By Robert Holzmann; Edward Palmer
This e-book offers 24 state-of-the-art papers at the conceptual foundations and concerns surrounding non-financial, or notional, outlined contribution plans (NDCs), kingdom implementation of NDCs (Italy, Latvia, Poland, and Sweden), and case reports for international locations the place NDCs are figured within the reform debate. This publication is meant as a guide for teachers and coverage makers who are looking to turn into educated approximately what NDC is and to profit concerning the professionals and cons of this appealing reform notion.
Read or Download Pension Reform: Issues and Prospect for Non-financial Defined Contribution (NDC) Schemes (Trade and Development) PDF
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Extra info for Pension Reform: Issues and Prospect for Non-financial Defined Contribution (NDC) Schemes (Trade and Development)
In terms of this metric, a pension scheme that gives a risk-adjusted rate of return below the risk-adjusted ﬁnancial market rate creates a tax wedge, and this means participants would attain a higher level of lifetime consumption with the counterfactual ﬁnancial market rate of return. Rated in terms of efﬁciency, non-ﬁnancial pension schemes, among these NDC schemes, are only potentially at least as efﬁcient as ﬁnancial pension schemes. They would be as efﬁcient as ﬁnancial schemes in a steady-state (closed) Golden Rule economy2 but otherwise not necessarily so.
Part of the essence of the mandatory scheme is protect people from their own bad judgment in this sense. Also, the practice of setting lower pension ages for women, whose exit from the labor force may be timed to coincide with the exit of her (often older) spouse, itself can lead to poverty in old age for surviving women. Finally, it is reasonable to adjust (index) this age, once thoughtfully set, to changing longevity. Given a reasonably set minimum pension age, some form of minimum income ﬂoor (for example, a guarantee or ﬂat rate) is unavoidable.
The use of unisex life expectancy in calculating the annuity introduces an explicit redistribution from those who live a shorter life to those who live a longer life, for this reason, given current longevity patterns and a unisex LE factor that entails a transfer from men to women. The rate of return and the life annuity. An NDC scheme provides a life annuity that encompasses a real rate of return—determined by the internal rate of return, discussed below. The rate of return for the period over which the annuity is to be paid out is only known ex post, whereas the annuity is calculated ex ante.