Rethinking Public Pension Reform Initiatives

Peter Heller

No 1998/061, IMF Working Papers from International Monetary Fund

Abstract: This paper argues that there are significant risks, limitations, and complications associated with reliance upon mandatory DC, fully funded schemes as the dominant public pension pillar. Policies to limit risks may result in the government being reinjected into playing an important financial role in the provision of social insurance. For many countries, the principal source of old age support should thus derive from a well-formulated, public DB pillar, with a significant amount of prefunding. A DC/FF pillar can play a useful supplemental role in a multi-pillar system for the accumulation of pension savings.

Keywords: WP; FF scheme; FF pension pillar; asset price; FF system; fiscal policy; public pensions; social security; asset portfolio; income guarantee; Pension spending; Pensions; Income; Social assistance spending; Aging; Southeast Asia; Asia and Pacific; East Asia (search for similar items in EconPapers)
Pages: 30
Date: 1998-04-01
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Citations: View citations in EconPapers (17)

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