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A World Bank perspective on pension reform

Author

Listed:
  • Holzmann, Robert
Abstract
This report highlights the World Bank's thinking and worldwide involvement in pension reform. Both are driven by the Bank's mandate to help countries develop economically and to reduce poverty. The Bank has four key concerns in working with clients on pension policy: 1) short-term financing and long-term financial viability; 2) effects on economic growth; 3) adequacy and other distributive issues; and 4) political risk and sustainability. In response to these concerns and after review of the three main reform options for unfunded systems-mere pay-as-you-go reform, a rapid and complete shift to a mandatory funded system, and a gradual shift to a multi-pillar scheme-the Bank favors the later approach, but in a pragmatic and country-specific manner. When helping to implement a pension reform, the Bank takes full account of country preferences, circumstances and ownership, bases its support on sound reform criteria, links client assistance with knowledge management, provides training and other measures to enhance the reform capacity of a country, and seeks cooperation with other international institutions.

Suggested Citation

  • Holzmann, Robert, 1999. "A World Bank perspective on pension reform," Social Protection Discussion Papers and Notes 20050, The World Bank.
    • Handle: RePEc:wbk:hdnspu:20050
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    Citations

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    Cited by:

    1. Eduardo Siandra, 1999. "La inversión extranjera de los fondos de pensiones y el desarrollo del mercado de capitales doméstico," Documentos de Trabajo (working papers) 0599, Department of Economics - dECON.
    2. International Monetary Fund, 2011. "Uruguay: 2011 Selected Issues," IMF Staff Country Reports 2011/376, International Monetary Fund.
    3. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds'structure, performance, and investments : cross-country evidence," Social Protection Discussion Papers and Notes 23302, The World Bank.
    4. Eduardo Siandra, 1998. "Sistemas de pensiones, sus reformas y los mercados de capitales," Documentos de Trabajo (working papers) 0299, Department of Economics - dECON.
    5. Katharina Müller, 2000. "Pension privatization in Latin America," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(4), pages 507-518.
    6. Galasso, Vincenzo & D'Amato, Marcello, 2002. "Aggregate Risk, Political Constraints and Social Security Design," CEPR Discussion Papers 3330, C.E.P.R. Discussion Papers.
    7. Markus Leibrecht & Joelle H. Fiong, 2017. "Economic Crises and Globalisation as Drivers of Pension Privatisation: an Empirical Analysis," ICMA Centre Discussion Papers in Finance icma-dp2017-05, Henley Business School, University of Reading.
    8. Eduardo Siandra, 1999. "La reforma de la seguridad social y el mercado de capitales: una descripción del caso uruguayo," Documentos de Trabajo (working papers) 0499, Department of Economics - dECON.

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