Re-reform of Latin American private pensions systems : Argentinian and Chilean models and lessons

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<title>Re-reform of Latin American private pensions systems</title>
<subTitle>: Argentinian and Chilean models and lessons</subTitle>
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<abstract displayLabel="Summary">Between 1981 and 2008, 11 countries in Latin America structurally reformed their defined benefit, pay-as-you-go, public pension systems, partially or totally replacing them with defined contribution, fully funded, privately managed schemes based on individual accounts. Initial failures in design and subsequent performance of the private systems led to partial corrections, but in 2008 two countries implemented far reaching "re-reforms": Chilean maintained and improved its system, whereas Argentina closed and integrated it to the public system. Both re-reform models are evaluated based on their fulfilment of International Labour Organization Social Security principles: universal coverage, equal treatment, social solidarity, gender equality, benefit sufficiency, public supervision, reasonable administrative costs, social participation and financial sustainability. The Chilean model has improved the system in most of such principles while the Argentinian model has not. The potential influence of both models in the region is briefly explored</abstract>
<note type="statement of responsibility">Carmelo Mesa-Lago</note>
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<topic>Seguridad Social</topic>
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<topic>Pensiones</topic>
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<topic>Planes de pensiones</topic>
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<topic>Sistemas de pensiones</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080587369">
<topic>Reforma financiera</topic>
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<geographic>Argentina</geographic>
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<geographic>Chile</geographic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
<identifier type="local">MAP20077100215</identifier>
<part>
<text>01/10/2009 Tomo 34 Número 4  - 2009 , p. 602-617</text>
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