Contents -- Acknowledgments -- Foreword -- Avant-propos -- Prólogo -- Preface -- Préface -- Prefacio -- Executive Summary -- Résumé analytique -- Resumen -- Acronyms and Abbreviations -- Glossary -- 1 The Strategy for Pension Reform -- The Social Protection Sector Strategy -- The Structure of the Report -- 2 The Bank's Support for Pension Reform -- Analytical and Advisory Activities -- Lending Operations in Support of Pension Reform -- Reviewing the Development Outcome of Pension Components -- Summary and Conclusions -- 3 Quality at Entry for Pension Reforms -- When Were Only Single Pillars Considered? -- Were Complementary Safety Nets Considered? -- Is the Economy Stable? -- Is the Financial Sector Sound? -- Can Implementation Be Effective? -- Are Higher Saving Rates Needed to Encourage Growth? -- Summary and Conclusions -- 4 The Impact of Pension Reforms -- Income Security Outcomes -- Fiscal Sustainability -- Savings and Capital Market Development -- The Formalization of Labor Markets -- Development Outcomes of World Bank Assistance -- Summary and Conclusions -- 5 Building Institutional Capacity -- Improving the Administration of PAYG Pension Systems -- Actuarial Forecasting -- Improving the Regulation of Funded Pension Systems -- Summary and Conclusions -- 6 World Bank Coordination -- Coordination among World Bank Groups -- Cooperation with Other Donors and International Organizations -- Relationships with Clients -- Case Study Evaluation of World Bank Performance -- Summary and Conclusions -- 7 Findings and Recommendations -- Findings -- Recommendations -- Appendixes -- A: Views on Pension Reform-A Brief Literature Survey -- B: Pension Systems in World Bank-Assisted Countries -- C: Performance Ratings for Pension Projects -- D: Multi-Pillar Pension Systems, Transition Costs, and Savings -- E: Indicator Tables -- F: Reference Tables.

G: Selected World Bank Economic and Sector Work, by Region (Country-Specific) -- H: Management Response -- I: Chairman's Summary: Committee on Development Effectiveness (CODE) -- Endnotes -- References -- Boxes -- 1.1 Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth -- 2.1 Identifying Pension-Related Economic and Sector Work -- 2.2 How IEG Identified Pension Projects -- 5.1 Pension Reform Options Simulation Toolkit (PROST) -- Tables -- 2.1 Europe and Central Asia and Latin America and the Caribbean Received More Support for Pension Reform Than Other Regions from Fiscal 1984 to 2005 -- 2.2 Countries with Multi-Pillar Systems Received More Assistance -- 2.3 Most Development Outcomes for Pension Components Were Satisfactory -- 4.1 In Latin America and the Caribbean, Only Some Funded Pension Portfolios Are Well-Diversified -- 4.2 Real Returns Have Outpaced Wage Growth for Funded Pensions in Most Countries -- 4.3 Outcome Ratings Varied Considerably, as Did the Reason for the Ratings -- 5.1 Latin America and the Caribbean Heads the Regions in Credits and Loans Supporting Institutional Capacity Building per Capita -- 6.1 Economic Policy and Social Protection Sectors Had a Greater Role in Pension Reform Activities Than Did Other Sectors -- 6.2 Many Organizations Work with the World Bank on Pension Reform -- 6.3 What Do IEG Case Studies Show about World Bank Performance? -- 7.1 Even the Best Reforms Have Continuing Challenges -- Figures -- 1.1 What Is the World Bank's Pension Strategy? -- 2.1 More Sector Work Addressed Fiscal Issues and Transition Costs, and Fewer Reports Discussed Public Administration -- 3.1 Many Countries Had High Inflation at Reform -- 3.2 Several Countries Had High Budget Deficits at the Time of Their Pension Reform -- 3.3 Poor Financial Sectors Characterize Some Europe and Central Asia Multi-Pillar Reformers.

3.4 Europe and Central Asia Countries without Multi-Pillar Reform Are More Likely to Have Weak Financial Sectors -- 3.5 Many Reformers Had Poor Corruption Indexes at the Time of Reform -- 3.6 Corruption Ratings Are Poor among Some Potential Reformers -- 3.7 Some Multi-Pillar Countries Already Had High Savings Rates -- 3.8 Savings Rates Require Review before Deciding on Multi-Pillar Reform -- 4.1 Pension Funds Have Become More Diversified in Kazakhstan -- 4.2 Fiscal Deficits Have Grown in Many Countries with Second Pillars -- 4.3 Savings Rates Increased Only in Kazakhstan -- 4.4 Market Capitalization Remains Quite Low -- 4.5 Post-Crisis Pension Portfolios in Argentina Fled to Government Bonds -- 4.6 Pension Participation Rates Have Not Changed in Latin America and the Caribbean.