Munich Personal RePEc Archive

The Funded Pension Scheme in Uzbekistan: An Analysis

Khasanbaev, Alisher and Pfau, Wade Donald (2009): The Funded Pension Scheme in Uzbekistan: An Analysis. Published in: Sophia International Review , Vol. 31, No. 1 (March 2009): pp. 75-92.

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In recent years, the share of elderly in the total population is increasing around the world. Rising proportionally are claims on public pension systems and health care expenditures. This places extra pressure on government budgets. As a result, countries which implement only pay-as-you-go pensions face fiscal deficits. This paper examines Uzbekistan’s statutory pension system, which consists of two pillars: a public pay-as-you-go defined-benefit pension scheme, and a mandatory public funded defined-contribution scheme. We focus in particular on the funded scheme and evaluate ways to improve it by considering the achievements of other developing and transitioning countries in similar positions. The analysis focuses on the choice of fund ownership, contribution rates, investment returns, the population coverage rate, and the feasibility of further reforms.

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