Rethinking Public Pension Reform Initiatives

April 1, 1998

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Peter S. Heller Rethinking Public Pension Reform Initiatives, (USA: International Monetary Fund, 1998) accessed December 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper argues that there are significant risks, limitations, and complications associated with reliance upon mandatory DC, fully funded schemes as the dominant public pension pillar. Policies to limit risks may result in the government being reinjected into playing an important financial role in the provision of social insurance. For many countries, the principal source of old age support should thus derive from a well-formulated, public DB pillar, with a significant amount of prefunding. A DC/FF pillar can play a useful supplemental role in a multi-pillar system for the accumulation of pension savings.

Subject: Aging, Expenditure, Income, Labor, National accounts, Pension spending, Pensions, Population and demographics, Public sector, Social assistance spending

Keywords: Aging, Asia and Pacific, Asset portfolio, Asset price, East Asia, FF pension pillar, FF scheme, FF system, Fiscal policy, Income, Income guarantee, Pension spending, Pensions, Public pensions, Social assistance spending, Social security, Southeast Asia, WP

Publication Details

Pages:

30
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1998/061
Stock No:

WPIEA0611998
ISBN:

9781451848144
ISSN:

1018-5941

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