Financial Sector Assessment Program - Albania : Developing Private Pensions in Albania
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World Bank, Washington, DC
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This note sets out options to develop
private pensions in Albania. It has been requested by the
authorities to help create a more diversified pension system
that can deliver improved outcomes for Albania in decades to
come. A diversified pension system mixes state and private
pensions as well as other sources of retirement income. The
analysis, diagnosis, and recommendations use an
outcome-based assessment framework. This technical note
looks at how the pension system performs relative to 5 key
outcomes: efficiency, sustainability, coverage, adequacy,
and security. These outcomes depend on the political and
economic environment in which a pension system operates, and
its overall design including regulatory framework, market
structure and conduct, and supervisory approach.
Palabras clave
ACCESS TO CREDIT, ACCOUNT HOLDER, ACCOUNT MANAGEMENT, ADMINISTRATIVE RECORDS, AFFORDABILITY, AGRICULTURAL SECTOR, ANNUITY MARKET, ASSET CLASSES, ASSET MANAGERS, AUCTION, BANK ACCOUNT, BANK ACCOUNTS, BANK DEPOSITS, BANKING SUPERVISION, BASIC PENSION, BENEFIT FORMULAS, BEQUESTS, BONDS, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS, COLLECTIVE INVESTMENT, COMPANY LAW, COMPANY PENSION, CONTRIBUTION COLLECTION, CONTRIBUTION RATES, CONVERSIONS, COST REDUCTION, COST STRUCTURE, CUSTOMER ACQUISITION, CUSTOMER BASE, DEPENDENCY RATIOS, DISABILITY, DISABILITY PENSION, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DOMESTIC ECONOMY, EARNINGS, ECONOMIC COOPERATION, ECONOMIES OF SCALE, EMPLOYEE, EMPLOYER, EMPLOYERS, ENROLLMENT, ENROLLMENTS, EQUITIES, EQUITY MARKETS, EU, EU DIRECTIVES, EXCESS RETURN, EXCHANGE RATE, EXPENDITURE, EXTREME POVERTY, FEE INCOME, FINANCE CORPORATION, FINANCIAL ACCOUNT, FINANCIAL ADVANTAGE, FINANCIAL CRISIS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL PRODUCT, FINANCIAL REGULATORS, FINANCIAL SECTOR, FINANCIAL SECTOR ASSESSMENT, FINANCIAL SECURITY, FINANCIAL SERVICES, FINANCIAL SYSTEM, FINANCIAL SYSTEM STABILITY, FUND MANAGEMENT, FUTURE PENSION, GENDER, GENDER EQUALITY, GENDER GAP, GENDER INEQUALITY, GLOBAL INVESTMENT, GOVERNMENT BONDS, HOME, HOME COUNTRY, HOME OWNERSHIP, HOMEOWNERSHIP, HUMAN DEVELOPMENT, IDS, ILLIQUIDITY, INCOMES, INFLATION, INFORMAL SECTORS, INSURANCE, INTERNATIONAL BANK, INTERNATIONAL FINANCE, INTERNATIONAL FINANCIAL STATISTICS, INTERNATIONAL INVESTMENT, INTERNATIONAL INVESTMENTS, INTERNATIONAL STANDARDS, INVESTMENT FUND, INVESTMENT FUNDS, INVESTMENT MANAGEMENT, INVESTMENT OPPORTUNITIES, INVESTMENT RETURNS, INVESTMENT RISK, INVESTMENT STRATEGIES, INVESTMENT STRATEGY, JOINT ANNUITIES, JOINT ANNUITY, JUDGE, KEY CHALLENGES, LABOR MARKET, LABOR MARKETS, LAWS, LEGAL ENVIRONMENT, LEGISLATION, LEGISLATIVE FRAMEWORK, LEVEL OF ASSETS, LIFE ANNUITIES, LIFE ANNUITY, LIFE EXPECTANCY, LOAN, LOCAL CAPITAL MARKET, MANDATORY SAVING, MARKET STRUCTURE, MARKET TRENDS, MICROENTERPRISES, MINIMUM WAGE, MORTALITY, MORTALITY TABLES, MORTGAGE, OCCUPATIONAL RETIREMENT, OUTSOURCING, PAY AS YOU GO, PAYMENT SYSTEMS, PENSION, PENSION ASSETS, PENSION CONTRIBUTIONS, PENSION COVERAGE, PENSION FUND, PENSION FUND MANAGEMENT, PENSION FUNDS, PENSION INCOME, PENSION LAW, PENSION PLAN, PENSION PLANS, PENSION POLICY, PENSION PRODUCTS, PENSION PROVISION, PENSION REFORM, PENSION REFORM PROCESS, PENSION REFORMS, PENSION SAVING, PENSION SECTORS, PENSION SYSTEM, PENSION SYSTEMS, PENSIONERS, PENSIONS, POOLS OF SAVINGS, POTENTIAL INVESTMENT, PRIVATE INVESTMENT, PRIVATE PENSION, PRIVATE PENSION FUNDS, PRIVATE PENSIONS, PRIVATE SAVINGS, PRIVATE SECTOR DEVELOPMENT, PROPERTY MARKETS, PROVIDENT FUNDS, PUBLIC SYSTEM, PUBLIC SYSTEMS, PUBLIC-PRIVATE PARTNERSHIPS, RATE OF RETURN, REGULATORS, REGULATORY FRAMEWORK, RENEWABLE ENERGY, REPLACEMENT RATE, REPLACEMENT RATES, RETIREMENT, RETIREMENT AGE, RETIREMENT AGES, RETIREMENT DATE, RETIREMENT INCOME, RETIREMENT INCOME SYSTEM, RETURN, RETURNS, SCANDAL, SECURITIES, SMALL COUNTRY, SMALL ENTERPRISES, SOCIAL INSURANCE, SOCIAL POLICY, SOCIAL PROTECTION, SOCIAL SECURITY, SOURCES OF FINANCE, START-UP, START-UP COSTS, SUPERVISORY AUTHORITY, TAX, TAX BENEFIT, TAX BENEFITS, TAX BURDEN, TAX EXEMPTIONS, TAX INCENTIVES, TAX RELIEF, TECHNICAL ASSISTANCE, TERM DEPOSIT, TRACK RECORD, TRANSFERABLE SECURITIES, TRUSTEE, TRUSTEES, UNEMPLOYMENT, UNION, VOLUNTARY PENSION, VOLUNTARY PENSION FUNDS, VOLUNTARY PENSIONS, WILL, WITHDRAWAL