ENGLISH

Financial Sector Dimensions of the Colombian Pension System (World Bank Working Papers)

By Heinz Rudolph ; Hela Cheikhrouhou ; Roberto Rocha ; Craig Thorburn

Book information

Year
2007
ISBN
0821371177, 9780821371176, 9780821371183
DOI
10.1596/978-0-8213-7117-6
Open Library ID
OL11416977M
Language
english
Format
PDF
Filesize
420 kB (430030 bytes)
Pages
88\92
Topic
Economy
Time added
2011-06-04 13:46:07

Description

This paper provides an assessment of the funded pension system and the quality of the regulatory framework for both accumulation and payout phase. It suggests that the lack of portfolio diversification may contribute in the future to low returns and poor pensions and provides a number of recommendations to expand the opportunities of investments to pension funds. The paper also finds that pension fund administrators are not exploiting the scale economies in certain areas of the business such as collection of revenues and account management, and proposes mechanisms to reduce costs and increase efficiency through greater competition. The paper examines the products and options offered at retirement age and finds a bias toward the payment of pensions in the form of lump sums and suggests alternatives for improving the availability of other instruments. Enhancements to the regulatory framework of insurance companies are also proposed.

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