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
