Quintanilla, Ximena - Superintendencia de Pensiones, Ministerio del Trabajo y … - 2011
In 1981 Chile was the first country in the world to privitise its pension system moving from a traditional unfunded pay-as-you-go scheme (PAYG), where benefits are defined ex-ante by a final salary formula, to a Defined Contributions (DC) scheme where each individual's benefit depends entirely...