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The 2020 edition of the OECD Pensions Outlook examines a series of policy options to help governments improve the sustainability and resilience of pension systems.
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People over 65 years old constitute the fastest growing segment of the Canadian population. By 2011, as the first baby boomers turn 65, seven million Canadians will be senior citizens. And by 2041 it is estimated nearly one in four Canadians will be over 65. The aging population will radically change society as individuals face the challenges of growing older, caring for parents and often times for children still at home. As our life spans increase so do our options for how we will spend our later years. However, this large group of elders is facing a crisis. Many have made few if any plans fo
Retirement --- Retirement income --- Planning.
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This book investigates the urban and rural public pension systems in China with overlapping-generations (OLG) models. This book is composed of three parts. Part one analyzes the urban public pension system, part two explores the rural public pension system, and part three discusses some possible public pension systems. It is difficult to find a book to study the Chinese public pension systems with the OLG model. This book can fill the gap in the market. It has the following distinctive features. Firstly, instead of pay-as-you-go or fully funded public pension systems, this book studies the Chi
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In 2011, the impact of a comprehensive financial education program was studied through a randomized controlled trial with 892 high schools in six Brazilian states. Using administrative data, this paper follows 16,000 students for the next nine years. The short-term findings were that the treatment students used expensive credit and were behind on payments. By contrast, in the long-term, treatment students were less likely to borrow from expensive sources and to have loans with late payments than control students. Treatment students were also more likely to own microenterprises and less likely to be formally employed than control students.
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La presentacion adecuada del sistema pensional de un pais y la comparacion de los sistemas pensionales entre paises son partes cruciales del analisis y reforma de las politicas sobre el tema. Esto es valido tanto para paises de alto ingreso de la Organizacion para la Cooperacion y el Desarrollo Economicos, como para paises de medio o bajo ingreso. Panorama de las pensiones: Sistemas de ingreso al retiro en 53 paises ofrece un compendio de hechos y analisis que deben informar la formulacion de politicas y el debate publico sobre los sistemas de ingreso al retiro alrededor del mundo. La reforma pensional es un aspecto clave de politica para todos los paises; es desafiante y controversial porque involucra planeacion a largo plazo por parte de gobiernos que enfrentan presiones de corto plazo. En Panorama de las pensiones, Edward Whitehouse combina un analisis esmerado y riguroso con una presentacion de resultados empiricos clara y facil de entender. Mientras el autor no recomienda ningun tipo particular de sistema o de reforma pensional, el analisis presentado puede servir de informacion para los debates sobre los sistemas de ingreso al retiro. Una preocupacion central es la sostenibilidad social, la cual involucra la adecuacion futura de los beneficios y el impacto de las reformas pensionales sobre la distribucion de ingresos de la tercera edad, y los medios para combatir la pobreza de dicha poblacion. Panorama de las pensiones es un recurso util para disenadores de politicas, funcionarios gubernamentales y otros agentes involucrados en la reforma pensional.
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"In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. The authors show that current proxies for the sustainable rate, including the Swedish "gyroscope," are not stable and propose an alternative measure that depends on the growth of the buffer-stock and the pay-as-you-go asset. Using a simple one-sector macroeconomic model that embeds a notional account pension system they then show how GDP indexed government bonds, if combined with the right measure for the sustainable rate of return on contributions, could be used to generate a sustainable and secure earnings-related pension system, without becoming a fiscal burden. The proposal is particularly attractive for countries considering reforms to earnings-related systems that have accumulated a large implicit pension debt. In this case, the government bonds allow the financing of this debt in a transparent way. The proposed mechanism can also facilitate the transition to a fully-funded pension system when the government bonds are allowed to be traded. "--World Bank web site.
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The case for index funds is predicated on the observed inability of active managers to outperform market indexes over long periods. Agency conflicts between investors and fund managers are another important motivation, as index funds benefit from simple, unambiguous accountability.
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