Book Project

Saving The Next Billion From Old Age Poverty

Global Lessons For Local Action

Over 1.2 billion informal sector workers in developing countries are excluded from formal pension arrangements and face the grim prospect of living in poverty for over two decades after they are too old to work. Without an urgent and effective response to pension exclusion, poverty among the future elderly in developing countries will emerge as the dominant cause of increased global poverty. On the other hand, nations that succeed in achieving comprehensive coverage of public and contributions-based pension and insurance programs, will benefit from a surge in stable, long-term savings that can fuel economic growth, employment and infrastructure development.

This book presents a number of new ideas on how countries can combine existing digital financial inclusion infrastructure, with well-designed pension systems to provide secure, simple and universal access to affordable pensions. It brings together a unique collection of country-level case-studies and thematic chapters by policy makers, market practitioners and academics working at the forefront of expanding digital pension inclusion. It is an indispensable guide to anyone who wants to understand how to combine advances in ID, IT, digital payments and financial inclusion with best practice solutions in mainstream finance to design well-governed pension markets that work in the best interests of members.

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The distinguished authors gathered at Washington DC for the global release of the book at the digital micro-pension inclusion roundtable co-hosted by pinBox and Georgetown University

Editors

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Parul Seth Khanna

Director, Global Head Communities And Partnerships, Pinbox Solutions

Parul has been working on digital micro-pension inclusion for the last 10 years. She specialises in the development and implementation of retirement literacy strategies and tools as well as digital outreach and distribution platforms ...more

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William Price

Senior Financial Sector Specialist, The World Bank

William Price works for the World Bank on pension regulation and supervision, market structure and investment strategy. His work includes country engagement in all regions and research and development on global ...more

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Gautam Bhardwaj

Director And Global Head Fintech, Pinbox Solutions

Gautam has over two decades of experience working extensively with governments, regulators, financial inclusion stakeholders and aid agencies in Africa and Asia on micro-pension policy formulation, digital systems ...more

CONTENTS

The Book presents the policy outlook, past efforts and planned interventions by several developing countries as well as thematic chapters on the key principles and issues in design and implementation of inclusive pension arrangements.

  • Foreword Subhash C. Garg, Secretary, Ministry of Finance, Department of Economic Affairs, Government of India
  • Issues, Experiences and Solutions in Saving the Next Billion from Old Age Poverty Parul Seth Khanna, Director, Global Head Communities and Partnerships, pinBox Solutions
    William Price, Senior Financial Sector Specialist, The World Bank
    Gautam Bhardwaj, Director and Global Head Fintech, pinBox Solutions
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Section One

Expanding Pension Coverage to Informal Sector Workers: Policy Outlook and Recent Country Experiences

  • Towards Comprehensive Pension Coverage in India Dr Shashank Saksena, Adviser, Department of Economic Affairs, Ministry of Finance, Government of India
  • Rethinking Pension Inclusion in Kenya Dr Edward Odundo, Former Chief Executive Officer, Retirement Benefits Authority, Kenya and Former President, IOPS Dr Shem Ouma, Chief Manager and Head of Strategy, Retirements Benefits Authority, Kenya
  • The Experience with Auto-Enrolment in the U.K. Charlotte Clarke, Director, Private Pensions and Stewardship, U.K. Department for Work and Pensions Charles Counsell, Chief Executive, Money Advice Service
  • Pension and Population on Razor’s Edge in Bangladesh Dr Kavim Bhatnagar, Senior International Consultant Muhammad Muslim Chowdhury, Additional Secretary, Finance Department, Government of Bangladesh
  • The Private Pension Reform Experience in Turkey Uluc Icoz, Head of Department, Turkish Treasury Dr Kamer Karakurum Ozdemir, Senior Economist, The World Bank
  • An Inclusive and Integrated Pension Model for Informal Sector Workers in Rwanda Eric Rwigamba, Director General, Financial Sector Development, Ministry of Finance and Economic Planning, Republic of Rwanda
  • Inclusion of the Self-Employed in the Pension System in Chile Dr Javier Bronfman, Professor of Public Policy, School of Government, Adolfo Ibáñez University Dr Gonzalo Reyes, Senior Social Protection Economist, The World Bank
  • Pension Reform Challenges and Prospects in Nigeria Chinelo Anohu-Amazu, Former Director General, National Pension Commission, Nigeria
  • Developing Digital Pension Inclusion in Mexico Dr David Tuesta, Chief Economist, Financial Inclusion Unit, BBVA Carmen Hoyo, Head of Pensions, Banco de Mexico
  • Rethinking Pension Inclusion in Jamaica Nicolette Cupidon-Jenez, Deputy Executive Director, Financial Services Commission, Jamaica Sekayi Campbell, Chief Actuary, Financial Services Commission, Jamaica Al Kiel, Managing Partner, Morneau Shepell, Ontario Audia Bacchas, Associate Consultant, Pensions, Morneau Shepell
  • Rethinking Pension Inclusion in the Pacific Islands Denton Rarawa, Governor, Central Bank of Solomon Islands Krishnan Narasimhan, Deputy Programme Manager, PFIP/ UNCDF
  • Pension Reforms and Voluntary Coverage Expansion in Albania Astrit Hado, Director General of Social Insurance Institute (SII) of Albania John Ashcroft, JA Pension Consulting
  • Pension Inclusion in Indonesia Yves Guérard, Senior International Social Security Expert

Section Two

Building Blocks For Inclusive Pension Programs

  • National ID Systems and Pension Inclusion Robert Palacios, Global Lead, Pensions and Social Insurance, The World Bank Ernesto Brodersohn Ostrovich, Senior International Consultant
  • Pension Inclusion and Digital Payments Raghu R Malhotra, President, Middle East and Africa, MasterCard
  • IT and Digital Solutions for Pension Inclusion: Some Case Studies Parul Seth Khanna, Director, Global Head Communities and Partnerships, pinBox Solutions Gautam Bhardwaj, Director and Global Head Fintech, pinBox Solutions Varsha Marathe Dayal, Senior Financial Sector Specialist, The World Bank
  • Pension Investment Governance Dr Dorothee Franzen, Managing Director, Avida International, Germany John Ashcroft, JA Pension Consulting
  • Managing Costs and Optimizing Outcomes Mike Heale, Principal, CEM Benchmarking Paul Martiniello, Director, CEM Benchmarking
  • Building a Mass-Market for Micro-Pensions: Learnings from Microinsurance Craig Churchill, Chief, Social Finance Programme, ILO
  • Paying the Pension: Markets, Products and Choices William Price, Senior Financial Sector Specialist, The World Bank Evan Inglis, Senior Vice President, Nuveen Asset Management
  • Regulation, Supervision, Market Structure and Member Protection Michael Hafeman, Senior International Consultant William Price, Senior Financial Sector Specialist, The World Bank
  • Financial Inclusion and Pension Inclusion Lessons Learned on Access, Usage and Financial Capability Susy Cheston, Consultant, Cheston and Associates; Senior Advisor, pinBox Solutions Dr Elisabeth Rhyne, Managing Director, Center for Financial Inclusion at Accion
  • Delivering the Reform: The Central Role for a Mission Office Dr Alok Pande, Deputy Director General, Department of Posts, Government of India Darren Ryder, Director, Auto Enrolment, The Pension Regulator, U.K

Authors

The authors are senior policymakers, regulators and independent experts from several developing countries as well as global domain experts, with specialized knowledge and experience of both OECD and developing country pension and financial inclusion environments.

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Al Kiel

Managing Partner, Morneau Shepell, Ontario

Al is the Managing Partner, responsible for Morneau Shepell’s Consulting Practice in Ontario. In this role Al oversees both the Retirement Solutions (RS) and Health & Benefits Consulting (HBC) teams in Ontario. He is also the Leader of the Firm’s International ...more

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Dr. Alfred Ouma Shem

Chief Manager and Head of Strategy, Retirement Benefits Authority

Dr. Alfred Ouma Shem is the Chief Manager and Head of Research & Strategy Department of the Retirement Benefits Authority (RBA), Kenya from April, 2014. He was previously the Manager, Financial Inclusion Section ...more

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Dr. Alok Pande

Deputy Director General, Department of Posts, Government of India

Dr. Alok Pande is presently the Additional Director General in Prasar Bharti –India’s Public Broadcaster and is also the Internal Financial Advisor (Chief Financial Officer) in All India Radio. ...more

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Astrit Hado

Director General of Social Insurance Institute (SII) of Albania

Astrit Hado is the Director General of Social Insurance Institute (SII) of Albania. He is charged with the responsibility of administering the public Social Security System. Prior to this he has worked as Deputy / Director ...more

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Audia Bacchas

Associate Consultant, Pensions, Morneau Shepell

Audia Bacchas is a Senior Pension Analyst in the Regulatory and International practices of Morneau Shepell where she has garnered knowledge on varying aspects of the Canadian pension landscape and conducts ...more

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Carmen Hoyo

Head of Pensions, Banco de Mexico

Carmen Hoyo is Head of Pensions and Remunerations at Banco de México. From 2011 to 2015 she worked for BBVA Research as Senior Economist in Financial Inclusion and Pensions. She also worked for the National Commission of Retirement ...more

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Charles Counsell

Chief Executive, Money Advice Service

Charles is Chief Executive of the Money Advice Service (MAS) in the UK. MAS was set up by the UK Government to help people manage their money. Charles spent six years prior to this as Executive Director of Automatic Enrolment at the Pensions Regulator (TPR) ...more

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Charlotte Clarke

Director, Private Pensions and Stewardship, U.K. Department for Work and Pensions

Charlotte Clarke is the Director for Private Pensions at the Department for Work and Pensions in the UK Government. She is responsible for the Automatic Enrolment Programme, working with ...more

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Chinelo Anohu-Amazu

Former Director General, National Pension Commission, Nigeria

Chinelo Anohu-Amazu is the former Director General and CEO of Nigeria's National Pension Commission, (PenCom). A government agency, PenCom is statutorily charged with the responsibility of regulating, ...more

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Craig Churchill

Chief, Social Finance Programme, ILO

Craig Churchill has more than two decades of finance experience in both developed and developing countries. In his current position as the Chief of the ILO's Social Finance Programme, he focuses on the potential of financial services and policies to achieve social ...more

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Darren Ryder

Director, Auto Enrolment, The Pension Regulator, U.K

Darren Ryder has 28 years experience working in the public sector, across a wide range of tax and social policy areas. These include child support, business and individual tax, and retirement savings -pensions. Darren has ...more

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Dr. David Tuesta

Chief Economist, Financial Inclusion Unit, BBVA

David Tuesta works in the Financial Regulatory Unit of BBVA Research. He is Lead Economist of the Financial Inclusion Unit, responsible for conducting research and to introduce recommendations for Emerging Economies in financial regulation, banking, ...more

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Denton Rarawa

Dr. Dorothee Franzen

Mr. Denton Rarawa has been Governor of the Central Bank of Solomon Islands since 2008. Before that he was Deputy Governor of the Bank for ten years. Mr Rarawa is also the Chair of the Solomon Islands Financial Inclusion Taskforce, the Controller of Insurance ...more

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Dr. Dorothee Franzen

Managing Director, Avida International, Germany

Dr Dorothee Franzen is Managing Director Germany at Avida International where she advises institutional investors on organisational performance and governance. Previously, Dorothee was head of pensions research at Allianz Global Investors ...more

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Dr. Edward Odundo

Former Chief Executive Officer, Retirement Benefits Authority, Kenya and Former President, IOPS

Dr. Edward Odundo is a lecturer at the University of Nairobi, School of Business and a Consultant in Pensions, Tax, Corporate Governance and Financial Services...more

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Dr. Elisabeth Rhyne

Managing Director, Center for Financial Inclusion at Accion

Elisabeth Rhyne is managing director of the Center for Financial Inclusion at Accion, a research and action center for collaboration on challenges confronting the microfinance and financial inclusion sectors ...more

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Eric Rwigamba

Director General, Financial Sector Development, Ministry of Finance and Economic Planning, Republic of Rwanda

Mr Eric Rwigamba is the Director General of the Financial Sector Development for the Rwanda Ministry of Finance and Economic Planning. In this capacity, he oversees all ...more

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Ernesto Brodersohn Ostrovich

Senior International Consultant

Ernesto has over 20 Years international experience, working in US and Mexico as a regulator, supervisor and as a consultant. Over the last 13 years he has worked at Consar, the pension’s supervisory and regulatory authority in Mexico, where he currently holds the ...more

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Evan Inglis

Senior Vice President, Nuveen Asset Management

Evan is an actuary and thought leader on financial issues for retirement and pension plans. He is a Senior Vice President working in the Institutional Solutions Group of Nuveen Asset Management where he advises ...more

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Dr. Gonzalo Reyes

Senior Social Protection Economist, The World Bank

Gonzalo Reyes is a Senior Economist for the Global Practice of Social Protection and Labor at the World Bank, where he has advised the governments of Colombia, Ecuador, Jamaica, Trinidad and Tobago and Turkey ...more

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Dr. Javier Bronfman

Professor of Public Policy, School of Government, Adolfo Ibáñez University

Javier Bronfman holds a PhD in Public Administration and Policy from American University, Washington D.C., United States of America. He received his Master of Public Administration from Wagner ...more

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John Ashcroft

JA Pension Consulting

John Ashcroft was a senior manager at the UK Pensions Regulator from 2003-2008 and for most of that time inaugural president of the International Organisation of Pension Supervisors (IOPS). He is now an independent consultant specialising in the ...more

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Dr. Kamer Karakurum Ozdemir

Senior Economist, The World Bank

Kamer Karakurum-Ozdemir is a Senior Economist in the World Bank’s Middle East and North Africa Department. Prior to her latest position she was based in the World Bank’s Ankara office as the Senior Economist for Turkey. Karakurum-Ozdemir has led policy- ...more

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Dr. Kavim Bhatnagar

Senior International Consultant

Dr. Kavim V Bhatnagar has an in depth knowledge and broad based experience in designing, developing and articulating inclusive pension systems in developing countries like India, Nepal, Bangladesh (Ongoing), Rwanda, Cambodia etc. and has vast ...more

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Krishnan Narasimhan

Deputy Programme Manager, PFIP/ UNCDF

Krishnan Narasimhan has over two decades of core life insurance domain experience having served in responsible Managerial positions with Life Insurance Corporation of India (LICI) in India and other countries including as Country Head of LICI in Fiji. He was ...more

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Michael Hafeman

Senior International Consultant

Michael Hafeman is an actuary and independent international consultant. He provides policy and implementation assistance to national, regional, and international organizations on a variety of issues related to the insurance and pensions sectors. He builds capacity on ...more

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Mike Heale

Principal, CEM Benchmarking

Mike is responsible for global business development and client service for CEM’s investment and administration benchmarking clients. Prior to joining CEM in 1999, Mike had 12 years of pension and life insurance marketing experience. He started his career in ...more

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Mohammad Muslim Chowdhury

Additional Secretary, Finance Department, Government of Bangladesh

With more than 30 years of experience as a civil servant and consultant in different areas of Public Financial Management, Mr. Mohammad Muslim Chowdhury is the Additional Secretary at the Finance Division ...more

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Nicolette Cupidon-Jenez

Deputy Executive Director, Financial Services Commission, Jamaica

Mrs. Nicolette Jenez was appointed as Deputy Executive Director of the Financial Services Commission of Jamaica effective July 17, 2017. In this role, she works with the Executive Director to lead an effective and consistent ...more

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Paul Martiniello

Director, CEM Benchmarking

Paul is a Director at CEM Benchmarking and oversees the business development and management of CEM’s Latin American clients as well as for a select group of North American pension investment ...more

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Raghu R Malhotra

President, Middle East and Africa, MasterCard

Raghu Malhotra is president, Middle East and Africa for Mastercard, and sits on the company’s Global Management Committee. Based in Dubai, Mr. Malhotra is responsible for driving the evolution of the company’s ...more

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Robert Palacios

Global Lead, Pensions and Social Insurance, The World Bank

Robert Palacios is Global Lead for the Pensions and Social Insurance Group in the Social Protection and Labor Practice of the World Bank. Between 1992-1994, he was ...more

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Sekayi Campbell

Chief Actuary, Financial Services Commission, Jamaica

Sekayi Campbell was appointed as Chief Actuary of the Financial Services Commission in November 2014. There, she manages the division responsible for providing advice and guidance on all actuarial ...more

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Dr. Shashank Saksena

Adviser, Department of Economic Affairs, Ministry of Finance, Government of India

Dr. Shashank Saksena, an Indian Economic Service officer from 1987 batch, has degrees of Master of Arts in Economics and LL.B. from University of Allahabad, “M.Sc. in Macro Economic Policy and Planning ...more

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Susy Cheston

Consultant, Cheston and Associates; Senior Advisor, pinBox Solutions

Susy Cheston is an innovative leader with over 25 years of international experience providing a range of financial services to underserved populations. She is currently consulting with the Center for Financial Inclusion ...more

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Uluc Icoz

Head of Department, Turkish Treasury

Uluc joined the Turkish Treasury in 1997, where he currently is the head of private pensions. He worked as part of the insurance supervision unit from 1997 to 2001, where his area of responsibility was mostly life insurance supervision with some work ...more

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Varsha Marathe Dayal

Senior Financial Specialist, South Asia Finance and Private Sector Unit The World Bank

Varsha Marathe Dayal is currently a Senior Financial Specialist at the World Bank’s South Asia Finance and Private Sector Development Unit in the New Delhi Office. Since joining the World Bank in April 2003 ...more

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Yves Guérard

Senior International Social Security Expert

Yves Guérard has been President of the Sobeco Group, Executive Partner of Ernst & Young and Chairman of Ernst & Young (Canada) Actuaries & Consultants Inc. He was actively involved for over 40 years in the areas of actuarial services, life & health insurance, ...more

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