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Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World : Volume 1. Progress, Lessons, and ImplementationPensions and social insurance programs
 are an integral part of any social protection system. Their
 dual objectives are to prevent a sharp decline in income and
 protect against poverty resulting from old age, disability,
 or death. The critical role of pensions for protection,
 prevention, and promotion was reiterated and expanded in the
 new World Bank 2012-2022 social protection strategy. This
 new strategy reviews the success and challenges of the past
 decade or more, during which time the World Bank became a
 main player in the area of pensions. But more importantly,
 the strategy takes the three key objectives for pensions
 under the World Bank's conceptual framework coverage,
 adequacy, and sustainability and asks how these objectives
 and the inevitable difficult balance between them can best
 be achieved. The ongoing focus on closing the coverage gap
 with social pensions and the new outreach to explore the
 role of matching contributions to address coverage and/or
 adequacy is part of this strategy. This comprehensive
 anthology on nonfinancial defined contribution (NDC) pension
 schemes is part and parcel of the effort to explore and
 document the working of this new system or reform option and
 its ability to balance these three key objectives. This
 innovative, unfunded individual accounts scheme provides a
 promising option at a time when the world seems locked into
 a stalemate between piecemeal reform of ailing traditional
 defined benefit plans or their replacement with prefunded
 financial account schemes. The current financial crisis,
 with its focus on sovereign debt, has enhanced the
 attraction of NDC as a pension scheme that aims for intra
 and intergenerational fairness, offers a transparent
 framework to distribute economic and demographic risks, and,
 if well designed, promises long-term financial stability.
 Supplemented with a basic minimum pension guarantee,
 explicit noncontributory rights, and a funded pillar, the
 NDC approach provides an efficient framework for addressing
 poverty and risk diversification concerns.
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Matching Contributions for Pensions : A Review of International ExperienceEstablishing robust, equitable, and
 effective social protection is essential to reducing poverty
 and boosting prosperity at all levels of development. The
 demographic transition that has already transformed most
 high-income societies will exert similar and growing
 pressures on others, reinforcing the role of pensions and
 savings for old age as a central pillar of social protection
 systems. One possible solution that has emerged in recent
 years that offers the potential to overcome this challenge
 is the provision of contribution matches to provide an
 immediate and powerful incentive for participation in
 pension saving systems. Originating in several high-income
 settings there are now a number of innovations and
 substantial experience in low-income countries in using this
 design to stimulate coverage and savings. This experience
 now provides a rich opportunity for learning, not just from
 the longer experience of a few high-income countries but
 also the more meaningful South-South learning across
 developing countries.This volume, which reviews
 the experience with matching pension contributions across
 the range of countries that have used the design, makes an
 initial, but critically important investment in this
 learning process. The description and analysis of this
 experience which is the product of partnership and
 collaboration across many public and private institutions
 provide an invaluable early assessment of the design to
 inform policy makers and practitioners as well as serve as a
 model for the kind of cooperation that will be required to
 address this difficult challenge. At the World Bank, we look
 forward to being part of this learning process of how to
 best provide old-age security for all.
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Mongolia Policy Options for Pension ReformThis report was prepared in response to
 a request by the Mongolian authorities for an evaluation of
 the Mongolian pension system and policy reform options. The
 report identifies a number of design weaknesses in the
 current pension insurance scheme and needs for reform in
 response to changes in the Mongolian economy. The summary of
 this report provides a brief synopsis for key policymakers
 of the rationale for reform and policy options considered.
 The main text responds to requests by the Mongolian
 authorities for the Bank's assessment. It considers the
 design architecture and parameters of the pension insurance
 scheme, the design of non- contributory elderly social
 assistance, pension provisions for herders and the rationale
 and design options for a pension reserve fund. The
 appendices provide more detailed analysis for technical
 staff including current pension insurance parameters; needs
 and policy options for herders and other informal sector
 workers; options for establishing a pension reserve fund;
 and elaboration of the actuarial modeling methodology
 employed, key assumptions and parameters, and detailed
 findings. Mongolia's economy, labor market and fiscal
 position are undergoing rapid changes as a result of growth
 in the mining sector. These changes present both challenges
 and opportunities for reform in pension provisions.