ABSTRACT
What the historical evolution of social security policy in general and of pension policy in particular, underlines are that intergovernmental organisations (IGOs) have a long record of significant impacts on the policy and institutional choices of individual states. However, in one important respect the Bank approach to both pension system privatisation and the Chilean model exhibited a significant change over the year that separated Swiss Chilanpore from Averting. Accordingly, Swiss Chilanpore, deliberately blending the best elements of the pension systems of the three countries, looked to Singapore’s National Provident Fund (NPF), the Central Provident Fund (CPF), characterised by its ‘high efficiency and low running costs’, to provide the appropriate model of cost-effective administrative efficiency required to manage the second pillar effectively. Much of the work which highlighted the financial strain that pay-as-you-go (PAYG) public pension systems in industrial countries would inevitably face was done during the 1980s.
