Implementing an Inclusive and Equitable Pension Reform
Implementing an Inclusive and Equitable Pension Reform

Author: Cheolsu Kim

Publisher: Routledge

Published: 2012

Total Pages: 280

ISBN-13: 041552220X

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India is ageing. One response of Indian policy makers has been introduction of the New Pension Scheme (NPS), a defined contribution pension scheme which is mandatory for civil servants and voluntary for the rest of the population. Given the size of the target population, even if take-up is modest, NPS savings may soon provide huge amounts of capital to India's economy. However, challenges are abound. What governance structure will best achieve the ultimate policy goal of serving the needs of savers? What business processes and information technology design will serve members best? How effectively will the NPS attack the problem of old-age poverty? In this book, a multi-disciplinary international team, comprising of economists, lawyers, pension management experts, and capital market experts, explore these and other questions. The book proposes significant legal, regulatory, and governance reforms for the NPS and other existing pension schemes, as well. It finds that current NPS business practices cannot keep pace with potential growth of the system and makes suggestions on how to take better advantage of information technology. Based on review of experience elsewhere and state-of-the-art economic-demographic modelling, it warns that the NPS in its current form does not address the retirement income needs of the lifelong very poor, suggesting that it is only one in a range of responses needed to cope with the challenges of population ageing in India.

Civil service pension schemes
Civil service pension schemes

Author: Organisation for Economic Co-operation and Development

Publisher:

Published: 1997

Total Pages: 125

ISBN-13:

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This publication is a tool for designers of new civil service pension schemes in central and eastern Europe. It presents civil service pension schemes in five OECD Member countries and ten central and eastern European countries. In most central and eastern European countries, people employed in the public administration are covered under common national pension schemes, usually defined in a common pension law. As part of efforts to improve the professionalisation and quality of public administration, countries are defining civil service categories of personnel through civil service legislation. Some countries will introduce specific pension provisions for the public administration employees subject to this legislation. There are at least three obvious reasons for this: to secure the independence of civil servants, to make a public sector career more attractive, and to shift the costs of current remuneration into the future. In most OECD Member countries, civil servants have separate and specially designed pension schemes. These are either totally independent of the common national pension schemes or complementary to them. Conditions vary between countries and so do principles for financing. In one country there might also be several schemes for various categories of state officials and employees. "Pay-as-you-go" schemes financed by the annual state budget exist in several OECD Member countries. When they were introduced, national civil services were small and common pension schemes for the working population at large were lacking. Over the last 30 years, the rapid growth of western public services has not had any major impact on pension costs in pay-as-you-go schemes for demographic reasons and, until recently, the financing of pensions has in many countries stayed unchanged. The long-term nature of pension schemes and the strong interest that civil servants and their unions have in keeping them intact has added to the difficulty of changing them. With changing demography, pensions are becoming a heavy burden on the budget. Pensions imply both considerable running costs and heavy long-term liabilities. That is why many OECD Member countries today are trying to find new solutions to fund the financing costs. Different funding and actuarial techniques can be used to achieve this.

Civil Service Pension Schemes
Civil Service Pension Schemes

Author:

Publisher:

Published: 1997

Total Pages:

ISBN-13:

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This publication is a tool for designers of new civil service pension schemes in central and eastern Europe. It presents civil service pension schemes in five OECD Member countries and ten central and eastern European countries. In most central and eastern European countries, people employed in the public administration are covered under common national pension schemes, usually defined in a common pension law. As part of efforts to improve the professionalisation and quality of public administration, countries are defining civil service categories of personnel through civil service legislation. Some countries will introduce specific pension provisions for the public administration employees subject to this legislation. There are at least three obvious reasons for this: to secure the independence of civil servants, to make a public sector career more attractive, and to shift the costs of current remuneration into the future. In most OECD Member countries, civil servants have separate and specially designed pension schemes. These are either totally independent of the common national pension schemes or complementary to them. Conditions vary between countries and so do principles for financing. In one country there might also be several schemes for various categories of state officials and employees. "Pay-as-you-go" schemes financed by the annual state budget exist in several OECD Member countries. When they were introduced, national civil services were small and common pension schemes for the working population at large were lacking. Over the last 30 years, the rapid growth of western public services has not had any major impact on pension costs in pay-as-you-go schemes for demographic reasons and, until recently, the financing of pensions has in many countries stayed unchanged. The long-term nature of pension schemes and the strong interest that civil servants and their unions have in keeping them intact has added to the difficulty of changing them. With changing demography, pensions are becoming a heavy burden on the budget. Pensions imply both considerable running costs and heavy long-term liabilities. That is why many OECD Member countries today are trying to find new solutions to fund the financing costs. Different funding and actuarial techniques can be used to achieve this