"Far-reaching changes in the regulation of financial markets and the organization of public pensions in the 1980s and 1990s transformed the landscape for retirement products in Sweden. First, banking and insurance were extensively deregulated in the 1980s, while the securities markets...

Nonfinancial Defined Contribution (NDC) schemes are now in their teens. The new pension concept was born in the early 1990s, implemented from the mid-1990s in Italy, Latvia, Poland and Sweden, legislated most recently in Norway and Egypt and serves as inspiration for other reform countries. This...

The previous decade has been one of pension reform throughout the world. In high income countries, the driving force has been the threat that current systems will become unaffordable in coming decades, with demographic developments presenting a major risk. In another setting, countries in the...

About one-half of Africa's population will remain below age 30 well past 2050,with relatively few aged 60 and older. Using Tanzania's projected demographics and presenteconomic point of departure, this paper demonstrates how the implicit '*double'*demographic dividend can be harnessed to create...

Sweden's reform began with a published sketch in 1992 and developed into nonfinancial defined contribution (NDC) legislation in 1994. This paper discusses the underpinnings of the Swedish NDC scheme's financial stability, factors influencing the adequacy of benefits, and its interplay with other...

Latvia introduced a nonfinancial defined contribution (NDC) scheme in 1996 as it transitioned to a market economy. Despite a 20 percent decline in the working-age population from 1994-2016, the ratio of contributors to old-age pensioners rose from 1.6 to 2.1 given a steady increase in formal...

This paper identifies and discusses four issues in creating annuities in (nonfinancial) defined contribution (NDC) schemes that are essential for systems' financial stability and fair inter or intragenerational redistribution. The first issue is the choice between incorporating the rate of...