International Comparison of Pension Systems: An Investigation from Consumers’ Viewpoint PDF
Preview International Comparison of Pension Systems: An Investigation from Consumers’ Viewpoint
Contributions to Management Science Hongmu Lee · Gianni Nicolini · Man Cho Editors International Comparison of Pension Systems An Investigation from Consumers’ Viewpoint Contributions to Management Science The series Contributions to Management Science contains research publications in all fields of business and management science. These publications are primarily monographs and multiple author works containing new research results, and also feature selected conference-based publications are also considered. The focus of the series lies in presenting the development of latest theoretical and empirical research across different viewpoints. This book series is indexed in Scopus. · · Hongmu Lee Gianni Nicolini Man Cho Editors International Comparison of Pension Systems An Investigation from Consumers’ Viewpoint Editors Hongmu Lee Gianni Nicolini School of Commerce Department of Management and Law Waseda University University of Rome Tor Vergata Tokyo, Japan Rome, Italy Man Cho Department of Public Policy and Management KDI School of Public Policy and Management Sejong-si, Korea (Republic of) ISSN 1431-1941 ISSN 2197-716X (electronic) Contributions to Management Science ISBN 978-981-19-6445-9 ISBN 978-981-19-6446-6 (eBook) https://doi.org/10.1007/978-981-19-6446-6 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore Preface As the average life expectancy is rapidly increasing globally, properly managing the longevity and other risks for old-age population has become an urgent policy task in many countries. With this backdrop, this book aims to document key policy implications out of an international comparative study on the pension systems of 11 diverse countries, in particular, on the viewpoint of financial consumers. What do we mean by ‘the consumers’ point of view’? The meaning is that, in comparing the national pension systems, we, first, assess them in terms of three policy dimensions—coverage (of the public pension program in terms of consumer segments covered), adequacy (of the total pension compensation for ensuring old-age income security), and sustainability (of the public pension program with respect to fiscal safety and soundness), and, second, attempt to come up with the implications of our findings as to consumers’ financial planning and nudges to help guide that. It is fair to say that, while many international comparisons of the pension systems tend to take the perspective of public policy (e.g., social insurance, public medical care, and redistribution for vulnerable groups) or that of corporate personnel affairs, this book examines the perspective of financial consumers in those countries as to whether their pension systems secure a proper standard of living, how well they plan financially for their old-age living, and what enabling mechanisms are offered to that end. Specifically, we survey the multi-tier pension programs of 11 countries (i.e., those administered by governments, corporations, and individuals), including two benchmarking countries (the U.S. and Japan), three European countries (Italy, Poland, and Switzerland), and six Asian countries except Japan (Korea, Singapore, China, Bangladesh, Indonesia, and Vietnam). In addition, three special topics of rele- vancy are included as separate chapters—the evolution and current role of the private pension programs, the taxation and inter-country portability of pension benefits, and the home equity release programs observed from nine different countries. This book represents the second book of the book projects initiated by the Interna- tional Academy of Financial Consumers (IAFICO), to advance our understanding of various consumer-related issues in the financial markets. In the first edition, entitled “An International Comparison of Financial Consumer Protection (Springer, 2018)”, our objective was to add insights to our body of knowledge as to the workings of the v vi Preface policy regimes established to protect financial consumers. We hope that this book does the same as to the strengths and the weaknesses observed from those pension systems surveyed, and, further, the policy remedies to be employed to advance the welfare of financial consumers in those countries. Tokyo, Japan Hongmu Lee Rome, Italy Gianni Nicolini Sejong-si, Korea (Republic of) Man Cho Contents Introduction The National Pension Systems and Financial Consumers: An International Comparative Perspective on the Key Linkages ....... 3 Man Cho, Gianni Nicolini, and Hongmu Lee Country Chapters Retirement Income Security in the United States: An Overview of the Public and Private Retirement System ......................... 29 Vickie Bajtelsmit Retirement Income Security in Japan: An Overview of the Public and Private Pension System ........................................ 49 Hongmu Lee The Italian Pension System ......................................... 89 Gianni Nicolini The Polish Pension System ......................................... 157 Joanna Ratajczak-Leszczyn´ska and Piotr Manikowski The Swiss Pension System .......................................... 201 Axel Kind The Korean Pension System ........................................ 241 Young-Man Lee, YoonSu Kim, and Man Cho Preparing for Rainy Days in Old Age in Singapore ................... 269 Eileen Kuan, En Qi Seah, and Tien Foo Sing The Chinese Pension System: The Fragmented System ................ 291 Zining Liu The Bangladesh Pension System .................................... 315 Muhammad Ziaulhaq Mamun and Md. Zahid Hossain vii viii Contents The Indonesian Pension System ..................................... 357 Rofikoh Rokhim, Wardatul Adawiyah, and Ida Ayu Agung Faradynawati The Vietnamese Pension System and Aging Population ................ 379 Van T. T. Dinh, Thuc H. T. Pham, Tiep M. Bui, and Tu N. Ho Special Topics Role of the Private Pension Programs ............................... 415 Sangho Kim US Pensions and Taxation .......................................... 429 Maji C. Rhee Home Equity Monetization Schemes: An Inter-Country Survey ........ 493 YoonSu Kim, Young-Man Lee, and Man Cho Introduction
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