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Presentations given at the International Seminar “Advancing in the Strengthening and Consolidation of the Individually-Funded Pension Systems”, organized by FIAP, on May 19 and 20, 2011in Dominican Republic.
During this seminar we shall be looking at three issues that seem to us to be extremely important for reinforcing and consolidating the IndividuallyFunded Systems. The first is to review the regulation and management of the investments, looking at the indicators of these systems for both risk and yield. The second is to review the level and stability of benefits during the payout stage. Many of our systems are already maturing, in the sense that they are already providing a considerable group of our members with the benefits that correspond to them according to the efforts they made to save, and we therefore have to review the stability of these benefits, checking on whether the contribution rate is correct, whether the ages for retiring are what they should be and whether the existing pension options make it possible to provide a more stable benefit over time, particularly in a scenario in which life expectancies have risen to such a great extent.
Finally, the third issue consists of reviewing the situation that has occurred in certain Central and Eastern European countries, where resources or contributions have been diverted from the second individually-funded pillar to the public pay-as-you-go pillar, under the pretext of financing better pensions. However, the only real reason for doing this is to cover the fiscal deficits that the pay-as-you-go systems are creating in those countries.

Analyses the situation of the Individually-Funded Pension Systems after the economic crisis. Looks at three issues that seem to be extremely important for reinforcing and consolidating the Individually-Funded Systems. First, reviews the regulation and management of the investments, looking at the indicators of these systems for both risk and yield. Second, reviews the level and stability of benefits during the payout stage. Finally, reviews the situation that has occurred in certain Central and Eastern European countries, where resources or contributions have been diverted from the second individually-funded pillar to the public pay-as-you-go pillar, under the pretext of financing better pensions.

collective

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