Over the last decade Latin American countries have served as the world's laboratory for pension systems based upon individual retirement savings accounts. In the 1990s several countries in the region followed Chile's lead in setting up individual accounts, and since that time countries...

Individual pension savings accounts in Latin America promised to improve compliance and raise benefits in a cost-effective manner, while at the same time raising savings rates, which would in turn promote economic growth. A review of the evolution of pension reform in Latin America shows results...