Pensions in South Asia. Robert Palacios World Bank Pension Course Washington DC November 18, 2010

Size: px
Start display at page:

Download "Pensions in South Asia. Robert Palacios World Bank Pension Course Washington DC November 18, 2010"

Transcription

1 Pensions in South Asia Robert Palacios World Bank Pension Course Washington DC November 18, 2010

2 Structure of presentation Context: Demographics, coverage and main schemes Civil service schemes India s reform 2

3 Context: Demographics, coverage and main schemes 3

4 Population ageing in South Asia 30% 25% Sri Lanka % over age 60 20% 15% 10% India Maldives Bangladesh Pakistan Nepal 5% Bhutan 0%

5 South Asia aging compared to other regions 25% 20% 15% % over age 60 10% 5% 0% South Asia East Asia High Income OECD East Europe/FSU Latin America Middle East Sub- Saharan Africa 5

6 Main pension schemes in South Asia Country Civil servants 1 Private sector Coverage of population aged 15-59, % Afghanistan PAYG DB No Bangladesh PAYG DB and Provident Fund Occupational schemes 2.1 Bhutan PAYG DC and Provident Fund Limited occupational 4.3 schemes India PAYG DB and DC scheme for Provident Fund and 8.9 new workers as of 2004 occupational schemes. Maldives PAYG DB, Provident Fund Provident Fund 18.4 Nepal PAYG DB and Provident Fund Provident Fund 2.7 Pakistan PAYG DB PAYG DB and 5.8 Sri Lanka PAYG DB and funded DB for new workers as of 2003 occupational schemes Provident Fund and occupational schemes

7 Social pensions Have significant role in Bangladesh, India, Maldives and Nepal; Sri Lanka relies on its very broad social assistance scheme New government in Nepal just increased the benefit and lowered the eligibility age to 70 spending doubled in 2010 to 0.4 per cent of GDP Maldives has the largest social pension scheme and will spend more than 2 percent of GDP next year Afghanistan, Bhutan and Pakistan do not have social pensions although Bhutan has been considering this option 7

8 Civil service pension schemes 8

9 South Asia CS pensions All have special schemes for civil servants inherited from the British Non-contributory, final salary DB that replace only part of compensation Bhutan is the exception with its own DB/DC scheme India, Maldives and Nepal have recently introduced DC schemes in Maldives, it is for everyone while for new entrants in India and Nepal 9

10 South Asia CS pensions One of the earliest CS pension schemes was for British civil servants in the late 17 th century : Port of London, Revenue Dept. etc. ran primitive scheme with ad hoc rules and no fund : First contributory, pooled scheme begins, rules adjusted over time, funds invested; coverage gradually extended to upper ranks, most departments. Means-testing eliminated. 1830: Legislation establishes non-contributory and unfunded DB scheme that was exported to the Empire and still exists in many countries today Many former colonies are now reforming these schemes (Hong Kong, Falkland Islands, Nepal, Nigeria, India) 10

11 South Asia CS pensions Important differences in parameters include: Indexation is automatic in Bhutan, Nepal and India but not in Bangladesh, Pakistan, Sri Lanka or Maldives Accrual rates range from 1.5 (India) to 3.2% (Bangladesh) per annum Commutation factors vary and amounts allowed range from 0-100% Effective share of non-pensionable compensation varies from 5-40% Minimum vesting, retirement age, early retirement, survivors benefits etc. vary somewhat Bhutan is unique in the region in its scheme design 11

12 Benefit levels implied by DB formulas Sri Lanka Bhutan 14.4 Nepal 11.9 Banglades h 12.9 Pak istan 10.6 India Gross replacement rate 12

13 System dependency ratios India Pakistan Sri Lanka Nepal Bangladesh Afghanistan Maldives Bhutan 0% 10% 20% 30% 40% 50% 60% 70% pensioners/actives in per cent 13

14 Spending on civil service pensions 14% 12% 10% % of revenues 8% average non-oecd sample 6% 4% % of gdp 2% 0% Maldives Nepal Bangladesh Pakistan Sri Lanka India 14

15 Status of reforms in South Asia Group 1: Reforms passed In 2001, Bhutan converted CS provident fund into hybrid with 2% accrual on lifetime average earnings plus 10% true DC India introduced 20% DC scheme for new entrants from 2004 Maldives introduced a 14% DC scheme for civil servants and eventually all workers and a universal flat pension in 2009 Group 2: Reforms being designed or imminent Nepal has drafted legislation that would create a DC scheme for civil servants and for informal sector workers on a voluntary basis Group 3: No reform To our knowledge there is no reform being planned in Bangladesh Sri Lanka introduced contributory DB scheme and then reversed the reform and returned the money 15

16 India s systemic reform

17 Brief history Committee set up to review pension system in 1998 favors DC approach and avoids confronting EPFO 2001 Govmt announces intention to place new civil servants in DC scheme and to extend scheme to those not covered by other formal sector schemes 2001 Bank report shows large unfunded pension liabilities of more than one third of GDP and advocates DC type reforms Jan. 1, 2004 All new central government employees placed in DC scheme; 19 state governments follow in the next three years interim regulator oversees system but pension legislation stalled in Parliament 2008 Government moves ahead with implementation by contracting a centralized recordkeeping agency (CRA) and three pension fund managers (PFMs) 17

18 Key features Parameters DC scheme with 20% contribution split between employer and employee (minimum 100 rupees for informal sector workers) Mandated annuitization of at least 40 per cent of balance at retirement Retirement/withdrawal at age 60 Survivor and disability benefits still unclear; default to old scheme Institutional architecture and design Centralized recordkeeper (concession based on competitive bid) Asset management contracted out to PFMs by competitive bid Limited portfolio choice with emphasis on index funds for equities (default portfolio not yet determined) Annuitization to be contracted out 18

19 Replacement rate for CS replacement rate 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1% 2% 3% 4% 5% 6% 7% 8% Real gross return 19

20 Full NPS Architecture Central Government State Governments Excluded Trusts Small Private Firms PFRDA PFM 1 PFM 2 PFM 3 I N D I V I D U A L S Banks Post Offices MFIs Others CRA Annuity Provider 1 Annuity Provider 2 Annuity Provider 3

21 Current status The interim regulator (PFRDA) signed a contract with a central recordkeeping authority for a ten year period based on a competitive bidding process; systems still not in place for individual accounts administration with most problems The PFRDA contracted three PFMs at 3-5 basis points of AUM Around 1 million civil servants have accounts but there are gaps in compliance in some departments of central government Funds set aside at central government level but some states have not done so and face contribution arrears Portfolio choice has not been offered as of yet recordkeeping system not ready It was opened to informal sector workers in May 2009 but takeup has been trivial In April 2010, a matching contribution was included in the budget 21

22 Concluding remarks Except for Sri Lanka, these are young countries that can avoid the mistakes of older, richer countries There are two major policy issues in South Asia Controling costs of civil service pensions Expanding pension coverage The most important initiatives in civil service pensions replace unfunded DB schemes with DC schemes as in India and Maldives Coverage is being addressed by expanding social pensions in Bangladesh, India, Maldives, and Nepal Coverage expansion is also being attempted through voluntary matching DC schemes in India 22

Overview of retirement adequacy and impact of NPS

Overview of retirement adequacy and impact of NPS Overview of retirement adequacy and impact of NPS Anuradha Sriram 21 August 2015 Retirement adequacy - What is the issue? 2 We are a country of high savers Average annual savings as a percentage of income

More information

Global Patterns of Pension Provision. Robert Palacios, Lead Pensions, World Bank Pension Core Course, April 27, 2015

Global Patterns of Pension Provision. Robert Palacios, Lead Pensions, World Bank Pension Core Course, April 27, 2015 Global Patterns of Pension Provision Robert Palacios, Lead Pensions, World Bank Pension Core Course, April 27, 2015 Evolution of global pension policy 1689 1889 1982 Today Design and performance Design

More information

Sri Lanka s Experience with Informal Sector Contributory Pension Schemes

Sri Lanka s Experience with Informal Sector Contributory Pension Schemes Sri Lanka s Experience with Informal Sector Contributory Pension Schemes World Bank-Hitotsubashi University-MOF Workshop on Closing the Coverage Gap: The Role of Social Pensions Tokyo, 20-22 February,

More information

REFORMING PENSION SYSTEMS: THE OECD EXPERIENCE

REFORMING PENSION SYSTEMS: THE OECD EXPERIENCE REFORMING PENSION SYSTEMS: THE OECD EXPERIENCE IX Forum Nacional de Seguro de Vida e Previdencia Privada 12 June 2018, São Paulo Jessica Mosher, Policy Analyst, Private Pensions Unit of the Financial Affairs

More information

Civil service pension liabilities in India

Civil service pension liabilities in India Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Civil service pension liabilities in India 68900 Preliminary estimates for six Indian

More information

Demographic Changes, Pension Reform Needs in Asia and Prospects for International Cooperation

Demographic Changes, Pension Reform Needs in Asia and Prospects for International Cooperation Demographic Changes, Pension Reform Needs in Asia and Prospects for International Cooperation GIANG THANH LONG Associate Professor & Deputy Director Institute of Public Policy and Management, National

More information

Pension Diagnostic Assessment and Conceptual Framework Philippines SPL Course March 9, 2016

Pension Diagnostic Assessment and Conceptual Framework Philippines SPL Course March 9, 2016 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Pension Diagnostic Assessment and Conceptual Framework Philippines SPL Course March 9, 2016 Mark C. Dorfman Pensions

More information

SECTION - 13: DEVELOPMENT INDICATORS FOR CIRDAP AND SAARC COUNTRIES

SECTION - 13: DEVELOPMENT INDICATORS FOR CIRDAP AND SAARC COUNTRIES Development Indicators for Cirdap and Saarc Countries 379 SECTION - 13: DEVELOPMENT INDICATORS FOR CIRDAP AND SAARC COUNTRIES The Centre for Integrated Rural Development for Asia and the Pacific (CIRDAP)

More information

IOPS COUNTRY PROFILE: HONG KONG, CHINA

IOPS COUNTRY PROFILE: HONG KONG, CHINA IOPS COUNTRY PROFILE: HONG KONG, CHINA DEMOGRAPHICS AND MACROECONOMICS GDP per capita (USD) 45 600 Population (000s) 7 122 Labour force (000s) 3 700 Employment rate 95.7 Population over 65 (%) 13.5 Dependency

More information

World Bank Pensions Core Course 2010 DRAFT COURSE AGENDA

World Bank Pensions Core Course 2010 DRAFT COURSE AGENDA World Bank Pensions Core Course 2010 November 8 to 19, 2010 Washington, D.C. Room MC C2-131 DRAFT COURSE AGENDA as of July 6, 2010 This course aims to provide policymakers and other stakeholders in developing

More information

Appendix C Survey Instruments

Appendix C Survey Instruments Appendix C Survey Instruments On September 5, 2012, IEG sent a survey questionnaire to 216 issuing banks and 227 confirming banks in IFC s GTFP network. Seventy five issuing banks (35 percent of the total)

More information

Economic and Social Survey of Asia and the Pacific 2017 Governance and Fiscal Management

Economic and Social Survey of Asia and the Pacific 2017 Governance and Fiscal Management Economic and Social Survey of Asia and the Pacific 217 Governance and Fiscal Management Launch and Panel Discussion on the UN Economic and Social Survey of Asia and the Pacific 217: Korean Perspective

More information

Pension Market in Sri Lanka & trend World-wide. D a t e : 1 0 t h D e c e m b e r,

Pension Market in Sri Lanka & trend World-wide. D a t e : 1 0 t h D e c e m b e r, Pension Market in Sri Lanka & trend World-wide D a t e : 1 0 t h D e c e m b e r, 2 0 1 2 Niyati Pandit Ganesh Sudrik Population of Sri Lanka in 2012-20,277,597. 0.30% of the world s population. Population

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 MEXICO DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 12 078 GDP per capita (USD) 10 183 Population (000s) 106 683 Labour force (000s) 45 111 Employment rate 96.5 Population over 65 (%) 5.6 Dependency

More information

SECTION - 13: DEVELOPMENT INDICATORS FOR CIRDAP AND SAARC COUNTRIES

SECTION - 13: DEVELOPMENT INDICATORS FOR CIRDAP AND SAARC COUNTRIES Development Indicators for CIRDAP And SAARC Countries 485 SECTION - 13: DEVELOPMENT INDICATORS FOR CIRDAP AND SAARC COUNTRIES The Centre for Integrated Rural Development for Asia and the Pacific (CIRDAP)

More information

Status of Social Protection of Elderly in Sri Lanka

Status of Social Protection of Elderly in Sri Lanka Status of Social Protection of Elderly in Sri Lanka Workshop on the World Bank s Study of Ageing Dr Ravi P. Rannan-Eliya & Colleagues Institute for Health Policy www.ihp.lk February 27, 2005 Hilton Residencies

More information

IOPS COUNTRY PROFILE: INDIA INDIA: COUNTRY PENSION DESIGN

IOPS COUNTRY PROFILE: INDIA INDIA: COUNTRY PENSION DESIGN 1 IOPS COUNTRY PROFILE: INDIA DEMOGRAPHICS AND MACROECONOMICS GDP per capita (USD) 1,269 GDP growth (%) 7.1 Population (billion) 1.2108 Labour force (000s) 730072 Population over 60 (% of total) 8.58 Inflation

More information

PPP trends and initiatives in South Asian Countries

PPP trends and initiatives in South Asian Countries PPP trends and initiatives in South Asian Countries Policy Dialogue on PPP for Infrastructure Development in South Asia Organized by UN ESCAP 21-22 September 2015 Agenda 1 2 3 4 Infrastructure Assessment

More information

Payout phase in DC pension funds policy option - Theoretical considerations and Albanian available options

Payout phase in DC pension funds policy option - Theoretical considerations and Albanian available options Payout phase in DC pension funds policy option - Theoretical considerations and Albanian available options Abstract Enkeleda Shehi Albanian Financial Supervisory Authority The aim of this paper is to provide

More information

Civil Service Pension Reform: Time to Act By Mukul Asher and Deepa Vasudevan 1

Civil Service Pension Reform: Time to Act By Mukul Asher and Deepa Vasudevan 1 Civil Service Pension Reform: Time to Act By Mukul Asher and Deepa Vasudevan 1 (Published in Economic and Political Weekly, Vol.39, No.51, December 18-24, 2004, pp 5363-5365) The urgency of implementing

More information

IOPS COUNTRY PROFILE: SOUTH AFRICA

IOPS COUNTRY PROFILE: SOUTH AFRICA IOPS COUNTRY PROFILE: SOUTH AFRICA DEMOGRAPHICS AND MACROECONOMICS GDP per capita (USD) 5,299 Population (000s) 55 900 Labour force (000s) 27 000 Unemployment rate 26.7 Population ages 65 and above 5.2

More information

Pensions: Basic Concepts and international debate. Bogor, Indonesia 6 March 2017

Pensions: Basic Concepts and international debate. Bogor, Indonesia 6 March 2017 Pensions: Basic Concepts and international debate Bogor, Indonesia 6 March 2017 Situation of the elderly Reduced capacity to work Low income or no income at all Deteriorating health conditions Suffering

More information

IOPS COUNTRY PROFILE: MEXICO

IOPS COUNTRY PROFILE: MEXICO 1 IOPS COUNTRY PROFILE: MEXICO DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (MXN bn) 19 540 GDP per capita (USD) 7 720 Population (000s) 122 746 Labour force (000s) 54 035 Employment rate 96.5 Population

More information

Retirement Plan Design Examples

Retirement Plan Design Examples Retirement Plan Design Examples We are providing these examples to help the Commission better understand the decisions it is making. Neither the Department of State Treasurer nor State Treasurer Janet

More information

Social pensions in the context of an integrated strategy to expand coverage: The ILO position

Social pensions in the context of an integrated strategy to expand coverage: The ILO position Social pensions in the context of an integrated strategy to expand coverage: The ILO position Krzysztof Hagemejer Social Security Department 1 The context: Social security is a human right Universal Declaration

More information

IOPS Member country or territory pension system profile: ARMENIA. Report issued on April 2012, validated by the Central Bank of Armenia

IOPS Member country or territory pension system profile: ARMENIA. Report issued on April 2012, validated by the Central Bank of Armenia IOPS Member country or territory pension system profile: ARMENIA Report issued on April 2012, validated by the Central Bank of Armenia ARMENIA DEMOGRAPHICS AND MACROECONOMICS Total Population (000s) 3.1

More information

The World Bank in Pensions Executive Summary

The World Bank in Pensions Executive Summary The World Bank in Pensions Executive Summary Forthcoming Background Paper for the World Bank 2012 2022 Social Protection and Labor Strategy Mark Dorfman and Robert Palacios March 2012 JEL Codes: I38 welfare

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 1 442 GDP per capita (USD) 43. 237 Population (000s) 61 412 Labour force (000s) 31 118 Employment rate 94.7 Population over 65 (%)

More information

Pensions Core Course Mark Dorfman The World Bank March 2, 2014

Pensions Core Course Mark Dorfman The World Bank March 2, 2014 Pensions Diagnostic Assessment and Conceptual Framework Pensions Core Course Mark Dorfman The World Bank March 2, 2014 Organization 1. Diagnostic assessment process 2. Conceptual framework design typology

More information

Civil Service Pension Reform: The Experience of the Thrift Savings Plan

Civil Service Pension Reform: The Experience of the Thrift Savings Plan Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Civil Service Pension Reform: The Experience of the Thrift Savings Plan Greg Long Executive Director Federal Retirement

More information

Financing the MDG Gaps in the Asia-Pacific

Financing the MDG Gaps in the Asia-Pacific Financing the MDG Gaps in the Asia-Pacific Dr. Nagesh Kumar Chief Economist, ESCAP And Director, ESCAP Subregional Office for South and South-West Asia, New Delhi 1 2 Outline Closing the poverty gap: interactions

More information

Financial Sector of South Asia Revisiting the Benchmark Condition

Financial Sector of South Asia Revisiting the Benchmark Condition Financial Sector of South Asia Revisiting the Benchmark Condition Presentation by Dr Khondaker Golam Moazzem Additional Research Director Centre for Policy Dialogue (CPD) Contents 1. Introduction 2. Financial

More information

SPECIMEN Application for Registration of a Pension Plan (Application)

SPECIMEN Application for Registration of a Pension Plan (Application) (Application) All Applications must be submitted to FCAA via the Registration and Licensing System (RLS) The fields found throughout this SPECIMEN Application identify data that you will need to know prior

More information

Achievements and Challenges

Achievements and Challenges LDCs Graduation in Asia-Pacific: Achievements and Challenges Ministerial Meeting of Asia-Pacific Least Developed Countries on Graduation and Post 2015 Development Agenda Kathmandu, Nepal 16-18 December

More information

Asia-Pacific: Sustainable Development Financing Outreach. Asia-Pacific: Landscape & State of Sustainable Financing

Asia-Pacific: Sustainable Development Financing Outreach. Asia-Pacific: Landscape & State of Sustainable Financing Asia-Pacific: Sustainable Development Financing Outreach Asia-Pacific: Landscape & State of Sustainable Financing Dr. Shamshad Akhtar, United Nations Under-Secretary-General & ESCAP Executive Secretary

More information

The Citizens Assembly

The Citizens Assembly Paper of Mr. Andrew Nugent The Pensions Authority of Ireland delivered to The Citizens Assembly on 08 July 2017 Pension Provision in Ireland A paper for the Citizens Assembly 8 July 2017 Introduction The

More information

Pension Diagnostic Assessment Pensions Core Course April 27, Mark C. Dorfman Pensions Team SPL Global Practice The World Bank

Pension Diagnostic Assessment Pensions Core Course April 27, Mark C. Dorfman Pensions Team SPL Global Practice The World Bank Pension Diagnostic Assessment Pensions Core Course April 27, 2015 Mark C. Dorfman Pensions Team SPL Global Practice The World Bank Organization I. Pension Diagnostic Assessment A. Evaluation Process &

More information

Why Consider a Funded Pension System?

Why Consider a Funded Pension System? Why Consider a Funded Pension System? Anita M. Schwarz Lead Economist Human Development Department Europe and Central Asia Region World Bank Topics to Be Covered I. Advantages and Disadvantages of Funding

More information

Report to the Government

Report to the Government ILO/TF/Nepal/R.9 Nepal Report to the Government Moving towards a Social Protection Floor in Nepal An ILO actuarial study for a new pension scheme for all private sector workers and the self-employed Public

More information

Statement before the Conference Committee on Public Employee Pensions State Capital Sacramento, California

Statement before the Conference Committee on Public Employee Pensions State Capital Sacramento, California Statement before the Conference Committee on Public Employee Pensions State Capital Sacramento, California For a Hearing Exploring Hybrid Plan Design Options on Wednesday, January 25, 2012 Diane Oakley,

More information

State Pensions and National Pensions Policy. Orlaigh Quinn Irish Institute of Pensions Management 27 April 2011

State Pensions and National Pensions Policy. Orlaigh Quinn Irish Institute of Pensions Management 27 April 2011 State Pensions and National Pensions Policy Orlaigh Quinn Irish Institute of Pensions Management 27 April 2011 Department of Social Protection 87 million payments made each year 2.1 million people in receipt

More information

IOPS COUNTRY PROFILE: ESTONIA

IOPS COUNTRY PROFILE: ESTONIA IOPS COUNTRY PROFILE: ESTONIA DEMOGRAPHICS AND MACROECONOMICS GDP per capita (USD) 19 000 Population (000s) 1 282 Labour force (000s) 688 Employment rate 82.5 Population over 65 (%) 17.7 Dependency ratio

More information

PENSION OF GOVERNMENT SERVANTS WITH FOCUS ON INCENTIVES PAY & PENSION COMMITTEE REPORT, 2004 PRESENTED BY BY MR. MUHAMMAD RAZIQ, SENIOR JOINT

PENSION OF GOVERNMENT SERVANTS WITH FOCUS ON INCENTIVES PAY & PENSION COMMITTEE REPORT, 2004 PRESENTED BY BY MR. MUHAMMAD RAZIQ, SENIOR JOINT 1 PENSION OF GOVERNMENT SERVANTS WITH FOCUS ON INCENTIVES PAY & PENSION COMMITTEE REPORT, 2004 PRESENTED BY BY MR. MUHAMMAD RAZIQ, SENIOR JOINT SECRETARY (REGULATIONS) FINANCE DIVISION GOVERNMENT OF PAKISTAN

More information

WELCOME TO PENSION SERVICES GLOSSARY OF TERMS

WELCOME TO PENSION SERVICES GLOSSARY OF TERMS WELCOME TO PENSION SERVICES GLOSSARY OF TERMS Please follow the appropriate links below to find relevant definitions of regularly used pension terms. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

More information

Survey launch in 37 locations

Survey launch in 37 locations ECONOMIC AND SOCIAL SURVEY OF ASIA AND THE PACIFIC 213 Forward-looking Macroeconomic Policies for Inclusive and Sustainable Development 1 Survey launch in 37 locations 2 28 Locations in Asia-Pacific New

More information

Reforming Public Service Pensions

Reforming Public Service Pensions elete this text box to isplay the color squar; you ay also insert an image or lient logo in this space. o delete the text box, click within ext, hit the Esc key and then the elete key 4 December 2008 Reforming

More information

Conference on Credit Bureau Development in South Asia

Conference on Credit Bureau Development in South Asia Conference on Credit Bureau Development in South Asia Organized by the World Bank, the Central Bank of Sri Lanka, and the Credit Information Bureau of Sri Lanka Simon Bell, World Bank Mt. Lavinia Hotel,

More information

The 2015 Social Protection Indicator Results for Asia Sri Wening Handayani ADB Principal Social Development Specialist

The 2015 Social Protection Indicator Results for Asia Sri Wening Handayani ADB Principal Social Development Specialist The 2015 Social Protection Indicator Results for Asia Sri Wening Handayani ADB Principal Social Development Specialist The views expressed in this presentation are those of the author and do not necessarily

More information

Islamic Republic of Iran The Pension System in Iran: Challenges and Opportunities

Islamic Republic of Iran The Pension System in Iran: Challenges and Opportunities Report No. 25174-IR Public Disclosure Authorized Islamic Republic of Iran The Pension System in Iran: Challenges and Opportunities (In Two Volumes) Volume II: Technical Appendix September 2003 Middle East

More information

Global Economic Prospects. South Asia. June 2014 Andrew Burns

Global Economic Prospects. South Asia. June 2014 Andrew Burns Global Economic Prospects South Asia June 214 Andrew Burns Main Messages 214 Global forecast has been downgraded, mainly reflecting one-off factors Financing conditions have eased temporarily, but are

More information

West Virginia Teachers Retirement System

West Virginia Teachers Retirement System West Virginia Teachers Retirement System Actuarial Valuation As of July 1, 2013 Prepared by: for the West Virginia Consolidated Public Retirement Board January 2014 January 15, 2014 West Virginia Consolidated

More information

Legislative Update. August Legislation (http://www.legislation.gov.uk) Finance Act Pensions Act 2014

Legislative Update. August Legislation (http://www.legislation.gov.uk) Finance Act Pensions Act 2014 Legislative Update August 2014 Legislation (http://www.legislation.gov.uk) Finance Act 2014 The key provisions to note in this Act are: Withdrawal arrangements: From 27 March 2014, the annual cap on withdrawals

More information

PENSIONS POLICY INSTITUTE PPI. The Pensions Primer: A guide to the UK pensions system

PENSIONS POLICY INSTITUTE PPI. The Pensions Primer: A guide to the UK pensions system PPI The Pensions Primer: A guide to the UK pensions system Updated as at June 2014 The Pensions Primer: a guide to the UK pensions system An introduction to the current UK pension system 1 Reference note

More information

IOPS Member country or territory pension system profile: ALBANIA

IOPS Member country or territory pension system profile: ALBANIA IOPS Member country or territory pension system profile: ALBANIA Report issued on February 2013, to be validated by the Albanian Financial Supervisory Authority IOPS Country Profiles Albania, February

More information

The slow growth and sudden demise of supplementary pension provision in Cyprus

The slow growth and sudden demise of supplementary pension provision in Cyprus LSE Hellenic Observatory Research Seminar Seminars 14 January 2014 The slow growth and sudden demise of supplementary pension provision in Cyprus Bernard H Casey Institute for Employment Research University

More information

Pension System Reform in Georgia

Pension System Reform in Georgia PERSPECTIVE Pension System Reform in Georgia Comments and Alternatives MARTIN HUTSEBAUT December 2017 On 31 October 2017, the Government of Georgia publicly presented her reform plan for the country s

More information

IOPS Member country or territory pension system profile: PANAMA

IOPS Member country or territory pension system profile: PANAMA IOPS Member country or territory pension system profile: PANAMA Report 1 issued on December 2011, validated by the Sistema de Ahorro y Capitalizacion de Pensiones de los Servidores Publicos (SIACAP) 1

More information

Interpretive Guideline#05 Division and Distribution of Pension Benefits on Marriage Breakdown

Interpretive Guideline#05 Division and Distribution of Pension Benefits on Marriage Breakdown Interpretive Guideline#05 Division and Distribution of Pension Benefits on Marriage Breakdown Issued: February 2017 (Revised) This Guideline is designed to assist plan administrators, plan members and

More information

INFRASTRUCTURE NEEDS

INFRASTRUCTURE NEEDS INFRASTRUCTURE NEEDS Key messages Developing Asia needs $26 trillion (in 2015 prices), or $1.7 trillion per year, for infrastructure investment in 2016-2030 Without climate change mitigation and adaptation,

More information

Financing for Development in Asia and the Pacific: Opportunities and Challenges

Financing for Development in Asia and the Pacific: Opportunities and Challenges Financing for Development in Asia and the Pacific: Opportunities and Challenges Dr. Shamshad Akhtar, Under-Secretary-General of the United Nations & Executive Secretary of The Economic and Social Commission

More information

Measuring and Reporting Unfunded. Robert Palacios Pension Team Leader World Bank Pension Core Course Washington D.C.

Measuring and Reporting Unfunded. Robert Palacios Pension Team Leader World Bank Pension Core Course Washington D.C. Measuring and Reporting Unfunded Pension Liabilities: a Global l Perspective Robert Palacios Pension Team Leader World Bank Pension Core Course Washington D.C. November 14, 2011 The big questions Should

More information

STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA. Table 1: Speed of Aging in Selected OECD Countries. by Randall S. Jones

STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA. Table 1: Speed of Aging in Selected OECD Countries. by Randall S. Jones STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA by Randall S. Jones Korea is in the midst of the most rapid demographic transition of any member country of the Organization for Economic Cooperation

More information

Old Age Crisis Worldwide How Does it Affect Hong Kong. by Michael Sze December 10, 2003

Old Age Crisis Worldwide How Does it Affect Hong Kong. by Michael Sze December 10, 2003 Old Age Crisis Worldwide How Does it Affect Hong Kong by Michael Sze December 10, 2003 Agenda Worldwide perspective Fundamental theory of social security Pension reforms in various countries Some older

More information

Budget Crunch. Dr. Robert C. M. Beyer SOUTH ASIA ECONOMIC FOCUS FALL South Asia Office of the Chief Economist

Budget Crunch. Dr. Robert C. M. Beyer SOUTH ASIA ECONOMIC FOCUS FALL South Asia Office of the Chief Economist Budget Crunch SOUTH ASIA ECONOMIC FOCUS FALL 2018 Dr. Robert C. M. Beyer South Asia Office of the Chief Economist 1 Recent economic developments 2 South Asia is consolidating its position as the fastest-growing

More information

!"#$%!"&'()!*$%!'"!+'(,%-$+)!#'./!+'(&"!'

!#$%!&'()!*$%!'!+'(,%-$+)!#'./!+'(&!' !"#$%!"&()!*$%!"!+(,%-$+)!#./!+(&"! #"0&)%.1%!#)!#* 1. BACKGROUND...2 2. TWO FORMAL OLD-AGE INCOME SECURITY...3 2.1 Gratuity Scheme...3 2.2 Government Employees Provident Fund Scheme...3 3. INADEQUACY

More information

Federal Employees Retirement System: Budget and Trust Fund Issues

Federal Employees Retirement System: Budget and Trust Fund Issues Federal Employees Retirement System: Budget and Trust Fund Issues Katelin P. Isaacs Analyst in Income Security September 27, 2012 CRS Report for Congress Prepared for Members and Committees of Congress

More information

IOPS Member country or territory pension system profile: GHANA

IOPS Member country or territory pension system profile: GHANA IOPS Member country or territory pension system profile: GHANA Report 1 issued on September 2011, validated by the National Pensions Regulatory Authority (NPRA) of Ghana 1 This document and any map included

More information

Pension projections Denmark (AWG)

Pension projections Denmark (AWG) Pension projections Denmark (AWG) November 12 th, 2014 Part I: Overview of the Pension System The Danish pension system can be divided into three pillars: 1. The first pillar consists primarily of the

More information

TABLE OF CONTENTS. Introduction... v. Contributors... ix. About This Report Regional Comparisons... 3

TABLE OF CONTENTS. Introduction... v. Contributors... ix. About This Report Regional Comparisons... 3 TABLE OF CONTENTS Introduction... v Contributors... ix About This Report... 1 Regional Comparisons... 3 Profile of Social Security and Mandatory Company Benefits... 4 Cost Analysis of Social Security and

More information

Application for Registration of a Pension Plan To be completed and signed by the Plan Administrator

Application for Registration of a Pension Plan To be completed and signed by the Plan Administrator 1 Plan identification Plan Name Application for Registration of a Pension Plan To be completed and signed by the Plan Administrator Effective Date Plan Fiscal Year End Registration Number*, if known *

More information

Fiscal policy for inclusive growth in Asia

Fiscal policy for inclusive growth in Asia Fiscal policy for inclusive growth in Asia Dr. Donghyun Park, Principal Economist Economics and Research Department, Asian Development Bank PRI-IMF-ADBI Tokyo Fiscal Forum on Fiscal Policy toward Long-Term

More information

Investment Policy and Regulatory Framework in Nepal, FY ( )

Investment Policy and Regulatory Framework in Nepal, FY ( ) Investment Policy and Regulatory Framework in Nepal, FY 2073-74 (2016-2017) Introduction Due to narrow fiscal space in the government finance and feeble capacity of private sector, foreign investment is

More information

January A guide to your. retirement options

January A guide to your. retirement options January 2016 A guide to your retirement options Contents Section Page Introduction 4 Questions about you for you to think about 5 State Pensions Deferring Your State Pension 8 Voluntary National Insurance

More information

Executive Summary Overall framework description

Executive Summary Overall framework description Executive Summary This report has been prepared by the World Bank at the request of the Government of Brunei to evaluate policy options for the establishment of a Supplementary Contributory Pension Scheme

More information

Global Retirement Update

Global Retirement Update Global Retirement Update February 2013 This Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation

More information

Chapter 7 INTERNATIONAL GENDER PERSPECTIVE

Chapter 7 INTERNATIONAL GENDER PERSPECTIVE Chapter 7 INTERNATIONAL GENDER PERSPECTIVE OF DEVELOPMENT INDICATORS Coverage Population and Sex Ratio in few selected countries Life Expectancy of selected countries at birth, at age 60 Marriage Indicator

More information

Global Retirement Update

Global Retirement Update Global Retirement Update January 2013 This Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation

More information

SOUTH ASIA MACRO-FISCAL CONTEXT AND HEALTH FINANCING FACT SHEETS. How Much Can a Country Spend on Health? Health Financing. Revenue Composition

SOUTH ASIA MACRO-FISCAL CONTEXT AND HEALTH FINANCING FACT SHEETS. How Much Can a Country Spend on Health? Health Financing. Revenue Composition Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized MACRO-FISCAL CONTEXT AND HEALTH FINANCING FACT SHEETS SOUTH ASIA How Much Can a Country

More information

Introduction to the Asian Clearing Union (ACU)

Introduction to the Asian Clearing Union (ACU) Introduction to the Asian Clearing Union (ACU) ACU Secretariat March 2, 2009 Table of Contents Introduction History Objectives ACU Organization ACU Operations ACU Transactions ACU Achievements ACU Challenges

More information

Global Retirement Update

Global Retirement Update Aon Hewitt Legislative Reporting Global Retirement Update October 2014 This Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently

More information

Pension policy and financial assessment of a new defined benefit pension scheme

Pension policy and financial assessment of a new defined benefit pension scheme Pension policy and financial assessment of a new defined benefit pension scheme UNECOSOC conference Achieving sustainable development through employment creation and decent work for all 24-25 February

More information

Social Protection System for Working Age/Productive Age Group

Social Protection System for Working Age/Productive Age Group Social Protection System for Working Age/Productive Age Group Office of The Vice President The Republic of Indonesia/ The National Team for the Acceleration of Poverty Reduction (TNP2K) January 2019 1

More information

All findings, interpretations, and conclusions of this presentation represent the views of the author(s) and not those of the Wharton School or the

All findings, interpretations, and conclusions of this presentation represent the views of the author(s) and not those of the Wharton School or the All findings, interpretations, and conclusions of this presentation represent the views of the author(s) and not those of the Wharton School or the Pension Research Council. 2008 Pension Research Council

More information

Economy Profile 2015 Sri Lanka

Economy Profile 2015 Sri Lanka Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 92131 Economy Profile 2015 2 2014 The International Bank for Reconstruction and Development

More information

Financing Infrastructure in Asia and the Pacific

Financing Infrastructure in Asia and the Pacific Financing Infrastructure in Asia and the Pacific Building Bridges III S. Samuel Tumiwa Deputy Representative North America Representative Office November 2015 1 What Does All This Mean Re-emergence of

More information

Global Defined Contribution Update

Global Defined Contribution Update Global Defined Contribution Update Fourth Quarter 2010 This quarterly Update summarizes recent legislative developments and trends related to defined contribution retirement (DC) plans and highlights recently

More information

Income products for the post-retirement market in Australia Received 28th May, 2004

Income products for the post-retirement market in Australia Received 28th May, 2004 Income products for the post-retirement market in Australia Received 28th May, 2004 Graham Bird is a consultant, based in Sydney. He advises clients on a broad range of strategic issues relating to efficient

More information

State Hybrid Retirement Plans in the United States

State Hybrid Retirement Plans in the United States State Hybrid Retirement Plans in the United States October 24, 2014 Joshua Franzel, PhD Vice President, Research Center for State and Local Government Excellence Washington, DC jfranzel@slge.org This presentation

More information

Strengthening public finance in North and Central Asia. An overview

Strengthening public finance in North and Central Asia. An overview Strengthening public finance in North and Central Asia An overview Public finance is the financing backbone for sustainable development and infrastructure investment The financing demand for the implementation

More information

C1.03: CONTRACTING OUT OCCUPATIONAL SCHEMES

C1.03: CONTRACTING OUT OCCUPATIONAL SCHEMES C1.03: CONTRACTING OUT OCCUPATIONAL SCHEMES SYLLABUS Nature of contracting out Nature of NI rebate or reduction Reference scheme basis GMP and WGMP Money purchase basis Protected Rights Extent of guarantees

More information

ManuMaster Healthcare Series

ManuMaster Healthcare Series ManuMaster Healthcare Series No one plans to get sick or injured, but as you get older your need for medical care will gradually increase. To protect your health, you want to get the right treatment wherever

More information

Tackling the Challenges of the Infrastructure Gap in South Asia. John H. Stein Director Sustainable Development Department South Asia Region

Tackling the Challenges of the Infrastructure Gap in South Asia. John H. Stein Director Sustainable Development Department South Asia Region Tackling the Challenges of the Infrastructure Gap in South Asia John H. Stein Director Sustainable Development Department South Asia Region Outline South Asia Background Infrastructure Gap by Sector Investment

More information

SOUTH ASIA. Chapter 2. Recent developments

SOUTH ASIA. Chapter 2. Recent developments SOUTH ASIA GLOBAL ECONOMIC PROSPECTS January 2014 Chapter 2 s GDP growth rose to an estimated 4.6 percent in 2013 from 4.2 percent in 2012, but was well below its average in the past decade, reflecting

More information

NEW BRUNSWICK TEACHERS PENSION PLAN

NEW BRUNSWICK TEACHERS PENSION PLAN NEW BRUNSWICK TEACHERS PENSION PLAN ACTUARIAL VALUATION REPORT AS AT AUGUST 31, 2016 Report prepared in April 2017 Registration number: Canada Revenue Agency: 0293696 NB Superintendent of Pensions: 0293696

More information

Multi-pillar Pension Reforms: Experience, Lessons, and Challenges

Multi-pillar Pension Reforms: Experience, Lessons, and Challenges Multi-pillar Pension Reforms: Experience, Lessons, and Challenges Prof. Robert Holzmann Technische Universitaet Wien Seminarserie Oekonomie der Pensionsfonds Wien, 12. Juni 2007 Road Map Reform Dynamics

More information

Pension Patterns and Challenges in Sub-Saharan Africa World Bank Pensions Core Course April 27, 2016

Pension Patterns and Challenges in Sub-Saharan Africa World Bank Pensions Core Course April 27, 2016 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Pension Patterns and Challenges in Sub-Saharan Africa World Bank Pensions Core Course April 27, 2016 Mark C. Dorfman

More information

Expectations versus Reality of Pakistan China FTA

Expectations versus Reality of Pakistan China FTA MPRA Munich Personal RePEc Archive Expectations versus Reality of Pakistan China FTA Dawood Mamoon University of Islamabad 17 October 2017 Online at https://mpra.ub.uni-muenchen.de/82012/ MPRA Paper No.

More information

World Economic Situation and Prospects asdf

World Economic Situation and Prospects asdf World Economic Situation and Prospects 2019 asdf United Nations New York, 2019 South Asia GDP Growth 8.0 8.0% 6.1 6.0% 6.6 4.8 4.0% total 5.6 5.4 per capita 4.4 4.1 5.9 4.7 projected 2.0% 2016 2017 2018

More information

CRS Report for Congress

CRS Report for Congress Order Code RL30023 CRS Report for Congress Received through the CRS Web Federal Employee Retirement Programs: Budget and Trust Fund Issues Updated May 24, 2004 Patrick J. Purcell Specialist in Social Legislation

More information

CHAPTER II. Financial Planning

CHAPTER II. Financial Planning CHAPTER II Financial Planning 2.1. Introduction Financial planning is the process through which an individual moves towards meeting personal and financial goals through the development and implementation

More information