%0 Report
        %A Holzmann, Robert
%A Jousten, Alain
        %T Addressing the Legacy Costs in an NDC Reform: Conceptualization, Measurement, Financing
        %D 2010
        %8 2010 Oct
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 5296
        %U https://www.iza.org/index.php/publications/dp5296
        %X The paper provides a framework for the conceptualization, definition and estimation of legacy costs that need to be addressed in a reform that transforms an unfunded defined contribution (NDB) scheme into a notional (or non-financial) defined contribution (NDC) scheme. As the new contribution rate is fixed and, perhaps, reduced, paying for the accrued to date liabilities leaves a financing gap that needs to be estimated and financed, best outside the pension system if a less distorting financing form is available. The paper illustrates the proposed measurement approach with broad estimates under a hypothetical NDC reform in China.
        %K coverage expansion
%K legacy costs
%K pension reform
%K NDC