Private Pension Policies in Industrialized Countries: A Comparative Analysis Private Pension Policies in Industrialized Countries: A Comparative Analysis
John A. Turner and Noriyasu Watanabe
First Chapter | Table of Contents

171 pp. 1995
$40.00 cloth 978-0-88099-150-6
$15.00 paper 978-0-88099-149-0

Residents of many industrialized nations, the U.S. included, are finding that a trusted source of post-retirement income is threatened. Costs of government-operated retirement programs (social security) are steadily rising as a share of GDP, necessitating cutbacks in benefit generosity and increased payroll taxes. This reduced rate of return on social security for individuals means private pension systems are an increasingly important means of financial support for retirement-age residents.

In this comprehensive review of private pension systems in effect world-wide, Turner and Watanabe discuss the fundamental issues facing nations as they adopt and expand private pension systems including:
  • The degree of privatization
  • Tax policy
  • Risk and insurance from risk
  • Pension financing
  • Labor market issues
  • The adequacy of retirement income.
Specific policies in effect in several private pension systems are analyzed including those in nations dominating world pension assets (Japan, Germany, the U.K., and the United States), as is the country whose system is widely regarded as the model for developing nations, Chile. Turner and Watanabe also provide a compendium on the worldwide trends influencing pension systems and their implications for pension policy.

"For policy makers, policy advisors, and ordinary citizens considering reforms of existing pension systems or designs of new ones, this is a 'must' read." &$150;Industrial and Labor Relations Review