Contents -- Preface -- Acronyms and Abbreviations -- Introduction and Executive Summary -- A Framework for Pension Reform -- Design and Implementation Issues -- Structure of the Report -- PART 1. CONCEPTUAL UNDERPINNINGS -- 1 The Need for Reform -- Fiscal Pressure: Short-Term Urgencies and Long-Term Needs -- Delivering on Promises -- Aligning Systems with Socioeconomic Changes -- Challenges and Opportunities of Globalization -- The Contours of Promising Reform Directions -- 2 Conceptual Foundations of the World Bank's Perspective -- The Social Risk Management Framework -- Rationale for Public Intervention -- The Multipillar Approach: Diversification and Efficiency -- The (Net) Benefits of Funding -- A Benchmark, Not a Blueprint -- 3 Goals and Criteria That Define the World Bank's Perspective -- Primary Goals: Adequate, Affordable, Sustainable, and Robust Pensions -- Secondary Goal: Contribution to Economic Development -- Reform Criteria -- 4 World Bank Lending to Support Pension Reform -- Scope of the World Bank's Pension Lending -- Diversity of Pension Reforms -- PART 2. DESIGN AND IMPLEMENTATION ISSUES -- 5 General and Country-Specific Options for the Reform of Pension Systems -- General Options for Reform -- Country-Specific Options for Reform: Policy Progression and Path Dependency -- Conclusions -- 6 Key Reform Issues: Firm Positions and Open Questions -- Pillar Design, Poverty Relief, and Redistribution -- Financial Sustainability Issues -- Management of Public Pension Funds -- Administrative and Implementation Issues -- Readiness and Regulatory and Supervisory Financial Market Issues -- Political Economy and Organization of Pension Reforms -- Examples of Reform Dilemmas and Questions -- 7 Regional Experiences: Developments and First Evaluation of Reform -- Latin America and the Caribbean -- Central and Eastern Europe and Central Asia.

South Asia -- Sub-Saharan Africa -- Middle East and North Africa -- East Asia -- 8 Final Remarks -- Appendix: Tables on Old-Age Income Poverty -- Endnotes -- Glossary -- References -- Contributors -- FIGURES -- 4.1 Timing of World Bank Loans to Multipillar Schemes, by Number of Loans -- 4.2 Timing of World Bank Loans to Multipillar Schemes, by Amount of Loans -- 6.1 Parallel and Integrated Civil Service Pensions, by Region -- 6.2 Distribution and Importance of Public Pension Funds, by Region -- 6.3 Combined Collection and Clearinghouse -- 6.4 Decentralized Funded Pillar in Chile and Hungary -- TABLES -- 1 Multipillar Pension Taxonomy -- 4.1 World Bank Lending with Pension Components, Fiscal 1984-2004 -- 4.2 Regional Distribution of World Bank Lending Activities, 1984-2004 -- 4.3 World Bank Pension-Related Lending Classified by Pillar Support, 1984-2004 -- 4.4 Proportion of Pension-Related Lending for Second-Pillar Implementation, 1984-2004 -- 4.5 World Bank Lending for Reforms with a Dominant Second Pillar, 1984-2004 -- 5.1 Multipillar Pension Taxonomy -- 5.2 Stylized Reform Choices for Countries: Matching Reform Needs with Constraints and Opportunities -- 7.1 Principal Features of Structural Reforms to Social Security Systems (Old-Age Disability and Death) in Latin America, 1980s and 1990s -- 7.2 Principal Features of Structural Reforms to Social Security Systems (Old-Age Disability and Death) in Latin America, 1990s and 2000s -- 7.3 Characteristics of Pension Reforms Moving to a Multipillar System in Transition Economies in Europe and Central Asia, as of April 2004 -- A.1 Poverty Gap in Select African Countries, by Type of Household, Various Years -- A.2 Inventory of Noncontributory Pension Programs in Developing Countries.

A.3 Money as a Percentage of GDP Required to Eliminate the Poverty Gap in Select African Countries, by Type of Household, Various Years -- A.4 Cost of Social Pensions (0.70 Percent of the Poverty Threshold) as a Percentage of GDP in Select African Countries, Various Years.