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Lessons from Pension Reform in the Americas$
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Stephen J. Kay and Tapen Sinha

Print publication date: 2007

Print ISBN-13: 9780199226801

Published to Oxford Scholarship Online: January 2008

DOI: 10.1093/acprof:oso/9780199226801.001.0001

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The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey

The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey

Chapter:
(p.23) Chapter 2 The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey
Source:
Lessons from Pension Reform in the Americas
Author(s):

Alberto Arenas de Mesa

David Bravo

Jere R. Behrman

Olivia S. Mitchell (Contributor Webpage)

Petra E. Todd

Andres Otero

Jeremy Skog

Javiera Vasquez

Viviana Velez-Grajales

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199226801.003.0003

This chapter introduces the Encuesta de Previsión Social (EPS, or Social Protection Survey), a recently developed longitudinal survey of individual respondents that provides invaluable new information for microeconomic analyses of key aspects of the Chilean pension system, and illustrates some of the analyses possible with these data. Initiated in 2002, the EPS fielded a follow-up round in 2004; additional survey waves were scheduled for 2006 and every two years thereafter (funding permitting). In addition, the research team has worked to link respondent records to a wide range of historical administrative files on contribution patterns, benefit payments, and other program features. Among the findings is that participation rates are much higher with automatic enrolment in retirement plans than with opt-in enrolment. Many individuals view the employer default savings option as an implicit endorsement of both the contribution rate and the distribution of funds. Default choices are not neutral; they play a role in every stage of the lifetime savings cycle, including savings plan participation, contributions, asset allocation, rollovers, and decumulation.

Keywords:   Chile, retirement system, pension system, default savings, enrolment

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