Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes by Robert Holzmann Edward Palmer Robert Palacios & Stefano Sacchi

Author:Robert Holzmann, Edward Palmer, Robert Palacios & Stefano Sacchi
Language: eng
Format: epub

TABLE 8.2 Distinguishing characteristics of UPPSs

SOURCE: Based on Góra and Palmer 2004.

NOTE: FDB = financial defined benefit; FDC = financial defined contribution; NDB = nonfinancial defined benefit; NDC = nonfinancial defined contribution; UPPS = universal public pension scheme.

It is important to note the advantage of the UPPS-FDC design in this context, compared with the other three UPPS designs: it is constructed as an individual life-cycle insurance scheme that depends solely on the economic choices of individuals, other than mandated participation in the UPPS. As discussed under the topic of rates of return, this advantage of the UPPS-FDC design should nevertheless be weighed against the specific caveats regarding institutional design and the need for supervision.

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