Reversal and reduction, resolution, and reform : lessons from the financial crisis in Europe and Central Asia to improve outcomes from mandatory private pensions

TL;DRAbstract

This report examines the impact of the financial crisis on privately funded pensions in the Europe and Central Asia region. It describes their pension systems and the impact of the crisis. It explores whether funded private systems have a continuing role to play in meeting the pension challenge. It then focuses on why the crisis led to the changes that took place and the policy implications of those changes. The report is structured as follows: chapter one sets out the key facts. It describes the original pension reforms and what the pension systems looked like before the recent financial crisis. It then briefly describes the global financial crisis and the changes that were made to the private pension system as a result. A companion paper sets out the longer and deeper historical context in which these events occurred. Chapter two asks what these facts tell about the role, if any, that privately funded pension pillars have in a country’s overall pension system. It argues that a funded

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