Cover -- Contents -- Foreword -- Preface -- Acknowledgments -- Abbreviations -- III. The Gender Dimension of Pension Reform with NDC -- 10. Gender in the (Nonfinancial) Defined Contribution World: Issues and Options -- COMMENT: Ann-Charlotte Ståhlberg -- 11. To Share or Not to Share: That Is the Question -- COMMENTS: Elsa Fornero -- Ann-Charlotte Ståhlberg -- 12. Pension Entitlements of Women with Children: The Role of Credits within Pension Systems in OECD and EU Countries -- COMMENT: Hannelore Weck-Hannemann -- 13. Gender Policy and Pensions in Chile -- COMMENT: Ángel Melguizo -- 14. NDC versus NDB for Infrequent Contributors -- COMMENT: Rafael Rofman -- IV. The Political Economy of NDCs -- 15. Is Social Security Secure with NDC? -- COMMENT: Sergio Nisticò -- 16. NDC Schemes as a Pathway toward Politically Feasible Pension Reform -- COMMENT: Agneta Kruse -- 17. The Challenge of Reaching Participants with the Message of NDC -- COMMENT: Florian Léger -- V. Solvency, Liquidity, and Stability of NDC Schemes -- 18. Addressing the Legacy Costs in an NDC Reform: Conceptualization, Measurement, Financing -- COMMENT: Florence Legros -- 19. Generic NDC: Equilibrium, Valuation, and Risk Sharing with and without NDC Bonds -- COMMENT: Lans Bovenberg -- 20. The Economics of Reserve Funds in NDC Schemes: Role, Means, and Size to Manage Shocks -- COMMENT: John Piggott -- 21. A Decade of Actuarial Accounting for the NDC Scheme in Sweden: Quantifying Change in the Financial Position of a PAYG Pension Plan -- COMMENT: Jukka Lassila -- 22. Annuities and Life Expectancy in NDC -- COMMENT: Heikki Oksanen -- 23. The Actuarial Balance of the PAYG Pension System: The Swedish NDC Model versus the DB-Type Models -- COMMENT: Robert Gillingham -- VI. Closing Panel -- 24. Reflections on Aspects of NDC Schemes -- NDC versus FDC: Pros, Cons, and Replication.

NDC Schemes: Strengths and Weaknesses -- NDC Reserve Funds: The Swedish Reserve Funds after 10 Years -- Reflections on Introducing NDC in the Arab Republic of Egypt and Other Emerging Economies -- Box -- 21.1 Overview of the Swedish public pension system -- Figures -- 10.1 Real annual payouts over lifetime: Using the imputed interest rate and indexation method to determine the time stream of real benefits for a given retirement accumulation -- 11.1 Global gender gap in labor force participation, 2009 -- 11.2 The effect of sharing pensions between individuals i and j -- 11.3 Comparison of male and female income, 1995-2007 -- 11.4 Ratio of female-to-male pension and income for couples when the oldest person is 70 years of age, 1995-2007 -- 11.5 Age distribution of men and women in a couple when the oldest partner is 70 years, 1995-2007 -- 11.6 Effect of divorce on pension income, 1997-2007 -- 11.7 Number of spouses who outlive their partners each year in Sweden, 1996-2007 -- 11.8 Men's change in pension plus income and change in utility when sharing is imposed, 1995-2007 -- 11.9 Women's change in pension plus income and change in utility when sharing is imposed, 1995-2007 -- 11.10 Tax revenues lost per person because of the decrease in men's taxable pension income to a lower tax bracket under sharing, 1995-2007 -- 11.11 Notional capital for 1,600 Swedish spouses, both born in 1941 and retired at age 65 in 2006 -- 11.12 Distribution of notional pension capital for Swedish spouses, born in 1941 and retired at age 65 in 2006 -- 12.1 OECD average pensionable ages by gender, 1950-2050 -- 12.2 Change in the gross pension replacement rates relative to full career, according to length of break, OECD average -- 12.3 Change in the net pension replacement rates relative to full career, according to length of break, OECD average.

12.4 Change in gross pension replacement rates for those with child-care breaks compared to full career, OECD average -- 12.5 Gross pension replacement rates for interrupted career compared to full career -- 12.6 Gross pension replacement rates relative to full career if credits exist or are removed -- 12.7 Gross pension replacement rates relative to full career at different earning levels, with credits and without credits, OECD average -- 12.8 Gross replacement rate of average earner with career break relative to full-career earner, by pension plan -- 12A.1 Types of crediting mechanisms in pension systems -- 13.1 Subsidies and final pensions under the new solidarity pillar -- 13.2 Distribution of the density of contributions, 1981-2004 -- 13.3 Fraction of working life spent in different occupational categories, 1980-2002 -- 13.4 Average contribution densities by age and gender, 1980-2002 -- 13.5 Income distribution of contributors by gender, September 2009 -- 13.6 Distribution of old-age retirement age by gender, September 2009 -- 13.7 Simulated pensions for single men and women, 60 and 65 years of age -- 13.8 Fraction of women who are married, by age and cohort, 1990-2006 -- 13.9 Civil status of women 55-60 years of age, 1990 and 2006 -- 13.10 Joint distribution of female pensions under scenarios 1 and 5 -- 13.11 Joint distribution of female pensions under scenario 1 and relative increase in pensions from scenario 1 to scenario 5 -- 13.12 Average women's pensions by scenario and quintile of the initial pension distribution -- 13A.1 Observed and predicted probability of contributing, by age and gender -- 13A.2 Observed and predicted labor earnings, by age and gender -- 13C.1 Density of contributions by gender in Chile, 2004-06 -- 13C.2 Projection of contributory minimum pension beneficiaries in Chile with no-reform scenario, 2015-45.

13C.3 Replacement rates in Mexico for men by densities of contributions over 10 years of real wages -- 14.1 Distribution of the density of contribution in Uruguay, April 1996-December 2004 -- 14.2 Density of contribution to BPS and rate of employment -- 14.3 Distribution of pension rights at 60 years of age (cumulative distribution functions) -- 14.4 Distribution of pension rights at 65 years of age (cumulative distribution functions) -- 14.5 Distribution of pension rights at 60 years of age with an expanded NDB-FDC program (cumulative distribution functions) -- 14.6 Distribution of pension rights at 65 years of age with three variants of the NDC-FDC scheme (cumulative distribution functions) -- 15.1 Change in the public pension/GDP ratio, 2007-60 -- 15.2 Transformation coefficients in the Italian and Swedish pension systems -- 15.3 Employment by age in Italy and Sweden, 2006 -- 15.4 Labor market prospects in Italy, cases A and B -- 15.5 Labor market prospects, cases A and C -- 15.6 Labor market prospects, cases A and B -- 17.1 Share of survey participants who know about the Orange Envelope, 1999-2010 -- 17.2 Self-reported knowledge of the pension system, 1998-2010 -- 18.1 Balance sheet: No legacy costs -- 18.2 Balance sheet: Inherited legacy costs -- 18.3 Balance sheet: Reform-created legacy costs -- 18.4 Balance sheet: Inherited and reform-created legacy costs -- 18.5 Legacy costs: Reform created by contribution rate reduction -- 18.6 Legacy costs: Inherited and reform created -- 18.7 China: Phasing of net legacy costs under different degrees of coverage expansion and contribution rates -- 20.1 Cash reserves and risk tolerance -- 20.2 Crisis scenarios and GDP, 2007-37 -- 20.3 Projected crisis-related pension deficit: Eastern Europe and Central Asia, 2007-37 -- B21.1 Illustration of the balancing mechanism.

21.1 Change in net inkomstpension after tax, 2011 relative to 2010 -- 22.1 Period of life expectancy at age 65, Sweden, 1920-2005 -- 22.2 Rate of decline in mortality, age groups 45-64, 65-74, 75-84, and 85-99 -- 22.3 Remaining cohort life expectancy at age 65 in Sweden: Five-year (21) cohorts who reached age 65 in periods 1903-07,…, 2003-07 -- 22.4 Forecasts of remaining cohort life expectancy at 65 using three variants of the bilinear model -- 22.5 Annual benefits: Fixed annuity at age 65 with different indexation rules -- 22.6 Variable annuity models -- 22A.1 Error in projected remaining cohort life expectancy by the basic Lee-Carter model of Sweden -- 22A.2 Error in projected remaining cohort life expectancy by the basic Lee-Carter model of Norway -- 22A.3 Error in projected remaining cohort life expectancy by the basic Lee-Carter model of Denmark -- 22A.4 Error in projected remaining cohort life expectancy by the basic Lee-Carter model of Finland -- 23.1 Historical and projected balance ratio for Sweden, 2009-83 -- 23.2 Historical evolution of OASDI actuarial balance estimates, 1982-2010: Intermediate assumption -- 23.3 OASDI income and cost rates under intermediate assumptions as a percentage of taxable payroll, 2000-90 -- 24.1 Share of labor in U.K. national income (GDP), 1855-2010 -- 24.2 Longevity bond for a cohort, age 65, payable from age 75 with terminal payment at 100 to cover post-100 longevity risk -- Tables -- 10.1 Gender-related characteristics of NDC plans -- 10.2 Simulated effect of joint annuities and unisex tables in Chile -- 11.1 Illustration of annuity payments with a joint annuity -- 11.2 Joint annuities for Swedish couples: Case 1 -- 11.3 Joint annuities for Swedish couples: Case 2 -- 12.1 Pension schemes in countries without explicit child-care credits for full-time workers.

12.2 Objectives of implicit and explicit credits related to children in selected European countries.