Social Policy and Administration, vol.40, 2006, p.369-384
Over the past twenty years most Latin American countries have replaced, wholly or partially, their social insurance pension schemes with individual retirement plans. Reforms have focused on strengthening employment-based pension plans for workers in the formal sector. However the system does not attempt to cover the poor and vulnerable working in the informal sector of the economy, leading to widespread poverty in old age. The article calls for this problem to be tackled through the expansion of tax-financed public cash transfer programmes targeted on poor and vulnerable older people and their households.