Overview of the Current Pension Landscape
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Mr. Benedict J. Clements
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Mr. David Coady
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Frank Eich
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Mr. Sanjeev Gupta
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Mr. Alvar Kangur
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Baoping Shang
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Mauricio Soto
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Abstract

Pension systems vary widely across advanced and emerging market economies. Differences include (but are not limited to) the respective roles of the public and private sectors in ensuring retirement income; whether pension promises are financed on a pay-as-you-go basis or funded (Box 2.1); the legal retirement age for men and women; coverage; the existence and generosity of early-retirement plans; the generosity of the public plan as expressed for example by replacement rates; the existence of mandatory private pensions; and indexation rules. This chapter surveys key characteristics of current public pension systems in the 53 countries under consideration.

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