.
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AbstractThis article reviews two rounds of pension reform in ten Latin American countries to determine whether they are moving away from individual retirement accounts (IRAs). Although the idea is provocative, we conclude that the notion of ‘moving away from IRAs’ is insufficient to characterise the new politics of pension reform. As opposed to the politics of enactment of IRAs of the late twentieth century, pension reform in Latin America in recent years has combined significant revival of public components in old-age income maintenance with improvement of IRAs. Clearly, the policy prescriptions that were most influential during the first round of reforms in Latin America have been re-evaluated. The World Bank and other organisations that promoted IRAs have recognised that pension reform should pay more attention to poverty reduction, coverage and equity, and to protect participants from market risks. The experience and challenges faced by countries that introduced IRAs, the changes in policies by international financing institutions, and the recent financial volatility and heavy losses experienced in financial markets may have tempered the enthusiasm of other countries from applying the same type of reforms. Scholars and policy-makers around the globe could benefit from looking closely at these changes in pension policy.
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Altiparmakov, Nikola. "Is there an alternative to the pay-as-you-go pension system in Serbia?" Ekonomski anali 58, no. 198 (2013): 89–114. http://dx.doi.org/10.2298/eka1398089a.
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International pension reform experiences indicate that, amid demographic aging, each country needs to identify the reform policies most suited to its own economic and social environment. The economic analysis in this paper suggests that a potential prefunding of the Serbian pension system, either through a public pension reserve fund or mandatory private pension funds, would yield an economic performance inferior to the existing PAYG financing. If a wealth transfer from current to future generations is desirable from the macroeconomic or social perspective it should be implemented through repayment of outstanding public debt, not through pension system prefunding. Pension reform efforts should thus focus on parametric PAYG changes and adequate integration of voluntary retirement saving vehicles into the Serbian pension system.