An Assessment Of Reform Options For The Public Service Pension Fund In Uganda
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World Bank, Washington, DC
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This paper analyzes the future liabilities that the Ugandan Public Service Pensions Fund might accumulate under the provisions of the Pensions Act (CAP 286) unless it is reformed. It then discusses alternative reform options that can be used in designing an educated homegrown reform of the fund. The paper supports a hybrid (two-pillar) reform option composed of a small defined benefit scheme and a complementary defined contribution scheme, instead of a pure defined contribution (monopillar) reform option discussed by policymakers in the country. The main reason for this is related to the fact that hybrid and pure defined contribution reforms will have the same impact on reducing pension expenditure (for the same grandfathering rules and surplus in the first pillar). In addition, everything else being equal, the hybrid reform is likely to produce higher average replacement rates due to the redistributive and pooling properties of the small defined benefit pillar.
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ANNUITIES, ANNUITY, ASSET MANAGEMENT, AVERAGE WAGE, AVERAGE WAGE GROWTH, BENEFIT FORMULA, BENEFIT INDEXATION, BENEFIT PAYMENT, CONTRIBUTION RATE, CONTRIBUTION RATES, DEPENDENCY RATIO, DEPENDENCY RATIOS, DEVELOPMENT POLICIES, DISABILITY, DISCOUNT RATES, EARNING, EMPLOYEE, FULL-CAREER WORKER, FUTURE PAYMENTS, GOVERNMENT EXPENDITURE, GROSS WAGE, HEALTH CARE, IMPORTANT POLICY, INVESTMENT RISK, LABOUR, LABOUR FORCE, LEVEL OF DEVELOPMENT, LIFE EXPECTANCY, LIFETIME EARNINGS, LOCAL AUTHORITIES, LONGEVITY INSURANCE, MANAGERS, MORTALITY, NUMBER OF WOMEN, NUMBER OF WORKERS, OLD AGE, OLD-AGE, OLDER PERSONS, OLDER WORKERS, ORPHANS, PAYROLL TAX, PAYROLL TAXES, PENSION, PENSION COVERAGE, PENSION FUND, PENSION FUND MANAGEMENT, PENSION LIABILITIES, PENSION REFORM, PENSION SYSTEM, PENSION WEALTH, PENSIONERS, PENSIONS, POLICY RESEARCH, POLICY RESEARCH WORKING PAPER, POPULATION GROWTH, POPULATION GROWTH RATES, PRESENT VALUE, PRICE INDEXATION, PRIVATE SECTOR, PROGRESS, PUBLIC DEBT, PUBLIC SECTOR, PUBLIC SERVICE, REFORM PROCESS, REFORMS, REPLACEMENT RATE, REPLACEMENT RATES, RETIREES, RETIREMENT, RETIREMENT BENEFITS, RETURN ON ASSETS, SECONDARY SCHOOL, SERVANTS, SOCIAL PROTECTION, SOCIAL SECURITY, WAGE BILL, WORKING POPULATION, WORKING-AGE POPULATION, YOUNG PEOPLE