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Assessing the pension reform potential of a notional defined contribution pillar

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  • John B. Williamson

Abstract

As some of the limitations of the traditional pay‐as‐you‐go defined benefit public pension model have become more evident in recent years, pension experts have begun searching for alternative models. The notional defined contribution model, also financed on a pay‐as‐you‐go basis, has emerged as one of the major new approaches. Drawing on evidence from schemes in six countries (Sweden, Italy, Poland, Latvia, Kyrgystan and Mongolia), this article aims to describe the notional defined contribution model and to review its strengths and limitations relative to the major alternatives, the pay‐as‐you‐go defined benefit model and the funded defined contribution model. A four‐pillar pension model is proposed.

Suggested Citation

  • John B. Williamson, 2004. "Assessing the pension reform potential of a notional defined contribution pillar," International Social Security Review, John Wiley & Sons, vol. 57(1), pages 47-64, January.
    • Handle: RePEc:wly:intssr:v:57:y:2004:i:1:p:47-64
    DOI: 10.1111/j.0020-871x.2004.00180.x
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    Cited by:

    1. Carlos Vidal-Meliá & Inmaculada Domínguez-Fabián & María del Carmen Boado-Penas, "undated". "Notional Defined Contribution Accounts (NDCs): Solvency and Risk; Application to the Case of Spain," Studies on the Spanish Economy 226, FEDEA.
    2. John B. Williamson & Matthew Williams, 2005. "Notional Defined Contribution Accounts," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(2), pages 485-506, April.
    3. Calvo, Esteban & Williamson, John B., 2006. "Old-Age Pension Reform and Modernization Pathways: Lessons for China from Latin America," MPRA Paper 4872, University Library of Munich, Germany, revised 2007.
    4. Carlos Vidal-Meliá & Inmaculada Domínguez-Fabian, 2005. "The Spanish Pension System: Issues Of Introducing Notional Defined Contribution Accounts," Public Economics 0504006, University Library of Munich, Germany.
    5. Latifa AITOUTOUHEN & Faris HAMZA, 2016. "Financial and Econometric Study of the Sustainability and Evaluation of Scenarios of Reforms for the Civil Regime of Moroccan," Turkish Economic Review, KSP Journals, vol. 3(4), pages 652-667, December.

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