The Chilean Pension System: Actuarial Analysis of a Paradigmatic Social Security Program
In 1981, Chile implemented a major reform to its pension system. This changed from a system financed by a pay-as-you-go scheme —with defined benefits and administrated by the State— to another financed by an individual capitalization regime, with defined contributions and private administration. The...
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| Tipo de recurso: | tesis de maestría |
| Fecha de publicación: | 2021 |
| País: | España |
| Institución: | Universidad de Navarra |
| Repositorio: | Dadun. Depósito Académico Digital de la Universidad de Navarra |
| Idioma: | inglés |
| OAI Identifier: | oai:dnet:dadun_______::65331a1e1816d24c663c8caec1f57e83 |
| Acceso en línea: | https://hdl.handle.net/10171/124147 |
| Access Level: | acceso abierto |
| Palabra clave: | Chile Pension Systems Individual Capitalization Administradoras de Fondos de Pensiones |
| Sumario: | In 1981, Chile implemented a major reform to its pension system. This changed from a system financed by a pay-as-you-go scheme —with defined benefits and administrated by the State— to another financed by an individual capitalization regime, with defined contributions and private administration. The present work thoroughly examines, from an actuarial perspective, the functioning of the Chilean pension system, providing pro-found insights into the implementation of prefunded pension schemes into social security systems. While, the equilibrium of the system is not thrown into question, there is an evident issue of sufficiency of the benefits granted. With regard to pension amounts assessment, interest rates are considered to constitute a crucial variable to take into account, and therefore an accurate forecast of such is desirable. All in all, pension systems are currently set down at the center of the debate on social protection, where world-wide population aging and the decay of fertility anticipate serious consequences on social structures, and are posed as one the majors forthcoming challenges. In this sense, individual capitalization schemes constitute a sustainable alternative to current European pay-as-you-go systems. |
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