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Business and Economics > Insurance

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Cover IMF Working Papers
Public Pension Reform: A Primer
Mr. Alain Jousten
The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal Retirement Accounts proposal in particular. A particular emphasis is put on annuitization and risk-taking in the economy. Our discussion signals some inadequacy of the proposed measures with respect to the goals of viability of the system and individual financial security during retirement.
Keywords:
WP; pension plan; rate of return; early retirement; present discounted value; investment strategy; household behavior; welfare programs; social security; pension funds; demographic trends; retirement; risk pooling; adverse selection; retirement age; PRA proposal; plan sponsor; PRA saving; economic value; PRA investor; Pensions; Pension spending; Aging; Insurance; Europe; Africa; Asia and Pacific