Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies

Holzmann, Robert; Guven, Ufuk

dc.creator	Holzmann, Robert
dc.creator	Guven, Ufuk
dc.date	2012-03-19T10:03:00Z
dc.date	2012-03-19T10:03:00Z
dc.date	2009
dc.date.accessioned	2023-02-17T20:38:58Z
dc.date.available	2023-02-17T20:38:58Z
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=000333038_20090319032815
dc.identifier	978-0-8213-7781-9
dc.identifier	http://hdl.handle.net/10986/2610
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243007
dc.description	All of the former transition economies in Central, Eastern, and Southern Europe (CESE) inherited from the era of central planning traditional defined-benefit pension systems financed on a pay-as-you-go basis. Like many pay-as-you-go public pension systems elsewhere in the world, CESE pension systems were in need of reforms to address short-term fiscal imbalances and longer-term issues relating to population aging. Reforms were also needed to adjust benefit and contribution structures to meet the challenges of-as well as to take advantage of opportunities relating to the transition to a market economy, including the widespread adoption of multiplier designs with improved risk-sharing across funded and unfunded pillars. By 2006, most countries in Europe and Central Asia had introduced a voluntary private pension scheme. By 2008, 14 countries roughly half of all countries in the region had legislated mandatory private pension schemes, and all but one of those schemes (the one in Ukraine) had been introduced. These reforms shared a number of common objectives, in particular putting the systems on a sounder financial footing and better aligning them with the (very different) incentives of a market economy. This report is organized as follows. The first section discusses the motivation for reform across the eight countries included in the study against the backdrop of the regional (and global) trend toward multiplier pension arrangements. The second section summarizes the key provisions of the reformed systems in the eight countries within the World Bank's five-pillar framework for pension system design. The third section summarizes pension system performance against the two crucially important dimensions of adequacy and sustainability. The last section provides some policy recommendations for addressing gaps in reforms and taking advantage of further opportunities.
dc.language	English
dc.publisher	World Bank
dc.relation	Directions in Development ; finance
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo
dc.rights	World Bank
dc.subject	ACCUMULATION PERIOD
dc.subject	ANNUAL RATE OF RETURN
dc.subject	ANNUITIES
dc.subject	ANNUITY
dc.subject	ARBITRAGE
dc.subject	ASSET MANAGEMENT
dc.subject	AVERAGE BENEFITS
dc.subject	AVERAGE EARNINGS
dc.subject	AVERAGE WAGE
dc.subject	BANKS
dc.subject	BASIC BENEFIT
dc.subject	BASIC PENSION
dc.subject	BENEFICIARIES
dc.subject	BENEFICIARY
dc.subject	BENEFIT ADJUSTMENT
dc.subject	BENEFIT FORMULA
dc.subject	BENEFIT FORMULAS
dc.subject	BENEFIT INDEXATION
dc.subject	BENEFIT LEVEL
dc.subject	BENEFIT RATE
dc.subject	CALCULATIONS
dc.subject	CAPITAL ACCUMULATION
dc.subject	CAPITAL GAINS
dc.subject	CASH PAYMENTS
dc.subject	CONSUMER
dc.subject	CONSUMER PRICE INDEX
dc.subject	CONTRIBUTION
dc.subject	CONTRIBUTION PAYMENTS
dc.subject	CONTRIBUTION RATE
dc.subject	CONTRIBUTION RATES
dc.subject	CONTRIBUTION RECORD
dc.subject	CONTRIBUTION SCHEME
dc.subject	CONTRIBUTION SCHEMES
dc.subject	CONTRIBUTION SYSTEM
dc.subject	CONTRIBUTIONS
dc.subject	COPYRIGHT CLEARANCE
dc.subject	COPYRIGHT CLEARANCE CENTER
dc.subject	CURRENCY
dc.subject	DEFINED BENEFIT
dc.subject	DEFINED-BENEFIT PENSION
dc.subject	DEFINED-BENEFIT SCHEME
dc.subject	DEFINED-BENEFIT SCHEMES
dc.subject	DEMOGRAPHIC
dc.subject	DEMOGRAPHIC CHANGES
dc.subject	DEPENDENCY RATIO
dc.subject	DEPENDENCY RATIOS
dc.subject	DEVELOPMENT FINANCE
dc.subject	DISABILITIES
dc.subject	DISABILITY
dc.subject	DISABILITY BENEFITS
dc.subject	DISABILITY INSURANCE
dc.subject	DISABILITY PENSION
dc.subject	DISABILITY PENSIONS
dc.subject	DIVERSIFICATION
dc.subject	DIVORCE
dc.subject	DOMESTIC MARKET
dc.subject	EARNINGS
dc.subject	EARNINGS-RELATED PENSION
dc.subject	ELDERLY
dc.subject	EMPLOYEE
dc.subject	EMPLOYER CONTRIBUTIONS
dc.subject	FAMILY MEMBER
dc.subject	FERTILITY
dc.subject	FERTILITY RATES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKET DEVELOPMENT
dc.subject	FINANCIAL SECTORS
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL SUSTAINABILITY
dc.subject	FINANCIAL SYSTEMS
dc.subject	FISCAL SUSTAINABILITY
dc.subject	FOREIGN CURRENCIES
dc.subject	FULL-CAREER WORKERS
dc.subject	FUND ASSETS
dc.subject	FUNDED COMPONENT
dc.subject	FUNDED PENSION
dc.subject	FUNDED SCHEMES
dc.subject	GOVERNMENT POLICY
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	GUARANTEED BENEFIT
dc.subject	HEALTH CARE
dc.subject	HEALTH INSURANCE
dc.subject	HEALTH INSURANCE FUND
dc.subject	HOUSEHOLD INCOME
dc.subject	INCOME GROUPS
dc.subject	INCOME LEVEL
dc.subject	INCOME REPLACEMENT
dc.subject	INCOME TAX
dc.subject	INCOME TAX BASE
dc.subject	INCOME TAXES
dc.subject	INDIVIDUAL ACCOUNTS
dc.subject	INDIVIDUAL SAVINGS
dc.subject	INFLATION
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE SCHEMES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL LABOUR ORGANIZATION
dc.subject	INVESTING
dc.subject	INVESTMENT RETURNS
dc.subject	JOINT ANNUITY
dc.subject	LABOR FORCE
dc.subject	LABOR FORCE PARTICIPATION
dc.subject	LEVEL OF PENSION EXPENDITURES
dc.subject	LIFE EXPECTANCY
dc.subject	LIFE INSURANCE
dc.subject	LIFE INSURANCE COMPANIES
dc.subject	LIFETIME
dc.subject	LIFETIME EARNINGS
dc.subject	LONG-TERM CARE
dc.subject	LOW-INCOME
dc.subject	LUMP SUM
dc.subject	LUMP-SUM DISTRIBUTIONS
dc.subject	MANDATORY PILLARS
dc.subject	MARKET CONDITIONS
dc.subject	MARKET ECONOMY
dc.subject	MIDDLE-INCOME COUNTRIES
dc.subject	MINIMUM INCOME
dc.subject	MINIMUM OLD-AGE PENSION
dc.subject	MINIMUM PENSION
dc.subject	MINIMUM PENSIONS
dc.subject	MINIMUM PERIOD
dc.subject	MINIMUM WAGE
dc.subject	MULTIPILLAR PENSION SYSTEMS
dc.subject	MULTIPILLAR SYSTEMS
dc.subject	MUTUAL FUNDS
dc.subject	NOMINAL WAGE
dc.subject	NOMINAL WAGES
dc.subject	NORMAL RETIREMENT AGE
dc.subject	NOTIONAL CAPITAL
dc.subject	OLD-AGE PENSIONS
dc.subject	OUTPUT
dc.subject	PAY-AS-YOU-GO PENSION SYSTEMS
dc.subject	PENSION
dc.subject	PENSION ARRANGEMENTS
dc.subject	PENSION BENEFITS
dc.subject	PENSION CONTRIBUTIONS
dc.subject	PENSION ENTITLEMENTS
dc.subject	PENSION INCOME
dc.subject	PENSION POLICY
dc.subject	PENSION PROVIDERS
dc.subject	PENSION PROVISIONS
dc.subject	PENSION REFORM
dc.subject	PENSION REFORMS
dc.subject	PENSION SCHEMES
dc.subject	PENSION SPENDING
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEM PARAMETERS
dc.subject	PENSION SYSTEMS
dc.subject	PENSION TAXATION
dc.subject	PENSIONABLE AGE
dc.subject	PENSIONERS
dc.subject	PENSIONS
dc.subject	PERSONAL PENSION
dc.subject	PILLAR BENEFITS
dc.subject	PRESENT VALUE
dc.subject	PRICE INDEX
dc.subject	PRICE-INDEXED ANNUITIES
dc.subject	PRICE-INDEXED ANNUITY
dc.subject	PRIVATE LIFE INSURANCE
dc.subject	PRIVATE PENSION
dc.subject	PRIVATE PENSION FUNDS
dc.subject	PRIVATIZATION
dc.subject	PUBLIC PENSION
dc.subject	PUBLIC PENSION SCHEME
dc.subject	PUBLIC PENSIONS
dc.subject	PUBLIC SCHEMES
dc.subject	REPLACEMENT RATE
dc.subject	REPLACEMENT RATES
dc.subject	RESERVE FUND
dc.subject	RETIREES
dc.subject	RETIREMENT
dc.subject	RETIREMENT AGES
dc.subject	RETIREMENT BENEFITS
dc.subject	RETIREMENT INCOME
dc.subject	RETIREMENT SAVINGS
dc.subject	SAVINGS ACCOUNTS
dc.subject	SAVINGS PROGRAMS
dc.subject	SECURITIES
dc.subject	SECURITIES MARKETS
dc.subject	SMALL ENTERPRISES
dc.subject	SOCIAL ASSISTANCE
dc.subject	SOCIAL INSURANCE
dc.subject	SOCIAL INSURANCE FUND
dc.subject	SOCIAL PENSION
dc.subject	SOCIAL PENSIONS
dc.subject	SOCIAL SECURITY
dc.subject	SOCIAL SECURITY CONTRIBUTIONS
dc.subject	STAKEHOLDERS
dc.subject	STATE ENTERPRISES
dc.subject	STATE PENSION
dc.subject	SURVIVOR PENSIONS
dc.subject	TAX ADVANTAGES
dc.subject	TAX BENEFITS
dc.subject	TAX DEDUCTIBLE
dc.subject	TAX PROVISIONS
dc.subject	TAX PURPOSES
dc.subject	TAX RATE
dc.subject	TAX REGIMES
dc.subject	TAX RELIEF
dc.subject	TAXABLE INCOME
dc.subject	TRANSITION COUNTRIES
dc.subject	UNEMPLOYMENT
dc.subject	VOLUNTARY PENSION
dc.subject	VOLUNTARY RETIREMENT SAVINGS
dc.subject	WAGE
dc.subject	WAGE GROWTH
dc.subject	WAGES
dc.subject	WORKING AGE
dc.subject	WORKING LIFE
dc.subject	WORTH
dc.subject	YEARS OF SERVICE
dc.title	Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies
dc.type	Publications & Research :: Publication
dc.type	Publications & Research :: Publication
dc.coverage	Europe and Central Asia
dc.coverage	Eastern Europe
dc.coverage	Bulgaria
dc.coverage	Croatia
dc.coverage	Czech Republic
dc.coverage	Hungary
dc.coverage	Poland
dc.coverage	Romania
dc.coverage	Slovak Republic
dc.coverage	Slovenia