New Policies for Mandatory Defined
            Contribution Pensions : Industrial Organization Models and
            Investment Products

Impavido, Gregorio; Lasagabaster, Esperanza; Garcia-Huitron, Manuel

dc.creator	Impavido, Gregorio
dc.creator	Lasagabaster, Esperanza
dc.creator	Garcia-Huitron, Manuel
dc.date	2012-03-19T09:34:12Z
dc.date	2012-03-19T09:34:12Z
dc.date	2010
dc.date.accessioned	2023-02-17T20:36:50Z
dc.date.available	2023-02-17T20:36:50Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20100604053737
dc.identifier	978-0-8213-8276-9
dc.identifier	http://hdl.handle.net/10986/2462
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/242892
dc.description	The recent financial crisis is challenging the reform approach to mandated pension a scheme that has emerged over recent decades across the world. This reform approach is characterized by a move toward multi-pillar pension systems and includes the creation or extension of a mandatory funded pillar with defined contribution design. The rationale and viability of such a pillar is contingent on an enabling environment and the delivery of high risk-adjusted net rates of return that beat the natural benchmark, which is the internal rate of return that an unfunded mandated scheme is able to achieve. Two key aspects of mandated and funded defined contribution schemes have been under discussion and investigation since dedicated pension funds were created: (a) the high fees levied by privately organized pension funds and the consequence for the net rate of return; and (b) the investment products of these funds and their capability to address the investment risks and to deliver the expected retirement income in a life-cycle context. To this end, country policies have experimented with a variety of approaches to improve outcomes with some important leads but overall modest results. This book proposes to take a fresh and highly innovative look at both policy issues. It suggests stepping back and looking at the underlying causes of the issues at stake instead of merely trying to address their symptoms. In addressing the high fees of pension funds, it focuses on the less-than-ideal conditions inert consumers facing firms with market powers and proposes to apply solutions derived from industrial organization models and pricing methods that better reflect the cost structure of the supply of pension services. In addressing the investment risks, it asks how to improve fund managers' risk-adjusted investment performance when participants are inert.
dc.language	English
dc.publisher	World Bank
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo
dc.rights	World Bank
dc.subject	ACCOUNTING
dc.subject	ADMINISTRATIVE COSTS
dc.subject	ADMINISTRATIVE FEE
dc.subject	ADMINISTRATIVE FEES
dc.subject	AMOUNT OF CAPITAL
dc.subject	ANNUAL STATEMENTS
dc.subject	ANONYMOUS REVIEWERS
dc.subject	ASSET ALLOCATION
dc.subject	ASSET ALLOCATIONS
dc.subject	ASSET BASE
dc.subject	ASSET MANAGEMENT
dc.subject	ASSET MANAGER
dc.subject	ASSET MANAGERS
dc.subject	ASSET PORTFOLIO
dc.subject	ASSET PRICES
dc.subject	AUCTION
dc.subject	AUCTION MECHANISMS
dc.subject	BANKS
dc.subject	BARRIERS TO ENTRY
dc.subject	BEHAVIORAL ECONOMICS
dc.subject	BEQUEST
dc.subject	BEQUESTS
dc.subject	BONDS
dc.subject	BUSINESS PLAN
dc.subject	BUSINESS SCHOOL
dc.subject	CALCULATIONS
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKET DEVELOPMENT
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL REQUIREMENTS
dc.subject	CASH BALANCES
dc.subject	COLLATERAL
dc.subject	COMPETITIVE MARKETS
dc.subject	CONFLICTS OF INTEREST
dc.subject	CONSUMER
dc.subject	CONSUMER BEHAVIOR
dc.subject	CONSUMER PROTECTION
dc.subject	CONSUMERS
dc.subject	CONTRIBUTION
dc.subject	CONTRIBUTION RATES
dc.subject	CONTRIBUTION SCHEMES
dc.subject	CONTRIBUTION SYSTEMS
dc.subject	CORPORATE GOVERNANCE
dc.subject	CUSTOMER BASE
dc.subject	DEFERRED ANNUITIES
dc.subject	DEFICITS
dc.subject	DEFINED CONTRIBUTION PENSION
dc.subject	DEFINED CONTRIBUTION PENSIONS
dc.subject	DEVELOPMENT BANK
dc.subject	DISABILITY
dc.subject	DISABILITY INSURANCE
dc.subject	DISPOSABLE INCOME
dc.subject	DIVERSIFICATION
dc.subject	EARNINGS
dc.subject	EMERGING MARKETS
dc.subject	ENABLING ENVIRONMENT
dc.subject	ENTRY BARRIERS
dc.subject	EQUITIES
dc.subject	EQUITY INVESTMENT
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	FEE STRUCTURES
dc.subject	FINANCIAL ASSETS
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL DECISIONS
dc.subject	FINANCIAL ECONOMIST
dc.subject	FINANCIAL EDUCATION
dc.subject	FINANCIAL EDUCATION PROGRAMS
dc.subject	FINANCIAL GROUP
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INTERMEDIATION
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKET DEVELOPMENT
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SERVICE
dc.subject	FINANCIAL SERVICE PROVIDERS
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL TRANSACTIONS
dc.subject	FISCAL POLICY
dc.subject	FIXED COSTS
dc.subject	FRAUD
dc.subject	FUND MANAGER
dc.subject	FUND MANAGERS
dc.subject	GLOBALIZATION
dc.subject	GOVERNMENT INTERVENTION
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	HOLDING
dc.subject	HOLDINGS
dc.subject	INCOME
dc.subject	INDIVIDUAL ACCOUNT
dc.subject	INDIVIDUAL ACCOUNTS
dc.subject	INDIVIDUAL SAVINGS
dc.subject	INHERITANCE
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE MARKETS
dc.subject	INTERNAL RATE OF RETURN
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL FINANCE
dc.subject	INVESTMENT CHOICE
dc.subject	INVESTMENT CHOICES
dc.subject	INVESTMENT CLIMATE
dc.subject	INVESTMENT DECISION
dc.subject	INVESTMENT DECISIONS
dc.subject	INVESTMENT FUNDS
dc.subject	INVESTMENT PERFORMANCE
dc.subject	INVESTMENT PRODUCTS
dc.subject	INVESTMENT REGULATION
dc.subject	INVESTMENT RISK
dc.subject	INVESTMENT RISKS
dc.subject	INVESTMENT STRATEGIES
dc.subject	INVESTMENT STRATEGY
dc.subject	INVESTOR PROTECTION
dc.subject	JOB CREATION
dc.subject	LACK OF INTEREST
dc.subject	LEVY
dc.subject	LIABILITY
dc.subject	LIFETIME
dc.subject	LONG-TERM ASSET
dc.subject	LONG-TERM INVESTMENT
dc.subject	LOSS AVERSION
dc.subject	LOW FINANCIAL LITERACY
dc.subject	LOW INCOME
dc.subject	LOW-INCOME
dc.subject	LOW-INCOME CONSUMERS
dc.subject	MANDATORY PENSION FUNDS
dc.subject	MARKET CONCENTRATION
dc.subject	MARKET DISCIPLINE
dc.subject	MARKET INCENTIVES
dc.subject	MARKET RISK
dc.subject	MARKET SHARE
dc.subject	MARKET SHARES
dc.subject	MARKETING
dc.subject	MARKETING EFFORTS
dc.subject	MARKETING STRATEGIES
dc.subject	MASS MEDIA
dc.subject	MONETARY FUND
dc.subject	MUTUAL FUND
dc.subject	NET WORTH
dc.subject	OLIGOPOLY
dc.subject	OPTIMAL INVESTMENT
dc.subject	ORIGINAL INVESTMENT
dc.subject	PENSION ACCOUNT
dc.subject	PENSION ASSET
dc.subject	PENSION ASSETS
dc.subject	PENSION CONTRIBUTIONS
dc.subject	PENSION FUND
dc.subject	PENSION FUND ADMINISTRATOR
dc.subject	PENSION FUND ADMINISTRATORS
dc.subject	PENSION FUNDS
dc.subject	PENSION INCOME
dc.subject	PENSION MARKET
dc.subject	PENSION MARKETS
dc.subject	PENSION PLAN
dc.subject	PENSION PLANS
dc.subject	PENSION POLICY
dc.subject	PENSION PRODUCTS
dc.subject	PENSION REFORM
dc.subject	PENSION REFORMS
dc.subject	PENSION SCHEMES
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEMS
dc.subject	POLICY RESPONSES
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO CHOICE
dc.subject	PORTFOLIO MANAGEMENT
dc.subject	PORTFOLIOS
dc.subject	PRIVATE PENSION
dc.subject	PRIVATE PENSIONS
dc.subject	PROBABILITY
dc.subject	PRODUCTIVITY
dc.subject	PROVISION OF INFORMATION
dc.subject	PRUDENTIAL REGULATION
dc.subject	PUBLIC INFORMATION CAMPAIGNS
dc.subject	PUBLIC PENSION
dc.subject	PURCHASING POWER
dc.subject	RATE OF RETURN
dc.subject	RATES OF RETURN
dc.subject	RATES OF RETURNS
dc.subject	RECORD KEEPING
dc.subject	REGULATORY BARRIER
dc.subject	REGULATORY FRAMEWORK
dc.subject	REMITTANCES
dc.subject	RENTS
dc.subject	REPLACEMENT RATES
dc.subject	RESERVE
dc.subject	RESERVES
dc.subject	RESUME
dc.subject	RETIREMENT
dc.subject	RETIREMENT AGE
dc.subject	RETIREMENT DATE
dc.subject	RETIREMENT INCOME
dc.subject	RETURNS ON EQUITY
dc.subject	RISK DIVERSIFICATION
dc.subject	RISK PREMIUM
dc.subject	RISK SHARING
dc.subject	SALARIES
dc.subject	SALARY
dc.subject	SALE
dc.subject	SALES
dc.subject	SALES AGENT
dc.subject	SALES AGENTS
dc.subject	SALES TACTICS
dc.subject	SAVERS
dc.subject	SENIOR
dc.subject	SOCIAL PROTECTION
dc.subject	SOCIAL SECURITY
dc.subject	SOCIAL SECURITY PENSION
dc.subject	SOCIAL WELFARE
dc.subject	START-UP COSTS
dc.subject	SUPERANNUATION SYSTEM
dc.subject	SUPERVISORY AGENCY
dc.subject	TAX
dc.subject	TAX POLICY
dc.subject	TRUSTEE
dc.subject	VALUABLE
dc.subject	VALUE OF ASSETS
dc.subject	VALUE OF PENSIONS
dc.subject	VOLUNTARY PLANS
dc.title	New Policies for Mandatory Defined Contribution Pensions : Industrial Organization Models and Investment Products
dc.type	Publications & Research :: Publication
dc.type	Publications & Research :: Publication