{
  "title": "Automatic Adjustment Mechanisms in Asian Pension Systems?",
  "publication": "IMF Working Papers, December 13, 2016",
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  "summary": "Automatic adjustment mechanisms (AAMs)—rules ensuring that certain characteristics of a pension system respond to demographic, macroeconomic and financial developments, in a predetermined fashion and without the need for additional intervention—have been introduced in many OECD countries to tackle p",
  "sections": [
    {
      "heading": "Definition and context",
      "content": "- Automatic adjustment mechanisms (AAMs) are \"rules ensuring that certain characteristics of a pension system respond to demographic, macroeconomic and financial developments, in a predetermined fashion and without the need for additional intervention.\"\n- AAMs have been introduced in many OECD countries to tackle public pension schemes’ deteriorating financial sustainability."
    },
    {
      "heading": "Key findings and implications",
      "content": "- Incorporating AAMs—in particular linking retirement age to life expectancy—can be an important part of pension reforms in Asia.\n- If implemented early, AAMs could:\n  - help prevent the need for sharp adjustments in the future,\n  - increase the predictability and inter-generational equity of pension systems,\n  - enhance confidence.\n- The paper emphasizes the role of AAM design in responding to demographic, macroeconomic, and financial developments without ad hoc policy changes."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Aging, Expenditure, Health, Labor, Pension spending, Pensions, Population and demographics, Retirement\n- Keywords: AAM adjustment, Aging, applying Introducing AAMs, Asia and Pacific, Automatic Adjustment Mechanisms, benefit indexation, Pension spending, pension system, Pension System Reform, Pensions, price indexation, price inflation, replacement ratio, Retirement, state-of-the-world Introducing AAMs, WP\n\n---\n\n Content in this bundle\n\n- Automatic Adjustment Mechanisms in Asian Pension Systems?\n  - Automatic Adjustment Mechanisms in Asian Pension Systems? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Automatic Adjustment Mechanisms in Asian Pension Systems? (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/automatic-adjustment-mechanisms-in-asian-pension-systems-44460"
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    "Authors: Elif C Arbatli Saxegaard, Csaba Feher, Jack J Ree, Ikuo Saito, Mauricio Soto",
    "Published: December 13, 2016",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475560336.001",
    "Automatic adjustment mechanisms (AAMs) are \"rules ensuring that certain characteristics of a pension system respond to demographic, macroeconomic and financial developments, in a predetermined fashion and without the need for additional intervention.\"",
    "AAMs have been introduced in many OECD countries to tackle public pension schemes’ deteriorating financial sustainability.",
    "Incorporating AAMs—in particular linking retirement age to life expectancy—can be an important part of pension reforms in Asia.",
    "If implemented early, AAMs could:",
    "The paper emphasizes the role of AAM design in responding to demographic, macroeconomic, and financial developments without ad hoc policy changes.",
    "Subjects: Aging, Expenditure, Health, Labor, Pension spending, Pensions, Population and demographics, Retirement",
    "Keywords: AAM adjustment, Aging, applying Introducing AAMs, Asia and Pacific, Automatic Adjustment Mechanisms, benefit indexation, Pension spending, pension system, Pension System Reform, Pensions, price indexation, price inflation, replacement ratio, Retirement, state-of-the-world Introducing AAMs, WP",
    "**Automatic Adjustment Mechanisms in Asian Pension Systems?**"
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