More than a decade after Chile moved from a public pay-as-you-go to a private funded pension system, seven more countries in Latin America have reformed their pension systems. This study provides a detailed description of all second-generation pension reforms in Latin America to date, evaluates...

• There are benefits from Latin American pension reform, but they have been overestimated. • The approaches taken in second-generation reforms and their still early results hold lessons for OECD and non-OECD countries alike. • A partial shift to funding is feasible and can be financed in...