Civil-Service. World Bank Core Course on Pensions Washington, May 2015
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1 Civil-Service World Bank Core Course on Pensions Washington, May 2015
2 Agenda Institutional arrangements for public-sector workers pensions Demographic pressures on finances Flexibility and portability of civil-service pensions
3 Origins Civil-service pension schemes usually set up before national programmes independence of civil servants make working for the public sector attractive shift the cost of remunerating civil servants into the future Separate schemes then often persisted after national schemes established: dualism
4 Institutional arrangements around the world South Asia 7 Africa 32 7 Middle East/ North Africa 7 4 East Asia 9 6 Separate Integrated OECD Latin America/ Caribbean Eastern Europe/ Central Asia 27
5 Institutional arrangements Fully integrated Chile Czech Republic Estonia Hungary Mexico Poland Slovak Republic Institutionally separate with similar benefits Denmark Finland Iceland Israel Netherlands Fully integrated with top-up arrangements Australia Canada Ireland Italy Japan New Zealand Norway Slovenia Spain Sweden Switzerland United States Partially integrated with top-up scheme United Kingdom Entirely separate institutions and benefits Austria Belgium France Germany Greece Korea Luxembourg Portugal Turkey
6 Institutional arrangements Separate Angola Benin Burundi Cameroon Congo, DR Congo, R Cote d Ivoire Gambia Guinea Guinea-Bissau Kenya Madagascar Malawi Mali Mauritania Mozambique Niger Senegal Sudan Tanzania Togo Uganda Zimbabwe Partially integrated 1 Botswana Lesotho Mauritius Namibia South Africa Swaziland Partially integrated 2 Liberia Integrated Cape Verde Central African Republic Chad Ethiopia Ghana Nigeria Rwanda Sao Tome e Principe Seychelles Sierra Leone Zambia No private-sector scheme Eritrea South Sudan
7 Dualism Arguments against Integration gives civil servants direct, personal interest in the plan being well managed Economies of scale Mobility and portability Equity Transparency Long-term goal should therefore probably be integration of civil-service and national pension plans
8 Economies of scale Relative cost per beneficiary Number of beneficiaries
9 Central-government employment per cent of total population early 1980s early 1990s Africa Asia Latin America All developing countries OECD
10 Ageing central-government workforce Percentage aged 50 and over 50 Italy Percentage aged 50 and over 50 Iceland Sweden Greece Denmark Germany Norway Netherlands Ireland Switzerland France Mexico Japan Finland Austria Belgium Israel United States Canada United Kingdom New Zealand Australia Estonia 20 Chile 20 Portugal Korea
11 Example: Egypt
12 Example: Morocco 5 4 CNSS RCAR CMR
13 Labour-force demographics: central government vs population Central government employees Total labour force Italy Iceland Sweden Belgium Germany United States Denmark Slovak Republic Greece Israel Norway Finland Netherlands Canada Ireland Percentage aged 50 and over Austria Hungary Portugal Switzerland United Kingdom France New Zealand Slovenia Poland Mexico Australia Estonia Japan Chile Korea Percentage aged 50 and over
14 Reform options 1 Parametric reforms to defined benefit plans reduce replacement rate index pensions in payment to prices rather than civil-service earnings introduce/increase member contributions raise pensionable age extend averaging periods for final salary Systemic reforms introduce new system for new civil servants with some element of pre-funding of obligations Any reform must take account of all aspects of civil-service terms and conditions
15 Reform options 2 Increasing contributions: employer contributions are just re-labelling, unlike national systems employee contributions may have an effect on wages or productivity Increasing pension age: Civil service schemes are closed systems so increasing retirement age has different effects than it does in national schemes: labour supply effect in national schemes Increase in retirement age cuts duration of benefit payments, but without downward adjustment of accrual rates to compensate, benefit values increase people might retire on higher pay if earnings continue to grow with age affects both pay and pension bills
16 Lump-of-labour fallacy across countries Employment rate, year olds 0.6 NLD IRL GBR DEU 0.3 SVK GRC SWE CZE FIN DNK POL 0.2 ITA HUN LUX BEL PRT ESP FRA AUT Employment rate, year olds
17 Lump-of-labour fallacy over time Employment rate, year olds New Zealand France Employment rate, year olds
18 Individual-level model: Morocco Baseline Contribution rate 20% Contribution years 33 Lifetime contributions 6.6 (x annual salary) Accrual rate 2.5% Gross replacement rate 82.5% Net replacement rate 106.7% (average earner) Pension age 60 Indexation half prices Lifetime benefits 13.2 (x annual salary)
19 Individual-level model Baseline Contribution rate 20% Contribution years 33 Lifetime contributions 6.6 (x annual salary) Accrual rate 2.5% Gross replacement rate 82.5% Net replacement rate 106.7% (average earner) Pension age 60 Indexation half prices Lifetime benefits 13.2 (x annual salary) Benefit/cost ratio 2.0 Equilibrium contribution rate 40% Sustainable replacement rate 41%
20 Individual-level model Baseline Age 65: same accrual Contribution rate 20% 20% Contribution years Lifetime contributions (x annual salary) Accrual rate 2.5% 2.5% Gross replacement rate 82.5% 95.0% Net replacement rate 106.7% 122.3% (average earner) Pension age Indexation half prices prices Lifetime benefits (x annual salary) Benefit/cost ratio Equilibrium contribution rate 40% 38% Sustainable replacement rate 41% 50%
21 Individual-level model Baseline Age 65: same accrual Age 65: lower accrual Contribution rate 20% 20% 20% Contribution years Lifetime contributions (x annual salary) Accrual rate 2.5% 2.5% 2.2% Gross replacement rate 82.5% 95.0% 82.5% Net replacement rate 106.7% 122.3% 106.7% (average earner) Pension age Indexation half prices prices prices Lifetime benefits (x annual salary) Benefit/cost ratio Equilibrium contribution rate 40% 38% 26% Sustainable replacement rate 41% 50% 64%
22 Pension possibilities Three key variables: accrual rate pension eligibility age contribution rate Look at the sustainable combinations
23 Pension possibilities Contribution rate (%) Accrual rate: 2% Accrual rate (%) Contribution rate: 17% Pensionable age Accrual rate (%) 0.25 Pensionable age Pensionable age: Contribution rate (%)
24 Pension possibilities: replacement rates Replacement rate (%) Replacement rate (%) Contribution rate: 17% 30 Pensionable age: Pensionable age Contribution rate (%)
25 Flexibility and portability Civil service schemes are inflexible: ill designed to deal with people without full careers But flexible schemes are increasingly important revolving doors : cross-fertilisation between public and private sectors transfer of employees due to privatisation or contracting out
26 Penalties to moving jobs Vesting periods: when individual qualifies for a pension <1 year in Finland, Netherlands, Sweden, Switzerland, UK 5 years in Belgium, Germany, Ireland, Italy 15yrs in Austria, France, Spain, Mauritius, Senegal people can leave with nothing Treatment of early leavers : what happens to the benefit between leaving the job and claiming the pension? full transferability (Finland, Netherlands, Sweden) moves to occupational plan with same benefits in private sector full preservation (France) accrued rights uprated in line with civil-service earnings In other countries, a pension cost to moving jobs
27 Example: Mauritius Value of accrued pension age
28 Example: Mauritius Value of accrued pension Staying to retirement: 1/50th of final salary age
29 Example: Mauritius Value of accrued pension Staying to retirement: 1/50th of final salary Lump sum Deferred pension: 1/50th of current salary age
30 Example: Mauritius 8 Cost of leaving, proportion of earnings age
31 Example: UK 1.5 Cost of leaving, proportion of earnings Early leaver s benefit depends on earnings uprated in line with prices: partial preservation age
32 Germany 6 Cost of leaving, proportion of earnings 4 2 Early leaver is retrospectively transferred to national scheme with lower benefits age
33 Reforms to improve portability Shorten vesting periods Preserve pension rights of early leavers Extend averaging period for final salary career average uprating eliminates the mobility problem also deals with problems of incentives for abuse but requires improvements in record-keeping Introduce a defined contribution scheme fully portable
34 Conclusions Reform of civil-service pension schemes is important in low- and middle-income countries often, larger expenditure than national schemes crowds out important social programmes Many options to put civil-service pension schemes on a sustainable footing Structural issues as important as fiscal ones single national scheme would be more administratively efficient, equitable and increase labour-market flexibility equity and efficiency also improved by longer averaging periods for earnings, shorter vesting periods, preservation for early leavers, DC option
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