REFORMING PENSIONS IN CHILE, POLAND AND SWEDEN AFTER THE CRISIS
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1 REFORMING PENSIONS IN CHILE, POLAND AND SWEDEN AFTER THE CRISIS Photo credit: alobos Life via Foter.com / CC BY-NC-ND Photo credit: Dan_Vel via Foter.com / CC BY by Krzysztof Kołodziejczyk, PhD Poznan School of Banking Photo credit: MauronB via Foter.com / CC BY-NC-SA Prepared for: V International Conference "Social Security Systems in the Light of Demographic, Economic and Technological Challenges", September 2017, Poznań.
2 Plan 1. Evolutionary vs. revolutionary pension reforms 2. Pension systems architecture 3. Financial crisis 2007/2008 as reform driver 4. Measuring succesful reforms
3 Evolutionary vs. revolutionary Chile 1981 multipillar reform wasn t first a mature democracy attempts since 60 s Sweden, Italy also radical (NDC model)
4 Pension system architecture CHILE POLAND SWEDEN PILLAR 3 voluntary additional contributions voluntary additional contributions (PPE, IKE, IKZE) occupational pension schemes (collective agreements) PILLAR 2 individual accounts in pension funds, privately managed individual accounts in pension funds, privately managed individual accounts in pension funds, privately managed PILLAR 1 non-contributory, targeted at low income contributors, financed by taxes since 2008 contributory, NDC, PAYGO subaccount in ZUS, PAYGO since 2013 contributory, NDC, PAYGO 4
5 Pension system architecture Chilean re-reform 2008 brand new first pillar more than a half of old-age people without pension!!! (uneffective Minimal Pension Guarantee) much more solidarity (Pension Basica Solidaria Vejez & Aporte Previsional Solidario Vejez, subsidies for young workers with low earnings) introducing Ahorro Previsional Voluntario Colectivo additional tax reliefs for voluntary pension contributions one pension provision and auction process 5
6 Pension system architecture Polish re-reform 2013 adjusting second pillar cutting contribution for OFE (from 7,3% to 2,3%) the remainder goes to subaccount ZUS the choice between OFE and subaccount ZUS (every four year during so called transfer windows) 6
7 Financial crisis 2007/2008 and re-reforms Financial crisis challenges lower production (less income), more unemployment (more spending) falling stock markets (less capital in pension funds) less capital in pension funds (lower support for the system in the public opinion) growing public debt (more concerns about transition costs financing)
8 Financial crisis 2007/2008 and re-reforms Financial crisis answers in CEE countries (more state!) nationalization (Hungary) lower contribution to the 2nd pillar (Poland, Bulgaria, Latvia) introducing choice in the 2nd pillar between private and public option (Poland) temporary suspension of contributions to the 2nd pillar (Estonia Romania) The crisis revealed unresolved problems in the implementation of previous reforms, namely, the financing of the transition costs. (Drahokoupil, Domonkos)
9 Financial crisis 2007/2008 and re-reforms Financial crisis answers in LAC countries strengthening capitalization system (Chile, Peru, Urugway, Mexico i Columbia) - improving IRA s: lower IRA costs, new investment rules for pension assets, more competition downsizeing or eliminating capitalization system (Boliwia, Argentina) allowing workers to switch back to the PAYG scheme, incoroporating solidarity and income redistribution mechanisms Extending coverage was the driving force. (Rofman) Financial crisis probably reinforced the changes of the reforms in LAC countries. (Bertranou and others)
10 Financial crisis 2007/2008 and re-reforms Coverage Adequacy Sustainability Work incentives Administration Diversification Others AUSTRALIA X X X X X X CANADA X X X X X CHILE X X X X X CZECH REP. X X X ESTONIA X X X X X FRANCE X X X X X GERMANY X X X HUNGARY X X X X X ITALIA X X X X MEXICO X X X POLAND X X X X X SLOVAKIA X X X SLOVENIA X X SWEDEN X X X X X UK X X X X X X X USA X X X
11 Financial crisis 2007/2008 and re-reforms Coverage Adequacy Sustainability Work incentives Administration Diversification Others CHILE X X X X X Coverage: incorporating 60% of the poorest elderly people to 1st pillar; annual subsidies to voluntary retirement saving plans Adequacy: healthcare contribution abolished for low-income pensioners and reduced for middle-to-high income retirees Administration: fees lowered thanks to contracts to manage DC accounts for new entrants Diversification: foreign asset investment increased from 60% to 80%, more transparent investment choices for pension funds members Others: women and men to be charged the same premium for the disability and survivorship insurance (SIS)
12 Financial crisis 2007/2008 and re-reforms Coverage Adequacy Sustainability Work incentives Administration Diversification Others POLAND X X X X X Coverage: new 3rd pillar voluntary savings institution (IKZE); mandatory pension funds were turned optional while public NDC scheme is default option Sustainability: lower contribution to the 2nd pillar from May 2011 Work incentives: retirement age up s and down s story Administration: in 2014 a half of OFE s assets were tranferred to ZUS; assets of those who stayed in OFE s gradulally tranferred to the public system 10 years before retirement Diversification: generally fewer investment restrictions on DC accounts (OFE s are prohibited to invest in Polish treasury bonds or in debt instruments)
13 Financial crisis 2007/2008 and re-reforms Coverage Adequacy Sustainability Work incentives Administration Diversification Others SWEDEN X X X X X Adequacy: enhanced basic deduction for people over 65 years of age Sustainability: change to the balancing mechanism underlying DC scheme calculation of balance based on the average value of the buffer fund at the end of the last 3 yrs rather than last year Work incentives: tax incentives to encourage labor supply 65+, lower employee social security contribution for 65+ Administration: since 2016 new fund representing low-cost government alternatives to private sector investment options Diversification: review of investment rules and governance of buffer funds in 2012
14 Measuring succesful reforms Global Pension Index (adequacy, sunstainability, integrity subindexes) Main index (Chile and Sweden , Poland ) Chile: up 6,8 points Sweden: down 2,1 points Poland: down 4,2 points Adequacy (Chile and Sweden , Poland ) Chile: up 7,6 points Sweden: down 0,9 points Poland: down 6,4 points
15 Measuring succesful reforms Global Pension Index (adequacy, sunstainability, integrity subindexes) Sustainability (Chile and Sweden , Poland ) Chile: up 14,3 points Sweden: down 5,7 points Poland: up 0,5 points Integrity (Chile and Sweden , Poland ) Chile: down 4,9 points Sweden: up 1,2 points Poland: down 7,2 points
16 Thank you!
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