Pensions, vol. 9, 2003, p.59-87
Paper examines the financial system requirements for running defined benefit and defined contribution pension schemes effectively during both the accumulation and the pay out stage. Argues that financial instruments and investment strategies are more important for effective delivery of pensions than the nature of either the financial markets (i.e. their depth, breadth, resilience or microstructure) in which financial instruments trade or the particular set of financial institutions managing pension scheme assets during both the accumulation and pay out stages (fund managers and life assurers, respectively). The analysis is based on a developed financial system with a mature funded pension system, namely the UK.
Social Policy and Society, Vol. 2, 2003, p.295-304
Individuals saving for their retirement in Malaysia rely on the Employees Provident Fund (EPF), but this often proves insufficient for those in low paid or insecure employment. The paper reviews selected sources of old age income provision before giving a detailed description of the structure of the EPF. It then suggests steps that could be taken in order to improve the efficiency of the provident fund mechanism.
E. van Zyl
International Social Security Review, vol.56, no.3/4 2003, p.101-120
The old age pension system in South Africa consists of three tiers. The first tier comprises a large number of employment-based contributory funds, most of which are privately managed but regulated through various pieces of legislation and regulatory structures. The second tier consists of private savings. The third is the state old age pension scheme, which is a social assistance programme funded on a pay-as-you-go basis from general taxation. Although the scheme provides a minimum income only, the majority of older people are dependent on it.
International Social Security Review, vol.56, no.3/4 2003, p.121-138
Presents an analysis of social security pension schemes in Morocco and Tunisia, which compares the socio-economic situation of the populations of the two countries with the legal standards governing the schemes and the benefits actually provided. Notes major shortcomings in both countries in the co-ordination of statutory and private pensions with respect to old age, disability and survivors' benefits.
Financial Times, October 1st 2003, p.8
Italy's trade unions have called a general strike in protest at the Prime Minister's plans to reform the state pension system. The date is set for October 24th.