Umfang:
1 online resource (92 pages)
ISBN:
9780821371183
,
0821371185
,
9780821371176
,
0821371177
Serie:
World Bank working paper no. 106
Inhalt:
This paper provides an assessment of the funded pension system and the quality of the regulatory framework for both accumulation and payout phase. It suggests that the lack of portfolio diversification may contribute in the future to low returns and poor pensions and provides a number of recommendations to expand the opportunities of investments to pension funds. The paper also finds that pension fund administrators are not exploiting the scale economies in certain areas of the business such as collection of revenues and account management, and proposes mechanisms to reduce costs and increase efficiency through greater competition. The paper examines the products and options offered at retirement age and finds a bias toward the payment of pensions in the form of lump sums and suggests alternatives for improving the availability of other instruments. Enhancements to the regulatory framework of insurance companies are also proposed.
Inhalt:
Contents -- Abstract -- Acknowledgments -- 1. Introduction -- 2. Overview of the Colombian Pension System -- Reforms to the Pension System since 1993 -- Coverage and Choice since the 1993 Reform -- Financing the Transition to the New Pension System -- 3. The Accumulation Phase of the FF System -- The Structure of the Pension Fund Sector -- Performance of the Pension Fund Sector -- Main Issues in the Accumulation Phase -- 4. The Payout Phase of the FF System -- Overview of the Insurance Sector -- Retirement Conditions in the FF System -- Product Regulation -- Demand for Retirement Products -- Regulation of Intermediaries -- 5. The Colombian Capital Market -- Overview of the Financial System -- The Market for Government Securities -- The Corporate Bond Market -- The Market for Mortgage Securities -- Infrastructure Bonds -- Private Equity Funds -- Derivatives -- 6. Recommendations -- General Considerations about the Colombian Pension System -- Recommendations for Improvements in the Accumulation Phase -- Recommendations for Improvements in the Payout Phase -- Developing Financial Instruments for the Two Phases -- Appendixes -- A. Simplified Scenario Simulation -- B. Main Investment Limits -- C. On the Efficiency of Colombian Portfolios -- D. Example of Alternatives to Lump Sum Benefit Options -- References -- List of Tables -- 1. Evolution of Main Parameters of Pension System after 1993 Reform -- 2. Number of Members, Contributors, and Coverage Ratio, 1995-2005 (thousands) -- 3. Operations of the Consolidated Public Sector (% of GDP), Three-Year Averages, 1993-2005 -- 4. Main Amendments to Law 100 of 1993 -- 5. Number of Second Pillar Pension Funds in Latin America and Central Europe, 2005 -- 6. Market Structure in the Colombian Second Pillar, 2005 -- 7. Structure of Ownership of Colombian AFPs -- 8. Pension Fund Assets, 1995-2005.
Anmerkung:
Description based on publisher supplied metadata and other sources
,
Contents; Abstract; Acknowledgments; 1. Introduction; 2. Overview of the Colombian Pension System; List of Tables; List of Boxes; List of Figures; 3. The Accumulation Phase of the FF System; 4. The Payout Phase of the FF System; 5. The Colombian Capital Market; 6. Recommendations; Appendixes; References
Weitere Ausg.:
ISBN 9780821371176
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe ISBN 9780821371176
Sprache:
Englisch
URL:
Volltext
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