Designing the Payout Phase of Funded Pension Pillars in Central and Eastern European Countries

Over the past decade or so, most Central and Eastern European countries have reformed their pension systems, significantly downsizing their public pillars and creating private pillars based on capitalization accounts. Early policy attention was foc...

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Bibliographic Details
Main Authors:	Vittas, Dimitri, Rudolph, Heinz, Pollner, John
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTING ACCUMULATED SAVINGS ACTIVE MARKET ADVERSE SELECTION ANNUITY MARKET ANNUITY MARKETS ANNUITY PAYMENT ANNUITY PAYMENTS ANNUITY PROVIDERS ASSET MANAGEMENT ASSET MANAGERS ASSET PRICES AUCTION AUCTION MECHANISM BANKRUPTCY BANKRUPTCY RISK BENEFICIARIES BENEFICIARY BENEFIT LEVELS BENEFIT PAYMENT BENEFIT PAYMENTS BEQUEST BEQUESTS BINDING CONSTRAINT BONDS BROKER BROKERS CAPITAL ADEQUACY CAPITAL LOSS CAPITAL REQUIREMENTS CAPITALIZATION COMPANY PENSIONS COMPETITIVE BIDDING COMPETITIVE MARKET COMPETITIVE MARKETS CONFLICTS OF INTEREST CONTRIBUTION RATES CORPORATE BOND COUPON CURRENCY CURRENCY DEPRECIATION CUSTODY DEBT INSTRUMENTS DEFERMENT PERIOD DEFERRED ANNUITIES DEFERRED ANNUITY DEPOSIT DEPOSIT INSURANCE DEVALUATIONS DISABILITY PENSIONS DISCOUNT RATES DOMESTIC CURRENCY EQUITIES EQUITY MARKETS EQUITY RETURNS EXPENDITURES EXTERNAL ASSET FAIR VALUATION FAIR VALUE FAIR VALUES FINANCES FINANCIAL CRISIS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SYSTEMS FIXED ANNUITIES FIXED ANNUITY FIXED INCOME FIXED INCOME SECURITIES FRAUD FUNDED COMPONENTS FUNDED PENSION FUNDED SCHEMES GOVERNMENT BONDS GOVERNMENT GUARANTEE GOVERNMENT GUARANTEES GUARANTEED BENEFITS GUARANTEED PERIOD GUARANTEED PERIODS GUARANTEED RATES GUARANTEED RETURN INDIVIDUAL ACCOUNTS INFLATION INFLATION RATE INFLATION RISK INFLATION RISKS INSURANCE COMPANIES INSURANCE MARKET INSURANCE MARKETS INTEREST RATE INTERNATIONAL BANK INVESTING INVESTMENT FUNDS INVESTMENT INCOME INVESTMENT PERFORMANCE INVESTMENT POLICIES INVESTMENT PORTFOLIO INVESTMENT RETURNS INVESTMENT RISK INVESTMENT RISKS JOINT ANNUITIES JOINT-STOCK COMPANIES LABOR FORCE LABOR FORCE PARTICIPATION LEVEL OF RISK LIABILITY LIABILITY MANAGEMENT LIFE ANNUITIES LIFE ANNUITY LIFE EXPECTANCIES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID ASSETS LIQUID MARKETS LIQUIDITY LIQUIDITY PREMIUM LIQUIDITY RISK LIQUIDITY RISKS LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM DEBT LONG-TERM INTEREST LONG-TERM INTEREST RATES LONGEVITY INSURANCE LONGEVITY RISK LONGEVITY RISKS LUMP SUM DISTRIBUTIONS LUMP SUM WITHDRAWALS MANDATORY SAVING MARKET CONDITIONS MARKET DESIGN MARKET DISCIPLINE MARKET DISTORTIONS MARKET FRAGMENTATION MARKET PRICES MARKET SHARE MARKET STRUCTURE MARKET STRUCTURES MARKET VALUES MATURITY MORAL HAZARD MORTALITY MORTALITY TABLES MORTGAGE MORTGAGE BONDS MUTUAL FUNDS NOMINAL YIELDS PENSION PENSION ACCOUNTS PENSION FUNDS PENSION PAYMENT PENSION PLANS PENSION REFORMS PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PILLAR BENEFITS PORTFOLIOS PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PILLAR PRIVATE PILLARS PROFIT MARGINS PRUDENTIAL REGULATION PUBLIC PENSIONS PUBLIC PILLAR PUBLIC PILLARS PURCHASING POWER QUOTATION SYSTEM QUOTATION SYSTEMS RATE OF RETURN RATES OF INTEREST RATES OF RETURN REGULAR PAYMENTS REGULATORY AUTHORITIES REGULATORY FRAMEWORK REPLACEMENT RATE RESERVE RESERVE REQUIREMENTS RESERVES RETIREE RETIREES RETIREMENT RETIREMENT ACCOUNTS RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT INCOMES RETIREMENT PRODUCT RETIREMENT PRODUCTS RETIREMENT SAVINGS RETIRING WORKER RETIRING WORKERS RETURNS RETURNS ON EQUITIES RISK CAPITAL RISK EXPOSURE RISK MANAGEMENT RISK POOLING RISK PROFILES SAFETY NET SECURITIES SHAREHOLDERS SHORT-TERM DEBT SINGLE LIFE ANNUITIES SOCIAL SECURITY SOLVENCY SOLVENCY REQUIREMENTS SUPERVISORY FRAMEWORK SWAP TAX TAX ADVANTAGES TAX INCENTIVES TAX TREATMENT TRADING TRANSPARENCY VALUATION VALUATIONS VARIABLE ANNUITIES VARIABLE ANNUITY VOLUNTARY ANNUITY MARKETS WITHDRAWAL YIELD CURVE YIELD CURVES
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100421103114 http://hdl.handle.net/10986/3763

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Summary:	Over the past decade or so, most Central and Eastern European countries have reformed their pension systems, significantly downsizing their public pillars and creating private pillars based on capitalization accounts. Early policy attention was focused on the accumulation phase but several countries are now reaching the stage where they need to address the design of the payout phase. This paper reviews the complex policy issues that will confront policymakers in this effort and summarizes recent plans and developments in four countries (Poland, Hungary, Estonia, and Lithuania). The paper concludes by highlighting a number of options that merit detailed consideration.

Designing the Payout Phase of Funded Pension Pillars in Central and Eastern European Countries

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