Pension reform and fully funded complimentary regime

ABSTRACT This article examines how pay as you go (defined benefit) public pension system relates to a fully funded complimentary regime (or defined contribution pension), in the context of a renewed attempt to reform public retirement benefits in Brazil. After featuring the main characteristics of the public pension system and how the fully funded private regime has evolved as of late, this paper questions the idea that the latter would be more beneficial to the increase of private savings and, as a result, of investment, aspects that are crucial for the development of Brazil. The findings suggest that the fully funded private regime, rather than incentivizing investment growth and the stock market, tends to reinforce income concentration, which is by all standards already alarming in Brazil.

摘要 本文以巴西新一轮公共退休福利改革为背景，探讨现收现付制（pay as you go，待遇确定型，defined benefit）公共养老金制度与完全积累制补充养老金制度（或缴费确定型养老金，defined contribution）之间的关系。在梳理巴西公共养老金制度的核心特征以及完全积累制私人养老金制度的近期发展脉络后，本文对‘完全积累制更有助于提升私人储蓄，进而促进投资’这一观点提出质疑——而储蓄与投资的提升是巴西经济发展的关键要素。研究结果表明，巴西的完全积累制私人养老金制度非但未能刺激投资增长与股票市场发展，反而加剧了收入集中化程度，而无论以何种标准衡量，当前巴西的收入集中化程度都已令人警觉。