Social participation in pension systems and theirs reforms: Chile, Spain and Israel

Abstract

OECD countries share a growing concern regarding both the adequacy of their pension systems and their ability to provide decent pensions to beneficiaries upon retirement. The participation of future beneficiaries in the management of the funds, as well as in the process of reform, may serve to mitigate these concerns, while also providing legitimacy to the systems in question. The current comparative study examines forms of participation in pension systems and reforms in Chile, Spain, and Israel. We find that participation in different forms and contexts is extant in all three countries. Nonetheless, in all three countries, there is a need for increased participation of future beneficiaries in the management of funds, as well as in pension reforms.