ABSTRACT
The Latin American pension reform is not only important in its own right, but has also provided a model for countries in other regions, both developing and developed, to study and follow. In particular, the Chilean experience of pension reform has attracted attention and praise from multilateral lending institutions such as the World Bank and the IMF. The Latin American pension reform is not only important in its own right, but has also provided a model for countries in other regions, both developing and developed. The basic elements of pension reform are common to all seven Latin American countries that have implemented it. The new pension schemes have some innovative features. In contrast to the pre-existing social insurance pension schemes, they rely on private pension provision by the newly established pension fund managers, and allow greater scope for individual choice in pension arrangements. The chapter also presents an overview of the key concepts discussed in this book.
