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Automatic Adjustment Mechanisms in Asian Pension Systems?

Author

Listed:
  • Ms. Elif C Arbatli Saxegaard
  • Mr. Csaba Feher
  • Mr. Jack J Ree
  • Ikuo Saito
  • Mauricio Soto

Abstract

Automatic adjustment mechanisms (AAMs)—rules ensuring that certain characteristics of a pension system respond to demographic, macroeconomic and financial developments, in a predetermined fashion and without the need for additional intervention—have been introduced in many OECD countries to tackle public pension schemes’ deteriorating financial sustainability. Incorporating AAMs—in particular linking retirement age to life expectancy—can be an important part of pension reforms in Asia. If implemented early, AAMs could help prevent the need for sharp adjustments in the future, increase the predictability and inter-generational equity of pension systems and enhance confidence.

Suggested Citation

  • Ms. Elif C Arbatli Saxegaard & Mr. Csaba Feher & Mr. Jack J Ree & Ikuo Saito & Mauricio Soto, 2016. "Automatic Adjustment Mechanisms in Asian Pension Systems?," IMF Working Papers 2016/242, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2016/242
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    References listed on IDEAS

    as
    1. Kiichi Tokuoka, 2012. "Intergenerational Implications of Fiscal Consolidation in Japan," IMF Working Papers 2012/197, International Monetary Fund.
    2. Kenichiro Kashiwase & Mr. Masahiro Nozaki & Kiichi Tokuoka, 2012. "Pension Reforms in Japan," IMF Working Papers 2012/285, International Monetary Fund.
    3. World Bank, 2016. "Live Long and Prosper," World Bank Publications - Books, The World Bank Group, number 23133.
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