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http://hdl.handle.net/10419/51845
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| Title: | | Addressing the legacy costs in an NDC reform: Conceptualization, measurement, financing  |
| Authors: | | Holzmann, Robert Jousten, Alain |
| Issue Date: | | 2010 |
| Series/Report no.: | | Discussion paper series // Forschungsinstitut zur Zukunft der Arbeit 5296 |
| Abstract: | | The paper provides a framework for the conceptualization, definition and estimation of legacy costs that need to be addressed in a reform that transforms an unfunded defined contribution (NDB) scheme into a notional (or non-financial) defined contribution (NDC) scheme. As the new contribution rate is fixed and, perhaps, reduced, paying for the accrued to date liabilities leaves a financing gap that needs to be estimated and financed, best outside the pension system if a less distorting financing form is available. The paper illustrates the proposed measurement approach with broad estimates under a hypothetical NDC reform in China. |
| Subjects: | | legacy costs pension reform NDC coverage expansion |
| JEL: | | H55 H68 J21 J26 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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