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Books > Business & Economics > Finance & accounting > Finance > Insurance
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Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World: Volume 2 - Gender, Politics, and Financial Stability (Paperback, New)
Loot Price: R944
Discovery Miles 9 440
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Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World: Volume 2 - Gender, Politics, and Financial Stability (Paperback, New)
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Nonfinancial Defined Contribution (NDC) schemes are now in their
teens. The new pension concept was born in the early 1990s,
implemented from the mid-1990s in Italy, Latvia, Poland and Sweden,
legislated most recently in Norway and Egypt and serves as
inspiration for other reform countries. This innovative unfunded
individual account scheme created high hopes at a time when the
world seemed to have been locked into a stalemate between piecemeal
reforms of ailing traditional defined benefit schemes and
introducing pre-funded financial account schemes. The experiences
and conceptual issues of NDC in its childhood were reviewed in a
prior anthology (Holzmann and Palmer, 2006). This new anthology
serves to review its adolescence and with the aim of contributing
to a successful adulthood. To this end the book offers a deep and
comprehensive review of the experience of countries where NDC
schemes have been in place for a decade or more, takes stock of the
discussions of the place of NDCs in the world of pension reform,
and addresses in detail important issues related to implementation
and design, such as the of the "NDC story", making transparent the
legacy costs, financial accounting, balancing, creation of a
reserve fund, gender, and longevity. The book also contains
analyses of the pros and cons of NDC contra FDC and a typical paygo
DB scheme in two Latin American countries. The key policy
conclusions include: (i) NDC schemes work well (as documented by
the experience of Italy, Latvia, Poland and Sweden during the
crisis) but there is room to make them work even better; (ii) Go
for an immediate transition to the new scheme to avoid future
problems; (iii) Identify the legacy costs and their explicit
financing during the transition as they will hit you otherwise
soon; (iv) Adopt an explicit stabilising mechanism to guarantee
solvency; (v) Establish a reserve fund to guarantee liquidity; (vi)
Elaborate an explicit mechanism to share the systemic longevity
risk; and, last but not least; (vii) Address the gender
implications of NDC with deeper analysis and open political
discourse.
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