Chile's next generation pension reform.

Abstract

In 1981, Chile was the first country to replace its public pay-as-you-go pension system with mandatory individual retirement accounts. This system has become a model for pension reformers around the world. Although Chile's system has undergone many changes since its inception, a number of policy challenges remained, including worker coverage, pension adequacy, gender equity, and administrative fees. A March 2008 comprehensive pension reform law addressed many of these issues by adding a basic universal pension, requiring the self-employed to join the individual account system, encouraging greater competition among pension fund providers, lowering administrative fees, providing financial incentives for women to work longer, allowing widowers to receive a survivor pension, dividing individual account assets between spouses in case of divorce or marriage annulment, expanding voluntary pensions, setting up a new administrative structure, and launching a new financial education program.

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