A number of countries have introduced individual, privately managed defined-contribution accounts, where the value of the pension benefit will depend on accumulated contributions and investment returns. These schemes expose workers’ future pension benefits to a number of different risks. To...

Because defined-contribution systems expose pensions to a number of risks, reforming governments have often strictly regulated the pension fund industry's structure, performance, and investments. This paper compares the rules in the new systems of Latin America and Eastern Europe with richer...