A review of international experience



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Document Outline

  • Cover
  • Contents
  • Foreword
  • Acknowledgments
  • Contributors
  • Abbreviations
  • Part I. Introduction and Conceptual Issues
    • 1. Early Lessons from Country Experience with Matching Contribution Schemes
    • 2. Policies to Encourage Private Pension Savings: Evidence from OECD Countries
  • Part II. High-Income Country Experience
    • 3. Matching Contributions in 401(k) Plans in the United States
    • 4. Riester Pensions in Germany: Design, Dynamics, Targeting Success, and Crowding-In
    • 5. New Zealand’s Experience with the KiwiSaver Scheme
    • 6. The Impact of Matching on Savings in the U.K. Savings Gateway Program
    • 7. Matching Defined Contribution Pension Schemes in Japan
    • 8. Matching Contributions and Compliance in Korea’s National Pension Program
  • Part III. Middle-Income Country Experience
    • 9. Complementing Chile’s Pensions with Subsidized Youth Employment and Contributions
    • 10. Matching Contributions in Colombia, Mexico, and Peru: Experiences and Prospects
  • Part IV. Developing Country Experience
    • 11. China’s Pension Schemes for Rural and Urban Residents
    • 12. Learning from the Early Experience of India’s Matching Defined Contribution Scheme
    • 13. Using Prepaid Contributions to Cover Mobile Workers in Cape Verde and Tunisia
    • 14. Thailand’s Matching Defined Contribution Programs for the Informal Sector
  • Part V. Behavioral and Design Issues
    • 15. Matching Contributions and Savings Outcomes: A Behavioral Economics Perspective
    • 16. Implementation Issues in Low- and Middle-Income Countries
  • Box
    • 8.1 The National Pension Scheme in Korea
  • Figures
    • 2.1 Expenditure on private pension benefits as percentage of total pension expenditure, in selected OECD countries, 1990 and 2007
    • 2.2 Sources of income of people over 65 in selected OECD countries, mid-2000s
    • 2.3 Contribution of public and private components to simulated lifetime benefits in 21 OECD countries, 2008
    • 2.4 Impact of pension reforms on lifetime retirement income benefits in selected OECD countries
    • 2.5 Private pension coverage in selected OECD countries, 2009
    • 2.6 Relationship between private pension coverage and age and earnings in selected countries
    • 2.7 Tax treatment of investment returns, private pension contributions, and withdrawals in selected OECD countries
    • 2.8 Tax treatment of benchmark savings and private pensions in selected OECD countries
    • 2.9 Correlation between coverage of voluntary private pensions and tax incentives for private pensions relative to benchmark savings
    • 2.10 Percentage of IRA and 401(k) saving that is new saving
    • 2.11 Revenues foregone from tax incentives for private pensions in selected OECD countries as a percentage of GDP and a percentage of public expenditure on pensions, 2007
    • 2.12 Pensioners’ incomes as a percentage of population income in selected OECD countries, mid-2000s
    • 2.13 Coverage of voluntary private pensions compared with tax incentives for private pensions relative to benchmark savings in selected OECD countries
    • 3.1 Predicted employee contributions for selected persons and plan matching formulas
    • 4.1 Subsidy as percentage of total (own plus government matching) contribution
    • 4.2 Development of Riester pensions (million contracts)
    • 4.3 Coverage by private and occupational pensions, 2003–10
    • 4.4 Percentage of households with private and occupational pension instruments, 2003–10
    • 4.5 Fiscal costs of Riester pensions, 2003–10
    • 4.6 Uptake of Riester pensions by age group
    • 4.7 Uptake of Riester pensions by number of children
    • 4.8 Private pension instruments by number of children in 2009
    • 4.9 Private pensions by monthly household disposable income in 2009
    • 4.10 Uptake of Riester pensions by quintiles of monthly household disposable income
    • 4.11 Change in total saving after enrolling in a Riester plan
    • 4.12 Benefits from public and Riester pensions
    • 4.13 Filling the pension gap
    • 5.1 Coverage in occupational retirement schemes, 1990–2003
    • 5.2 Total and monthly enrollments in KiwiSaver, 2007–11
    • 5.3 Age at which member enrolled in KiwiSaver, 2007–11
    • 5.4 Age distribution of KiwiSaver members and KiwiSaver eligible population, June 30, 2011
    • 5.5 Percentage of eligible population enrolled in KiwiSaver, 2008–11
    • 5.6 Income distribution of KiwiSaver members and KiwiSaver eligible population, 2010
    • 5.7 Annual KiwiSaver contributions by salary and wage earners, 2009/10
    • 5.8 Annual KiwiSaver contribution for nonsalary and nonwage earners, 2009/10
    • 5.9 Annual contribution by KiwiSavers with no income, 2009/10
    • 5.10 Member tax credit granted to KiwiSavers, by age, 2011
    • 5.11 Number of standard KiwiSaver scheme transfers, 2007–11
    • 5.12 Managed funds assets in New Zealand, by product category, 2007–11
    • 5.13 Distribution of KiwiSaver funds by asset class, 2008–12
    • 5.14 Percentage of assets invested in overseas assets by KiwiSaver, other retirement funds, and all managed funds, 2008–12
    • 5.15 Duration of optional KiwiSaver contribution holidays, 2008–11
    • 5.16 Government KiwiSaver contributions as a percentage of total funds sent to providers, 2007–11
    • 6.1 Aggregate wealth in Great Britain, by income decile and type of wealth, 2008–10
    • 7.1 Retirement benefits in Japan as of March 2011
    • 8.1 Coverage of Korea’s national pension system, 1988–2009
    • 8.2 Payment of pension contributions by subsidy recipients and nonrecipients in Korea, by level of income, 2007
    • 9.1 Number and percentage of pensioners in Chile, by type of pension
    • 9.2 Number of beneficiaries of Chile’s solidarity pension pillar, by type of benefit, December 2011
    • 9.3 Unemployment rate among people 15–24 in selected countries, 2010
    • 9.4 Labor participation rate for young workers in Chile, by income decile, 2009
    • 9.5 Activity of population age 18–24 in Chile, by income decile, 2009
    • 9.6 Unemployment rate among people 18–24 in Chile, by income quintile, 2009
    • 9.7 Number and average amount of subsidies paid in Chile under the Social Security Subsidy for Young Workers, March 2009–December 2011
    • 9.8 Monthly SEJ subsidy in Chile, by level of income
    • 9.9 Number and average amount of SEJ subsidy paid in Chile
    • 10.1 Pension coverage in Colombia, Mexico, and Peru
    • 10.2 Pension coverage as a percentage of the labor force and GDP per capita in selected countries, early 2000s
    • 10.3 Labor informality and pension coverage in selected countries, early 2000s
    • 10.4 Pension coverage in Colombia, Mexico, and Peru, by household income level
    • 10.5 Nonagricultural middle-income workers in Colombia, Mexico, and Peru by employment category
    • 10.6 Pension coverage of middle-class nonagricultural workers in Colombia, Mexico, and Peru, by type of employment
    • 11.1 Rural pension participation and coverage, 1994–2010
    • 11.2 Rural pension system coverage in Chengdu and Guangdong
    • 12.1 Coverage of contributory pension schemes, by income level
    • 12.2 Pension system coverage in India, by income level, 2010
    • 12.3 Monthly enrollment in India’s New Pension Scheme, 2010–12
    • 12.4 Participation in India’s New Pension Scheme, by per capita income, 2011
    • 12.5 Probability of participating in India’s New Pension Scheme, by age and sex at mean income
    • 12.6 Disaggregation of India’s workforce, 2004
    • 12.7 Minimum pension contribution as share of income in India
    • 13.1 Sample tripartite contribution voucher
    • 15.1 Evidence on the effect of matching and saving from the H&R Block experiment
    • 15.2 Impact on Net Worth of Opening and Contributing to an Individual Development Account after Three Years
    • 15.3 Distribution of contribution rates at a firm that added an employer match: Firm A
    • 15.4 Distribution of initial contribution rates at a firm that changed its match threshold: Firm B
    • 15.5 Evolution of contribution rates over time: Firm B
    • 15.6 Matching contributions and savings plan participation in firms with automatic enrollment
    • 15.7 Automatic enrollment for new hires and the distribution of savings plan contribution rates
    • 15.8 Quick Enrollment and savings plan participation: Firms C and D
    • 15.9 Impact of planning aids on savings plan participation
    • 16.1 Effect of subsidy on likelihood of participating in pension scheme in Peru, by income quintile
    • 16.2 Graphical presentation of annuity choices
    • 16.3 Choice between annuities
    • 16.4 Replacement rates from universal flat pension for hypothetical worker by income level
    • 16.5 Role of social pension after maturation of contributory scheme
  • Tables
    • 3.1 Percentage of active participants deferring enough salary to take full advantage of the maximum employer match, by company size
    • 3.2 Level of match offered by companies offering matching contributions, by company size
    • 3.3 Type of employer contributions, by company size
    • 3.4 Changes in employer contribution rates to 401(k) plans that adopted automatic enrollment between 2005 and 2009, by type of modification
    • 3.5 Inclusion of safe harbor plans in defined contribution plans, by company size
    • 3.6 Use of automatic enrollment in defined contribution plans, by company size
    • 4.1 Statutory incentives for supplementary pension provision, 2002–08
    • 4.2 Direct subsidies and associated savings in Riester plans, 2005–08
    • 4.3 Selected determinants of the demand for Riester and other private pension products
    • 5.1 Total cumulative enrollment in KiwiSaver, 2008–11
    • 5.2 Income sources of KiwiSaver members, 2010
    • 5.3 Percentage of KiwiSavers contributing at various rates, 2009–11
    • 5.4 Contribution rates of KiwiSavers by member join date, as of 2011
    • 5.5 KiwiSavers receiving the maximum tax credit, 2008–10
    • 5.6 Method by which members entered the KiwiSavers scheme, 2008–11
    • 5.7 Number and type of KiwiSaver scheme transfers, 2008–11
    • 5.8 KiwiSaver scheme numbers and total assets, 2008–11
    • 5.9 Allocation of KiwiSaver assets, 2011
    • 5.10 KiwiSavers on contribution holiday, 2008–11
    • 5.11 Cost of KiwiSaver to the government, 2008–11
    • 6.1 Timeline of the Saving Gateway
    • 6.2 Pilot participants’ approach to saving at beginning and end of Saving Gateway Pilot 1
    • 6.3 Mean and median saving balances in Saving Gateway Pilot 2
    • 6.4 Impact of Saving Gateway pilot on saving, consumption, and net worth
    • 7.1 Japanese social security at a glance
    • 7.2 Japanese occupational and individual pensions at a glance
    • 8.1 Number of people insured by Korea’s national pension, 2009
    • 8.2 Reasons for exemption from contributing to Korea’s national pension plan, 2009
    • 8.3 Number of people covered by Korea’s national pension plan, by occupational and participation status, 2007
    • 8.4 Demographic characteristics of individually insured and noninsured people in Korea’s national pension plan
    • 8.5 Probit regression estimations of determinants of compliance with Korea’s national pension plan among individually insured people
    • 8.6 Size of matching subsidy to farmers and fishers in Korea
    • 8.7 Compliance with Korea’s national pension by subsidy recipients and nonrecipients, 2007
    • 8.8 Demographic characteristics of recipients and nonrecipients of subsidized contribution to Korea’s national pension plan, 2007
    • 8.9 Contribution, registration, and total effects of subsidy on pension behavior of farmers and fishers in Korea
    • 8.10 Effects of income on pension behavior of self-employed workers in Korea
    • 9.1 Number and average income of contributors to Chile’s pension program, July 2011
    • 9.2 Public expenditure on Chile’s youth employment subsidies, 2008–11
    • 9.3 Comparison of Chile’s youth employment subsidy programs
    • 10.1 Requirements for accessing the solidarity subaccount of Colombia’s Pension Solidarity Fund
    • 10.2 Matching schemes in Mexico
    • 11.1 Comparison of old and new pension schemes for rural and urban residents of China
    • 11.2 Participation rates in selected local rural and urban schemes
    • 11.3 Stylized Examples of Matching Subsidy Options
    • 12.1 Participation in India’s New Pension Scheme by people with and without other financial assets
    • 12.2 Logit regressions for determinants of participation in India’s New Pension Scheme
    • 12.3 Distribution of workers in India’s unorganized sector by income decile, 2004
    • 12.4 Median saving rate and life insurance coverage of workers age 20–50 in India’s unorganized sector (middle-income deciles), 2004
    • 14.1 Eligibility of formal and informal sector workers for pension programs in Thailand
    • 14.2 Features of pension programs in Thailand
    • 16.1 Tabular presentation of annuity choices
    • 16.2 Initial conditions affecting the design choice of a matching defined contribution scheme
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