Welfare, Inequality and Financial Effects of a Multi-Pillar Pension Reform: The Case of Peru
利用秘鲁社保行政记录模拟未来养老金分布，研究多支柱养老金体系对养老金不平等、精算负债和福利的影响，发现福利中性政策可显著降低不平等和负债，并揭示改革中的权衡。
This paper studies the potential effects of a multi-pillar pension system on pension inequality, actuarial liability and welfare in Peru, by means of simulations of future distributions of pensions with social security administrative records. The results show that actual pension inequality and actuarial liability can be substantially reduced with welfare preserving policies. The simulations illustrate that when welfare is considered, it is important to define the implied value judgments, which are not universally agreed upon. Therefore, this paper highlights the trade-offs of a pension policy reform and contributes to assess the second generation of pension reforms in Latin America.