Retirement revolution

Article Abstract:

The privatized pension system adopted by Chile in 1981 seems to have played a key role in the country's subsequent economic growth. For this reason, several other Latin American countries have introduced less extensive versions of the Chilean system, and a similar approach is being considered by a number of Eastern European countries. However, some observers believe that the privatized pension system has been only partly responsible for economic success in Chile. The growth of pension funds has had a very positive impact on the country's financial markets, but has had a mixed impact on savings.

Economic aspects, Chile

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Saving society

Article Abstract:

Mandatory Provident Funds (MPFS) have been set up in Hong Kong, and will receive contributions from Dec 2000. The funds are geared to those in work not covered by pension schemes, and they are similar to schemes set up in Chile, Australia and Argentina. They are employer-sponsored, privately run, using defined contribution schemes, and are mandatory. Hong Kong already has a high savings rate, so some funds wll simply be reallocated. Pricing and critical mass will be important in this market.

Laws, regulations and rules, Hong Kong, Retirement planning

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Dear prudence

Article Abstract:

National pension systems have tended to persist in Eurpe, despite initial attempts to harmonise the European system, since there are too many vested interests hampering the setting up of a European system. This may change with a drive toward pension reform. The European commissions is making some concessions to national interests. There is a need to develop common standards and tax regimes. The problems is urgent for demographic reasons.

Administration of Human Resource Programs (except Education, Public Health, and Veterans' Affairs Programs), Old Age & Survivors Insurance, Europe, Economic policy, European Union

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