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Welfare Reform on the Web (March 2011): Pensions - overseas

Multi-pillared social insurance systems: the post-reform picture in Chile, Uruguay and Brazil

F. Antia and A. Provasi Lanzara

International Social Security Review, vol. 64, no.1 2011, p.53-71

In this article, three models of social insurance-based pension reform are compared: structural, mixed and parametric using the examples of Chile (1981), Uruguay (1995) and Brazil (1998 and 2003). Reforms in each country are over time leading to a closer link between contributions and benefits, according growing importance to private individual accounts, and favouring the expansion of the role played by social assistance. These trends all suggest a move towards various forms of multi-pillared social insurance.

Pan-European pension funds: current situation and future prospects

I. Guardiancich

International Social Security Review, vol.64, no.1, 2011, p.15-36

The territorial closure of national welfare states in Europe is being increasingly challenged by competitive pressures arising from European economic integration. This generates the need to open up national pension schemes and situate them amid European economic and social spaces. At the trans-national level, the 2003 EU IORP Directive created the illusion that a single market for occupational retirement pensions could emerge in a matter of years. However, the spread of cross-border occupational funds has been prevented by a number of remaining regulatory obstacles. Pension fund sponsors and providers are still facing operational, logistical and organisational dilemmas, in particular lack of harmonisation of the social and labour laws of EU member states.

Pensions in Nigeria: the performance of the new system of personal accounts

B.H. Casey

International Social Security Review, vol. 64, no.1, 2011, p. 1-14

This article examines the impact of the current financial and economic crisis on the pension system in Nigeria. In 2004 Nigeria established a funded defined contribution system based on personal accounts. The new system emphasised the investment of contributions in capital markets. The 2008/09 financial crisis hit the scheme in so far as it hit stock values. However, more important has been the negative real interest rates that can be earned on government bonds and bank deposits, in which the majority of contributions are invested. Bank scandals and rising fiscal deficits do not breed confidence in the system or the government's ability to deliver meaningful benefits in old age.

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