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OECD Reviews of Pension Systems: Peru

image of OECD Reviews of Pension Systems: Peru

This review assesses Peru’s pension system in its entirety, looking at both public and private, pay-as-you-go (PAYG) financed and funded pension provisions. The review then provides policy options to help tackle old-age poverty; establish a solid framework for the contributory pension system to meet its objectives; improve the coverage and level of pensions; and optimise the design and improve the regulation of the funded private pension component. A further goal of these proposals is to improve the Peruvian population’s trust that the country’s pension system will be able to deliver secure retirement income in old age.

The review is the fifth in a series of country reviews of pension systems [Ireland (2014), Mexico (2016), Latvia (2018), and Portugal (2019)]. These reviews provide countries with policy options that will help them improve the functioning of their overall pension system. Tailored policy options are proposed based on the specificities of the national pension system, and on international best practices regarding reforms, design and regulation of pension systems.

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Establishing a solid framework for the contributory pension system

This chapter tackles the structural problem of the current pension system, in which the public and private components operate in parallel in a fragmented and incoherent manner and individuals have to choose to contribute to the public or private system. Policy options discussed in this chapter aim to establish a solid framework for the contributory pension system where the public and private components are complementary and the system operates in an integrated and efficient manner, while addressing the sustainability of the entire system going forward.

English

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