Priority Challenges in Pension Administration

摘要

As the pension reform debate rages on into the third decade of its existence, since most of the participants in the debate are either from academia or development agencies, one of the three key pillars of reform has been neglected and barely addressed. Ultimately, one can evaluate the efficacy of a reform by its ABCs; namely, the size of Benefits promised (if DB) or targeted/achieved (if DC), the level and volatility of Contributions imposed, and the ability of the government to Administer the reform effectively. Effective administration of social security is a very complex exercise, and without an efficient administrative system at the many levels of the process, from the initial step of recording participants to collecting contributions and all the way to disbursing pensions, a reform can easily fail.