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In this book, street-level bureaucracy scholars from South Asia,
sub-Saharan Africa, the Middle East, and Latin America analyse the
conditions that shape frontline work and citizens´ everyday
experience of the state. They provide unique insights into critical
themes such as resource scarcities, bureaucratic corruption,
control practices and the complexities of dealing with vulnerable
population groups.
Increasing longevity, globalized competition, and market fluidity
have created a new landscape for the development of retirement
products. Complete reliance on traditional social security systems
and defined benefit pensions is no longer an alternative in
emerging economies. The development of defined contribution pension
systems during both the accumulation and the payout phases has been
attracting attention from policy makers, who realize that valuable
lessons can be gleaned from the experiences of countries that are
ahead in the reform process. Many countries that have implemented
systemic pension reforms and introduced private pension systems are
now facing the challenge of organizing the payout phase for
retiring workers. This effort entails introducing a well-regulated
and well- supervised market for retirement products, including
marketing activities, providers, and intermediaries. However,
in-depth analysis of the related policy issues, constraints, and
options is rare. The literature on the payout phase is narrowly
focused on a few countries, mainly the United Kingdom and the
United States, and it does not address in sufficient detail the
institutional and regulatory issues faced by policy makers in
reforming countries. Annuities and Other Retirement Products:
Designing the Payout Phase aims to fill the gap in the literature.
The book initially focuses on the policy issues and constraints
confronting the design of the payout phase and examines risk
factors for both pensioners and providers. It then scrutinizes the
pension systems of five representative countries - Australia,
Chile, Denmark, Sweden, and Switzerland - which provide a rich
variety of experiences and policy lessons applicable to other
reforming countries. The five study countries have large mandatory
or quasi-mandatory private pension systems operating primarily on a
defined contribution basis, and they have already entered the
payout phase. A comparative analysis of the similarities and
differences between the systems in these countries rounds out the
investigation.
'Risk-Based Supervision of Pension Funds' provides a review of the
design and experience of risk-based pension fund supervision in
countries that have been leaders in the development of these
methods. The utilization of risk-based methods originates primarily
in the supervision of banks. In recent years it has increasingly
been extended to other types of financial intermediaries, including
pension funds and insurers. The trend toward risk-based supervision
of pensions reflects an increasing focus on risk management in both
banking and insurance based on three key elements: capital
requirements, supervisory review, and market discipline. Although
similar in concept to the techniques developed in banking, its
application to pension funds has required modifications,
particularly for defined contribution funds that transfer
investment risk to fund members. The countries examined Australia,
Denmark, Mexico, and the Netherlands provide a range of experience
that illustrates both the diversity of pension systems and the
approaches to risk-based supervision, and also presents a
commonality of focus on sound risk management and effective
supervisory outcomes."
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