25 October 2018
The Pensions in a Global Context Working Party has used the World Bank pension policy framework to evaluate a range of pension system designs in seven countries around the world (Brazil, Canada, China, Germany, India, Nigeria and Sweden). The World Bank’s Five Pillar framework sets out primary evaluation criteria, which are adequacy, affordability, equity, predictability, sustainability and robustness.
In order to judge a country’s pension system the Working Party has defined, for each of the six primary criteria, a scale that measures each country’s pensions system from complete non-fulfilment to full fulfilment. A key issue was to delineate the criteria to make each of them “independent” of one another to avoid “double jeopardy” in the grading.
This paper was presented at the International congress of Actuaries in Berlin.