The Compulsory or Voluntary Pension Accumulation: Different Approaches

Elena Shestakova

Journal of the New Economic Association, 2015, vol. 27, issue 3, 200-205

Abstract: The article analyzes the basic models and the directions of reform of pension systems in OECD countries and some states of Central and Eastern Europe and Latin America. The emphasis is placed on controversial issues for the Russian system of combination of mandatory and voluntary pension savings, on the first results of the introduction of the mandatory pension accumulation in the Central and Eastern European countries. Developed countries generally adhere to the principle of voluntariness at the same time using a variety of options industry, corporate and public support of voluntary saving schemes. The introduction of mandatory funded component in the individual accounts of insured managed by both public and private sector was mainly in countries with economies in transition, especially in Eastern Europe. The results of these fundamental reforms did not fully meet expectations in the form of rapid development of capital markets and increase in national savings. The global financial and economic crisis of 2008/09 and the weakening of financial capacity of the state to support pensions reforms have led to a change in the structure of pension systems in several countries, a more realistic assessment of the limitations of mandatory funded systems.

Keywords: social insurance; multi-pillars pension systems models; compulsory and voluntary pension accumulation; quasi-mandatory systems; profitability of pension investments; pension fund deficit (search for similar items in EconPapers)
JEL-codes: G23 H55 J21 J26 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.econorus.org/repec/journl/2015-27-200-205r.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2015:i:27:p:200-205

Access Statistics for this article

Journal of the New Economic Association is currently edited by Victor Polterovich and Aleksandr Rubinshtein

More articles in Journal of the New Economic Association from New Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Alexey Tcharykov ().