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Title: The ABCs of NDCs
Authors: Holzmann, Robert
Keywords: Pensionamento
Issue Date: 31-Jul-2019
Citation: Holzmann R. (2019), The ABCs of NDCs, Roma, INAPP, WP, n. 19 <>
Abstract: Nonfinancial defined contribution (NDC) pension schemes have been successfully implemented since the mid-1990s in a number of European countries (Sweden. Italy, Latvia, Poland, and Norway). The NDC approach features the lifelong contribution–benefit link of a financial defined contribution scheme, but is based on the pay-as-you-go format. An NDC approach implemented by the rulebook can manage the economic and demographic risks inherent to a pension scheme and by design creates financial sustainability. This paper offers a nontechnical introduction to NDC schemes, their basic elements and advantages over nonfinancial defined benefit schemes, the key technical frontiers of the approach, and the experiences of countries with NDC schemes.
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