Description
'Pension Reform' presents 24 state of the art papers on the conceptual foundations and issues surrounding non-financial, or notional, defined contribution plans (NDCs), country implementation of NDCs (Italy, Latvia, Poland, and Sweden), and case studies for countries where NDCs are figured in the reform debate. This book is intended as a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.
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Driven by the varied success of other industrialized nations and the particular needs of developing nations to maintain market economies while also considering human needs, Sweden, Poland and Latvia have developed and instituted NDC pension schemes that appear to be both equitable and sustainable. The central component is the individual lifetime account, built on the concept of notational capital, where at any time the present value of an individual's lifetime benefit equals the individual's account balance, the system assets must be equal or greater than the total liabilities, benefits are constructed as a life annuity, and accounts are valued at a certain internal rate. The contributors of the 24 supporting articles describe the basic concepts, conceptual issues of design and implementation, lessons from countries with NDC schemes and the potential for NDC schemes in other countries with Austria, the Czech Republic, Germany, Spain and Japan as examples. Annotation ©2006 Book News, Inc., Portland, OR (booknews.com)
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