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Pension risk and risk based supervision in defined contribution pension funds (English)

The main goal of any pension system is to ensure that members receive an adequate pension income when they retire. Whilst traditional defined benefit (DB) pension plans set out what that pension income will be in advance and then strive to deliver it, the growing number of defined contribution (DC) plans accumulates a sum of assets which can then be turned into a pension income on retirement. ... See More +

Economic Updates and Modeling 86428 MAR 18, 2014

Randle, Tony; Rudolph, Heinz P.

Pension risk and risk-based supervision in defined contribution pension funds (English)

Defined contribution pension systems have faced criticism in the wake of the financial and economic crisis for not delivering adequate and sustainable pension incomes at retirement. ... See More +

Policy Research Working Paper WPS6813 MAR 01, 2014

Randle, Tony; Rudolph, Heinz P.

The inverting pyramid : pension systems facing demographic challenges in Europe and Central Asia : Overview (English)

The pension and old age security systems that originated in Europe in the nineteenth and twentieth centuries have been effective in sharply reducing poverty rates among the elderly throughout Europe. ... See More +

Publication 84686 JAN 31, 2014

Schwarz, Anita M.; Arias, Omar S.; Zviniene, Asta; Rudolph, Heinz P.; Eckardt, Sebastian; Koettl, Johannes; Immervoll, Herwig; Abels, Miglena; Abels, Miglena

The inverting pyramid : pension systems facing demographic challenges in Europe and Central Asia (Vol. 2) : Main report (English)

The pension and old age security systems that originated in Europe in the nineteenth and twentieth centuries have been effective in sharply reducing poverty rates among the elderly throughout Europe. ... See More +

Publication 84686 JAN 31, 2014

Schwarz, Anita M.; Arias, Omar S.; Zviniene, Asta; Rudolph, Heinz P.; Eckardt, Sebastian; Koettl, Johannes; Immervoll, Herwig; Abels, Miglena; Abels, Miglena

Reversal and reduction, resolution, and reform : lessons from the financial crisis in Europe and Central Asia to improve outcomes from mandatory private pensions (English)

This report examines the impact of the financial crisis on privately funded pensions in the Europe and Central Asia region. It describes their pension systems and the impact of the crisis. ... See More +

Other Financial Sector Study 77779 MAY 01, 2013

Price, Will; Rudolph, Heinz P.

Upgrading investment regulations in second pillar pension systems : a proposal for Colombia (English)

The passivity of the demand for pension products is one of the striking features of mandatory pension systems. Consequently, the provision of multiple investment alternatives to households (multifund schemes) does not ensure that contributions are invested efficiently. ... See More +

Policy Research Working Paper WPS5775 AUG 01, 2011

Castaneda, Pablo; Rudolph, Heinz P.

Development banks : role and mechanisms to increase their efficiency (English)

Past performance of development banks, has generally been considered poor and the value of state ownership questioned. There are few institutions that achieve the optimum balance of effectively addressing a policy objective while being financially sustainable. ... See More +

Policy Research Working Paper WPS5729 JUL 01, 2011

Gutierrez, Eva; Rudolph, Heinz P.; Homa, Theodore; Beneit, Enrique Blanco

Annuities and other retirement products : designing the payout phase (English)

This book examines recent changes in the landscape of retirement products and annuity markets in five countries. All the selected countries (Australia, Chile, Denmark, Sweden, and Switzerland) have mandatory or quasi-mandatory savings schemes. ... See More +

Publication 60052 FEB 18, 2011

Rocha, Roberto; Vittas, Dimitri; Rudolph, Heinz P.

Challenges of the mandatory funded pension system in the Russian Federation (English)

The overwhelming number of contributors that have been allocated into the default option is one of the main characteristics of the Russian second pillar. ... See More +

Policy Research Working Paper WPS5514 DEC 01, 2010

Rudolph, Heinz P.; Holtzer, Peter

Evaluating the financial performance of pension funds (English)

Since the early 1980s, the structure of arrangements to provide retirement income has gradually moved from defined benefit (DB) systems to various types of arrangements in which the provision of pensions is backed by assets, either in individual accounts or in collective schemes. ... See More +

Publication 52709 JUN 14, 2010

Hinz, Richard; Rudolph, Heinz P.; Antolin, Pablo; Yermo, Juan

A summary and update of developing annuities markets : the experience of Chile (English)

The rapid growth of the market for retirement products in Chile has its origins in the pension reform that was implemented in 1981. But the successful development of an active annuity market also reflects many other factors. ... See More +

Policy Research Working Paper WPS5325 JUN 01, 2010

Rocha, Roberto; Rudolph, Heinz P.

Designing the payout phase of funded pension pillars in central and eastern European countries (English)

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. ... See More +

Policy Research Working Paper WPS5276 APR 01, 2010

Vittas, Dimitri; Rudolph, Heinz; Pollner, John

The payout phase of pension systems : a comparison of five countries (English)

This paper provides a comparative summary of the payout phase of pension systems in five countries -- Australia, Chile, Denmark, Sweden, and Switzerland. ... See More +

Policy Research Working Paper WPS5288 APR 01, 2010

Rocha, Roberto; Vittas, Dimitri; Rudolph, Heinz P.

State financial institutions : Can they be relied on to kick-start lending? (English)

The need to kick-start lending to the real sector in response to the global financial crisis is leading many countries to expand the role of state-owned financial institutions. ... See More +

Brief 53770 JAN 01, 2010

Rudolph, Heinz P.

State financial institutions : mandates, governance, and beyond (English)

There is no doubt that on average the performance of state financial institutions around the world has been below the lowest expectations. Lack of governance, management skills, regulation, and transparency, and misguided incentives have contributed to discredit these institutions for supporting the development of local financial markets. ... See More +

Policy Research Working Paper WPS5141 NOV 01, 2009

Rudolph, Heinz P.

Enabling conditions for second pillars of pension systems (English)

This note adds to the existing literature by examining the enabling conditions for the creation of mandatory funded pension funds, and identifying additional factors that are important to consider in the early stages of the reform. ... See More +

Policy Research Working Paper WPS4890 APR 01, 2009

Rudolph, Heinz; Rocha, Roberto

Competition and performance in the Polish second pillar (English)

This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countriesapos;: the relatively high component of domestic equity, and the negligible component on international securities. ... See More +

Publication 40537 JAN 01, 2007

Rudolph, Heinz; Rocha, Roberto

Financial sector dimensions of the Colombian pension system (English)

This paper provides an assessment of the funded pension system and the quality of the regulatory framework for both accumulation and payout phase. ... See More +

Publication 40536 JAN 01, 2007

Rudolph, Heinz; Cheikrouhou, Hela; Rocha, Roberto; Thorburn, Craig

Title Document Date Report No. Document Type Also available in
Pension risk and risk based supervision in defined contribution pension funds (English)
See More +
MAR 18, 2014 86428 Economic Updates and Modeling
Pension risk and risk-based supervision in defined contribution pension funds (English)
See More +
MAR 01, 2014 WPS6813 Policy Research Working Paper
The inverting pyramid : pension systems facing demographic challenges in Europe and Central Asia : Overview (English)
See More +
JAN 31, 2014 84686 Publication
The inverting pyramid : pension systems facing demographic challenges in Europe and Central Asia (Vol. 2) : Main report (English)
See More +
JAN 31, 2014 84686 Publication
Reversal and reduction, resolution, and reform : lessons from the financial crisis in Europe and Central Asia to improve outcomes from mandatory private pensions (English)
See More +
MAY 01, 2013 77779 Other Financial Sector Study
Upgrading investment regulations in second pillar pension systems : a proposal for Colombia (English)
See More +
AUG 01, 2011 WPS5775 Policy Research Working Paper
Development banks : role and mechanisms to increase their efficiency (English)
See More +
JUL 01, 2011 WPS5729 Policy Research Working Paper
Annuities and other retirement products : designing the payout phase (English)
See More +
FEB 18, 2011 60052 Publication
Challenges of the mandatory funded pension system in the Russian Federation (English)
See More +
DEC 01, 2010 WPS5514 Policy Research Working Paper
Evaluating the financial performance of pension funds (English)
See More +
JUN 14, 2010 52709 Publication
A summary and update of developing annuities markets : the experience of Chile (English)
See More +
JUN 01, 2010 WPS5325 Policy Research Working Paper
Designing the payout phase of funded pension pillars in central and eastern European countries (English)
See More +
APR 01, 2010 WPS5276 Policy Research Working Paper
The payout phase of pension systems : a comparison of five countries (English)
See More +
APR 01, 2010 WPS5288 Policy Research Working Paper
State financial institutions : Can they be relied on to kick-start lending? (English)
See More +
JAN 01, 2010 53770 Brief
State financial institutions : mandates, governance, and beyond (English)
See More +
NOV 01, 2009 WPS5141 Policy Research Working Paper
Enabling conditions for second pillars of pension systems (English)
See More +
APR 01, 2009 WPS4890 Policy Research Working Paper
Competition and performance in the Polish second pillar (English)
See More +
JAN 01, 2007 40537 Publication
Financial sector dimensions of the Colombian pension system (English)
See More +
JAN 01, 2007 40536 Publication