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Next generation of individual account pension reforms in Latin America.

Year: 2011

Type: article

Abstract: Latin America led the world in introducing individual retirement accounts intended to complement or replace defined benefit state-sponsored, pay-as-you-go systems. After Chile implemented the first system in 1981, a number of other Latin American countries incorporated privately managed individual accounts as part of their retirement income systems beginning in the 1990s. This article examines the subsequent "reform of the reform" of these pension systems, with a focus on the recent overhaul of the Chilean system and major reforms in Mexico, Peru, and Colombia. The authors analyze key elements of pension reform in the region relating to individual accounts: system coverage, fees, competition, investment, the impact of gender on benefits, financial education, voluntary savings, and payouts.

Source: PubMed

Authors: Barbara E Kritzer, Stephen J Kay, Tapen Sinha

Institutions: United States Social Security Administration, Federal Reserve Bank of Atlanta, University of Nottingham, Instituto Tecnológico Autónomo de México, Chennai Mathematical Institute

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W2104773856

FWCI: 14.76

Cites: 44

Cited by: 40

Related to: 10