Hostname: page-component-586b7cd67f-g8jcs Total loading time: 0 Render date: 2024-11-24T11:08:10.308Z Has data issue: false hasContentIssue false
  • English
  • Français

A Crisis of Longer Life: Reforming Pension Systems

Published online by Cambridge University Press:  10 June 2011

C.D. Daykin  and
D. Lewis
C.D. Daykin
Affiliation:
Government Actuary's Department, 22 Kingsway, London, WC2B 6LE, U.K. Tel: +44(0)171-211-2620; Fax: +44(0)171-211-2650; E-mail: [email protected]
Get access Rights & Permissions [Opens in a new window]

Abstract

Social security pension schemes around the world are facing a number of problems, of which demographic ageing is the most commonly discussed. This paper provides an overview of expected future demographic developments in European Union and some other OECD countries, and evaluates some of the range of solutions which have been, or are being, considered to address this and other problems facing social security in the late 1990s, drawing on examples from OECD countries, from Latin America and from central and eastern Europe. Consideration is given to the possibilities for increasing the level of funding in social security pension schemes or developing funded complementary pension schemes.

Keywords

PensionsSocial SecurityDemographyFundingSavings
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 5 , Issue 1 , 01 April 1999 , pp. 55 - 113
Copyright
Copyright © Institute and Faculty of Actuaries 1999

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Beattie, R. & Mcgillivray, W. (1995). A risky strategy: reflections on the World Bank Report ‘Averting the old age crisis’. International Social Security Review, 3, 4/95, 5–22.CrossRefGoogle Scholar
Bos, E. (1994). World population projections 1994–95. World Bank.Google Scholar
Brimblecombe, S. (1996). Argentine pension reform. The Actuary, December 1996.Google Scholar
Brown, R.L. (1998). Social Security: regressive or progressive? North American Actuarial Journal, 2, 2, 1–33.CrossRefGoogle Scholar
Canada Pension Plan (1997). Securing the Canada Pension Plan. Agreement on proposed changes to the CPP.Google Scholar
Casey, B.H. (1998). Mandating private pensions — the public finance implications. International Social Security Review, 51.Google Scholar
Chand, S.K. & Jaeger, A. (1996). Ageing populations and public pension schemes. Occasional Paper No 147. International Monetary Fund.Google Scholar
Davis, E.P. (1995). Pension funds, retirement income security and capital markets: an international perspective. Oxford University Press.Google Scholar
Davis, E.P. (1997a). Public pensions, pension reform and fiscal policy. Staff Paper No 5, European Monetary Institute.Google Scholar
Davis, E.P. (1997b). Pensions in the corporate sector. Paper presented at the Kiel Week Conference, June 1997.Google Scholar
Davis, E.P. (1997c). The reform of retirement income provision in the E.U. viewed in the light of the structure of public pension systems, demographic developments and the move to economic and monetary union. Paper for the Dublin Plenary Session of ‘Forum for U.S.-E.U. Legal-Economic Affairs’, September 1997.Google Scholar
Davis, E.P. (1997d). Can pension systems cope? Population ageing and retirement income provision in the European Union. The Royal Institute of International Affairs, International Economics Programme.Google Scholar
Daykin, C.D. (1995). Financial management and control of supplementary pension schemes. International Social Security Review, 48, 3–4/95, 75–89.CrossRefGoogle Scholar
Daykin, C.D. (1996a). Developments in social security and pensions world-wide. B.A.J. 2, 207–226.Google Scholar
Daykin, C.D. (1996b). The recent trend of mortality in the United Kingdom. B.A.J. 2, 251–256.Google Scholar
Daykin, C.D. (1997). An actuarial perspective on defined contribution pension schemes. Paper presented to the ISSA High Level Meeting of Social Security Actuaries and Statisticians, Buenos Aires, November 1997 (to be published in Spanish in Estudios (ISSA)).Google Scholar
Daykin, C.D. (1998a). Can we avert the old-age crisis? Transactions of the 26th International Congress of Actuaries, 5, 415–442.Google Scholar
Daykin, C.D. (1998b). Funding the future? Problems in pension reform. Politeia.Google Scholar
Department of Social Security (1998). New ambitions for our country: a new contract for welfare. Cm 3805.Google Scholar
Dilnot, A., Disney, R., Johnson, P. & Whitehouse, E. (1994). Pensions policy in the U.K. The Institute for Fiscal Studies.Google Scholar
Espina, A. (1996). Reform of pension schemes in the OECD countries. International Labour Review, 135, 181–206.Google Scholar
European Commission (1994). Supplementary pensions in the European Union. Report by the EU network of experts on supplementary pension provision. Social Europe Supplement, 3/94.Google Scholar
European Commission (1995). The demographic situation in the European Union. 1994 report. DGV-COM(94) 595. European Commission.Google Scholar
European Commission (1997). The outlook on supplementary pensions in the context of demographic, economic and social change. Report by the E.U. network of experts on supplementary pension provision. Social Europe Supplement 7/96.Google Scholar
Euzéby, C. (1998). Social security for the twenty-first century. International Social Security Review, 51, 2/98, 3–16.CrossRefGoogle Scholar
Fahey, T. & Fitz Gerald, J. (1997). Welfare implications of demographic trends. Oak Tree Press.Google Scholar
Franco, D. & MUNZ1, T. (1996). Public pension expenditure prospects in the European Union. European Economy Reports and Studies No. 3. European Commission.Google Scholar
Government Actuary (1995). National Insurance Fund long term financial estimates: Report by the Government Actuary on the Third Quinquennial Review under section 137 of the Social Security Act 1975. HC160, HMSO.Google Scholar
Government Actuary's Department (1996.) 1994-based national population projections. Series PP2 No 20. Stationery Office.Google Scholar
Government Actuary's Department (1997). 1996-based national population projections (to be published by the Stationery Office).Google Scholar
Government Actuary's Department (1998). GAD survey of expenses of occupational pension schemes.Google Scholar
Holzmann, R. (1996). Pension reforms, financial market development and economic growth: preliminary evidence from Chile. Working Paper (WP/96/94). International Monetary Fund.Google Scholar
Hughes, G. (1996). Would privatising pensions increase savings? Irish Banking Review, Spring, 28–42.Google Scholar
IRES (1994). Les retraites complémentaires. Acteurs, enjeux, perspectives. Lu Revue de l'IRES, 15.Google Scholar
ISSA (1994). Restructuring social security in central and eastern Europe: a guide to recent developments, policy issues and options. ISSA.Google Scholar
James, E. (1996). Providing better protection and promoting growth: a defence of ‘Averting the old age crisis’. International Social Security Review, 3/96, 3–17.Google Scholar
Jollans, A. (1997). Pensions and the ageing population. Paper presented to the Staple Inn Actuarial Society, October 1997.Google Scholar
Korpela, T. & Pentikäinen, T. (1998). Implications of changing demographic structures for the future of pension schemes. Transactions of the 26th International Congress of Actuaries, 5, 467–490.Google Scholar
Kritzer, B.E. (1996). Privatising social security: the Chilean experience. Social Security Bulletin, 59, No3.Google Scholar
Kune, J.B. (1996). The hidden liabilities: meaning and consequences. Paper presented to Seminar organised by House of Commons Select Committee, February 1997.Google Scholar
Lewis, D. (1997). Pension reform. Paper presented to ISSA Meeting of Directors of Social Security, Barbados, May 1997.Google Scholar
Lewis, D. (1998). Pension reform and the funding alternative. Paper presented to ISSA seminar for Social Security Actuaries and Statisticians from Industrialized Countries, Tokyo, Japan.Google Scholar
Lyon, M. (1998). Challenges of the pensions revolution. Financial Stability Review, 4, 65–79.Google Scholar
Marcu, D.G. & Miño, D.E. (1997). Argentine survey — retirement. Benefits and Compensation International, January/February 1997.Google Scholar
Myers, R.J. (1992). Chile's social security reform, after 10 years. Benefits Quarterly, Third Quarter 1992.Google Scholar
NATWEST (1997). A changing nation: retirement provision for the 21st century.Google Scholar
OECD (1996). Ageing in OECD countries: a critical policy challenge. OECD.Google Scholar
Pensions Board and Department of Social Welfare (1997). National pensions policy initiative: consultation document.Google Scholar
Pensions Board (1998). Securing retirement income.Google Scholar
Pereira Da Silva, C.M. (1998). Equilibrium in social security funding: the transition from a pay-as-you-go pension system to a partial capitalised pension system — the Portuguese case. Transactions of the 26th International Congress of Actuaries, 5, 357–386.Google Scholar
Reynaud, E. & Aproberts, L. (1997). Les systèmes de retraite à l'étranger. IRES.Google Scholar
Reynaud, E. (1994). Les retraites en France: le rôle des régimes complémentaires. Les études de la Documentation Française.Google Scholar
Reynaud, E. (1998). Pensions in the European Union: adapting to economic and social changes. International Social Security Review, 51, 1/98, 31–45.Google Scholar
Ross, T.M.et al. (1998). We all need pensions — the prospects for pension provision. Report by the Pension Provision Group. Stationery Office.Google Scholar
Queisser, M. (1995). Chile and beyond: the second generation pension reforms in Latin America. International Social Security Review, 3, 4/95, 23–39.CrossRefGoogle Scholar
Queisser, M. (1998). Regulation and supervision of pension funds: principles and practice. International Social Security Review, 51, 2/98, 39–55.Google Scholar
Roseveare, D., Leibfritz, W.et al. (1996). Ageing populations, pension systems and government budgets: simulations for 20 OECD countries. Working Paper No 168. OECD.Google Scholar
Singh, A. (1996). Pension reform, the stock market, capital formation and economic growth: a critical commentary on the World Bank's proposals. International Social Security Review, 3/96, 21–43.CrossRefGoogle Scholar
Social Security Committee (1996). Unfunded pension liabilities in the European Union. HC23. Stationery Office.Google Scholar
Starck, N. (1993). Chilean pension system. Work Document No. 3. Corporación de Investigación, Estudio y Desarrollo de la Seguridad Social.Google Scholar
Stein, G. (1997). Mounting debts: the coming European pension crisis. Policy Series No 4. Politela.Google Scholar
Superintendency of Pension fund Administrators (1996). The Chilean pension system.Google Scholar
Superintendencia de Administradoras de Fondos de Pensiones (1997). Evolución del Sistema Chileno de Pensiones. No 2 (1981–1996).Google Scholar
Thompson, L. (1998). Older and wiser: the economics of public pensions. Urban Institute Press, Washington DC.Google Scholar
Vittas, D. & Iglesias, A. (1992). The rationale and performance of personal pension plans in Chile. Policy Research Working Papers WPS 867. World Bank.Google Scholar
World Bank (1994). Averting the old age crisis. Oxford University Press.Google Scholar