ABSTRACT
Furthermore it shows that the traditional three-pillar strategy of the World Bank (pay-as-you-go financed basic safety net, supplemented by a mandatory capital-cover system and an optional funded individual savings programme) can no longer be seen as the optimal pension-design mix. This may be surprising, but it is clearly proven by the simple fact that Robert Holzmann, one of the new, most recent protagonists of NDC, was actually a director for social security at the World Bank and one of the designers of the World Bank’s pension philosophy. I will deal with his ideas at length in the next chapter. I also show that defined-contribution pension accounts on a pay-as-you-go basis, supplemented by a non-contributory basic safety net and a funded, portable retirement pension supplement can definitely be marked as a new paradigm of pension economy and pension politics.
