Pension Reform and the Development of Pension

This evaluation presents an independent assessment of the World Bank's support for pension reform activities focusing on the period from 1994 to 2004. The report is the first comprehensive Independent Evaluation Group (IEG) evaluation of the Bank's involvement in pension reform, assessing the implementation of the Bank's strategy and the resulting development outcomes.

Acknowledgments

vii

Foreword

ix

Avant-propos

xi

Prologo

xiii

Preface

xv

Preface

xvii

Prefacio

xix

Executive Summary

xxi

Resume analytique

xxix

Resumen

xxxvii

Acronyms and Abbreviations

xlv

Glossary

xlvii

The Strategy for Pension Reform

2

(6)

The Social Protection Sector Strategy

4

(3)

The Structure of the Report

7

(1)

The Bank's Support for Pension Reform

8

(10)

Analytical and Advisory Activities

9

(3)

Lending Operations in Support of Pension Reform

12

(3)

Reviewing the Development Outcome of Pension Components

15

(1)

Summary and Conclusions

16

(2)

Quality at Entry for Pension Reforms

18

(12)

When Were Only Single Pillars Considered?

20

(1)

Were Complementary Safety Nets Considered?

20

(1)

Is the Economy Stable?

21

(2)

Is the Financial Sector Sound?

23

(2)

Can Implementation Be Effective?

25

(1)

Are Higher Saving Rates Needed to Encourage Growth?

26

(1)

Summary and Conclusions

27

(3)

The Impact of Pension Reforms

30

(12)

Income Security Outcomes

31

(3)

Fiscal Sustainability

34

(1)

Savings and Capital Market Development

35

(3)

The Formalization of Labor Markets

38

(2)

Development Outcomes of World Bank Assistance

40

(1)

Summary and Conclusions

41

(1)

Building Institutional Capacity

42

(6)

Improving the Administration of PAYG Pension Systems

43

(2)

Actuarial Forecasting

45

(1)

Improving the Regulation of Funded Pension Systems

46

(1)

Summary and Conclusions

47

(1)

World Bank Coordination

48

(7)

Coordination among World Bank Groups

49

(2)

Cooperation with Other Donors and International Organizations

51

(1)

Relationships with Clients

52

(1)

Case Study Evaluation of World Bank Performance

53

(1)

Summary and Conclusions

53

(2)

Findings and Recommendations

55

(76)

Findings

55

(2)

Recommendations

57

(4)

Appendixes

A: Views on Pension Reform---A Brief Literature Survey

61

(4)

B: Pension Systems in World Bank-Assisted Countries

65

(4)

C: Performance Ratings for Pension Projects

69

(6)

D: Multi-Pillar Pension Systems, Transition Costs, and Savings

75

(2)

E: Indicator Tables

77

(10)

F: Reference Tables

87

(24)

G: Selected World Bank Economic and Sector Work, by Region (Country-Specific)

111

(8)

H: Management Response

119

(8)

I: Chairman's Summary: Committee on Development Effectiveness (CODE)

127

(4)

Endnotes

131

(8)

References

139

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Pension Reform and the Development of Pension Systems : An Evaluation of World Bank Assistance

Summary

Table of Contents

Supplemental Materials