Munich Personal RePEc Archive

Recuperando la Solidaridad en el Sistema Peruano de Pensiones. Una Propuesta de Reforma

Olivera, Javier (2010): Recuperando la Solidaridad en el Sistema Peruano de Pensiones. Una Propuesta de Reforma. Published in: (February 2010): pp. 1-151.

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Abstract

We propose to create a multi-pillar system by merging the public and private pension systems. In this system, part of the worker’s contribution goes to a “solidarity fund” and the remaining is accrued in his individual capitalization account. This fund will finance a targeted minimum pension scheme. Then, the first pillar is this minimum pension, the second one is a pension financed by the own compulsory contributions to the pension fund and the third one is a pension financed by contributions to a voluntary scheme. We use unique samples of workers’ administrative data to estimate the actuarial liability, inequality on pensions and welfare. Overall, our results show that preserving the current welfare level, the actuarial liability and the inequality can be substantially reduced. Thus, the proposed multi-pillar system allows recovering the principle of solidarity and save fiscal resources.

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