Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes : Volume 1. Addressing Marginalization, Polarization, and the Labor Market.

Front Cover -- Contents -- Preface -- Acknowledgments -- About the Authors -- Abbreviations -- Chapter 1. NDC: The Achievements and Challenges of Adulthood -- Part I Taking Stock -- Chapter 2. The Swedish NDC Scheme: Success on Track with Room for Reflection -- Chapter 3. The Latvian NDC Scheme: Success under a Decreasing Labor Force -- Chapter 4. The Italian NDC Scheme: Evolution and Remaining Potholes -- Chapter 5. The Polish NDC Scheme: Success in the Face of Adversity -- Chapter 6. The Norwegian NDC Scheme: Balancing Risk Sharing and Redistribution -- Chapter 7. The Greek Pension Reforms: Crises and NDC Attempts Awaiting Completion -- Part II Conceptualization and Promotion -- Chapter 8. NDC: The Generic Old-Age Pension Scheme -- Chapter 9. The ABCs of NDCs -- Part III Adjoining Zero Pillar with DC Schemes -- Chapter 10. Sweden: Adjoining the Guarantee Pension with NDC -- Chapter 11. Chile's Solidarity Pillar: A Benchmark for Adjoining a Zero Pillar with Defined Contribution Schemes -- Part IV The Challenges of Longevity -- Chapter 12. Overview of Heterogeneity in Longevity and Pension Schemes -- Chapter 13. Annuities in (N)DC Pension Schemes: Design, Heterogeneity, and Estimation Issues -- Chapter 14. NDC Schemes and Heterogeneity in Longevity: Proposals for Redesign -- Part V Accommodating Labor Market Change -- Chapter 15. NDC Schemes and the Labor Market: Issues and Options -- Chapter 16. Labor Market Participation and Postponed Retirement in Central and Eastern Europe -- Boxes -- Box 7.1 Recalibration of pensions-in-payment: A primer -- Box 7.2 Outline of the proposed three-pillar system for Greece -- Box 8.1 Definition of DC and DB schemes and their distinguishing features -- Box 15.1 New policy directions in the labor market -- Figures -- Figure 2.1 Average retirement age, select countries, 1970-2013.

Figure 2.2 Indexation of NDC and transition benefits -- Figure 2.3 Sweden's balance (solvency) ratio under three scenarios, 2002-90 -- Figure 2.4 Historical and projected size of the NDC reserve fund under three scenarios, 2002-90 -- Figure 3.1 Development of Latvia's working-age population (ages 20-64) and contributing labor force, 1995-2015 -- Figure 3.2 Latvian population projections, 2015-60 -- Figure 3.3 Latvian demographic dependency ratios, 2015-60 -- Figure 3.4 Rate of growth of real wage rate per capita and of contributors, and the rate of inflation, 1997-2070 -- Figure 3.5 Distribution of pensions by pensioner type, 2016-70 -- Figure 3.6 Expenditures on pensions, 2016-70 -- Figure 3.7 Expenditures on pensions-NDC and pre-1996, 2016-70 -- Figure 3A.1 Persons paying contributions one or more months per year -- Figure 3A.2 Density of contributions paid 1-12 months in the years 1996-2016 -- Figure 4.1 Italy's pension expenditure, 2000-70 -- Figure 4.2 Life expectancy and old-age dependency ratio in Italy, 2017-65 -- Figure 4.3 Italy's wage bill versus GDP growth rate, 1996-2016 -- Figure 5.1 Inflow of new retirees by age and average retirement age, by sex, 1999-2017 -- Figure 5.2  Polish social insurance system finances -- Figure 5.3 Decomposition of projected changes in the size of the population active in the labor force, 2020-50 relative to 2015 -- Figure 5.4 Expenditures and revenues of the social insurance system in Poland, 2001-17 -- Figure 6.1 Annual labor incomes and annual pension benefits in Norway's old and new pension systems -- Figure 6.2 Labor force compared with number of pensioners -- Figure 6.3 Implicit contribution rate for pension expenditures under Norway's old and new pension systems -- Figure 6.4 Normalized simulated fiscal gap under Norway's old and new public pension systems.

Figure 6.5 Gross total public pension benefits under Norway's new pension system by cohort, retirement age, and income level -- Figure 6.6 Estimated distribution of pension benefits in 2050 by income percentile and gender -- Figure 6.7 Net discounted value at age 62 for old-age pension benefits and contributions, all inhabitants -- Figure 7.1 Pensions as a percentage of GDP in Greece, Germany, and Italy, 2003-17 -- Figure 7.2 Primary pension deficits for the proposal and 2015 and 2018 Economic Policy Committee projections, Greece, 2013-60 -- Figure 8.1 The evolution of thinking on public pension schemes -- Figure 10.1 Relative income poverty in the elderly population and among those working age at various thresholds, 1995-2013 -- Figure 10.2 Anchored old-age poverty and equivalized median disposable income in different age groups, 1995-2013 -- Figure 10.3 Relative income poverty by household type, age, gender, education, and migration in the elderly population, 2013 -- Figure 10.4 Linear probabilities of relative income poverty in different elderly risk groups, 2013 -- Figure 10.5 Relative income poverty by gender in different elderly risk groups, 2013 -- Figure 10.6 Relative income poverty in different synthetic cohorts according to age -- Figure 10.7 Developments in the income packages of a synthetic cohort born 1930-50 according to age -- Figure 10.8 Reduction of relative income poverty attributed to different income components by elderly risk group, 2013 -- Figure 10.9 Income inequality, 1995-2013: Gini coefficients of disposable income of elderly and working-age populations -- Figure 10A.1 Relative income poverty (60 percent poverty threshold) by household type, age, gender, education, and migration in the elderly population, 2013 -- Figure 11.1 Subsidies and final pensions under Chile's New Solidarity Pillar.

Figure 11.2 Old-age beneficiaries and average benefits, 2008-17 (July of each year) -- Figure 11.3 Distribution of old-age pension beneficiaries and average benefits (with and without Pension Solidarity Complement) by gender and years of contributions -- Figure 11.4 Coverage of Chile's pension system, with and without the New Solidarity Pillar -- Figure 11.5 Public expenditure (total and incremental) on Chile's New Solidarity Pillar -- Figure 12.1 U.S. male life expectancy at age 50 by midcareer average labor income quintile for birth cohorts of 1930 and 1960 (extrapolated) -- Figure 12.2 Present value of U.S. lifetime pension benefits by income quintile under mortality regimes of the 1930 and 1960 birth cohorts -- Figure 12.3 Present value of lifetime pension benefits by income quintile and pay-as-you-go pension system under mortality regimes of the 1930 and 1960 U.S. birth cohorts for men -- Figure 13.1 Considerations regarding the rate of return underlying the annuity -- Figure 13.2 Projected cohort remaining life expectancy at age 65 for Swedes who turned 65 in 2001-14 -- Figure 14.1 U.S. period life expectancy in 2014 at age 65 by household income percentile -- Figure 14.2 U.S. period life expectancy in 2014 at age 65 by nominal household income -- Figure 14.3 England and Wales period life expectancy in 2015 at age 65 by individual income percentile -- Figure 14.4 U.S. tax and subsidy rates by household income percentile -- Figure 14.5 England and Wales tax and subsidy rates by individual income percentile -- Figure 14.6 Actuarial fairness under heterogeneous life expectancy in a two-tier contribution scheme for alternative contribution rate splits -- Figure 14.7 England and Wales: Observed and approximated life expectancies -- United States: individualized annuities.

Figure 14.8 Observed and approximated life expectancies-two-tier contribution scheme -- Figure 14.9 Observed and approximated total absolute tax and subsidy indicator -- Figure 15.1 The link between unused labor capacity and the "tax force to retire" -- Figure 15.2 Contribution of births, deaths, and migration to population growth in high-income countries -- Figure 15.3 Labor force participation in high-income countries -- Figure 15.4 Contribution of births, deaths, and migration to population development by region -- Figure 15.5 Labor force participation rates by gender in different regions -- Figure 15.6 Old-age contributor ratio, 2000 and 2014 -- Figure 15.7 Intertemporal budget constraint and selection of the retirement age -- Figure 15.8 Elderly labor force participation in high-income countries (Germany, Japan, United States), 1990-2015 -- Figure 15.9 Effective average retirement age in high-income Organisation for Economic Co-operation and Development countries, 1970-2014 -- Figure 15.10 Elderly labor force participation in different regions by gender, 1990-2015 -- Figure 15.11 Effective average retirement age in Latin America, China, and Europe and Central Asia by gender, 1970-2014 -- Figure 16.1 Average age of leaving the labor market in Central and Eastern Europe, 1996-2016 -- Figure 16.2 Expected duration of retirement in Central and Eastern Europe, 1996-2016 -- Figure 16.3 Composition of 55- to 64-year-olds in Central and Eastern Europe by highest level of education, actual values for 1996/1998-2016 and projections for 2026-46 -- Figure 16.4 Composition of 55- to 64-year-olds in Central and Eastern Europe by highest level of education, 1950-2010, and share of 20- to 29-year-olds by selected educational attainments, 1950-75.

Figure 16.5 Period and cohort estimations for the expected duration of retirement in Central and Eastern Europe, 1996-2014.

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