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Private Pensions Series Reform and Challenges for Private Pensions in Russia

Private Pensions Series Reform and Challenges for Private Pensions in Russia
Author: OECD
Publisher: OECD Publishing
Total Pages: 102
Release: 2006-03-29
Genre:
ISBN: 9264013873

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This report provides a critical review of reform initiatives undertaken by the Russian government to overhaul retirement provision in Russia and documents recent evolution occurring in the Russian private pension market.


No. 07

No. 07
Author: OECD. Publishing
Publisher:
Total Pages: 0
Release: 2006
Genre: Old age pensions
ISBN: 9786610606634

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Reforming retirement systems has become a major challenge for policy makers in Russia and around the world. The Russian Federation has undergone a major systemic reform of its pension system, shifting from a single, publicly managed system to one supplemented by a mandatory, privately managed and occupational-funded component as well as voluntary pension arrangements. The reform tackled a set of demographic, social and economic problems inherent to retirement income provision and was designed to improve the security of retirees by ensuring the long-term financial and fiscal stability of the pe.


Reform and Challenges for Private Pensions in Russia

Reform and Challenges for Private Pensions in Russia
Author: Lyudmila Sycheva
Publisher: OECD Publishing
Total Pages: 108
Release: 2006
Genre: Business & Economics
ISBN:

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The Russian Federation has undergone a major reform of the pension system which has resulted in a shift from a single, publicly managed system to one supplemented by a mandatory, privately managed occupational funded component and voluntary pension arrangements. The reform aimed to tackle a set of problems of demographic, social and economic order inherent to retirement income provision and was viewed as a way to improve old-age security of retirees in Russia by ensuring long-term financial and fiscal stability of the pension system and adequacy of pension benefits. This book examines these reforms and new challenges related to the reforms. Most prominent among the challenges is the need to further strengthen the pension system regulatory capacity and enforcement powers of the authorities in charge of the oversight of private pension institutions


No. 07

No. 07
Author: OECD. Publishing
Publisher:
Total Pages: 102
Release: 2006
Genre: Old age pensions
ISBN: 9789264013865

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Reforming retirement systems has become a major challenge for policy makers in Russia and around the world. The Russian Federation has undergone a major systemic reform of its pension system, shifting from a single, publicly managed system to one supplemented by a mandatory, privately managed and occupational-funded component as well as voluntary pension arrangements. The reform tackled a set of demographic, social and economic problems inherent to retirement income provision and was designed to improve the security of retirees by ensuring the long-term financial and fiscal stability of the pe.


Reforming the Public Pension System in the Russian Federation

Reforming the Public Pension System in the Russian Federation
Author: Frank Eich
Publisher: International Monetary Fund
Total Pages: 25
Release: 2012-08-01
Genre: Business & Economics
ISBN: 1475505515

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Pension reform is a key policy challenge in Russia. This paper examines how pension spending could increase in Russia in the absence of reforms, quantifies the impact of some recent proposals, and suggests some alternatives that would ensure public pension benefits - relative to wages - not fall from current levels while containing spending.


Pension Reform in the Baltics, Russia, and other Countries of the Former Soviet Union (BRO)

Pension Reform in the Baltics, Russia, and other Countries of the Former Soviet Union (BRO)
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 41
Release: 1998-02-01
Genre: Business & Economics
ISBN: 1451842759

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Despite their increasing fiscal burden, the public pension systems of BRO countries are failing to provide adequate social protection. Although there is a broad consensus about the need for pension reforms, BRO countries are debating whether to embark on systemic reforms or whether to correct the distortions in their pay-as-you-go (PAYG) pension systems. The paper reviews the measures taken by BRO countries during the transition period to address their pension problems and examines the options for further reform. It makes a strong case for a gradual reform approach aimed at establishing a multi-pillar system over the long run, but initially focused on implementation of “high-quality” reforms of the PAYG system.


The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies
Author: Mr.Benedict J. Clements
Publisher: International Monetary Fund
Total Pages: 86
Release: 2013-01-25
Genre: Business & Economics
ISBN: 147556631X

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Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.


Assessing Chile's Pension System: Challenges and Reform Options

Assessing Chile's Pension System: Challenges and Reform Options
Author: Samuel Pienknagura
Publisher: International Monetary Fund
Total Pages: 52
Release: 2021-09-10
Genre: Business & Economics
ISBN: 151359611X

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Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.