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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 Peruvian Pension Reform: Ailing or Failing? *

The Peruvian Pension Reform: Ailing or Failing? *

Chapter:
(p.340) Chapter 13 The Peruvian Pension Reform: Ailing or Failing?*
Source:
Lessons from Pension Reform in the Americas
Author(s):

Eliana Carranza

Eduardo Morón

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199226801.003.0014

This chapter analyzes pension reform in Peru. Peru's reform introduced private savings accounts while maintaining a fiscally unsustainable public pillar that must eventually be fixed. A number of factors led to the slow acceptance of the new system, including the fact that workers had more incentive to remain in the old PAYGO system, which offered a lower contribution rate, a lower retirement age, and a minimum pension guarantee. However, eventual adjustments allowed the new system to compete more effectively for workers. The performance of the Peruvian system with respect to investment, fees, competition, and coverage is analyzed, and it is argued that reducing political interference is crucial to its future success.

Keywords:   Peru, pension system, private savings accounts, pension reform, PAYGO

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