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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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Context and description of the current Peruvian pension system

This chapter describes the Peruvian pension system and the context in which it has developed and currently exists. It first describes the current macroeconomic and demographic contexts, and the challenges that the pension system faces. The chapter summarises the main reforms and initiatives that have led to the structure of the current pension system. It then describes the structure and rules of the current pension system in order to provide a basic understanding of how it operates and a reference for subsequent chapters.

English

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