Pensions at a Glance 2013 (original) (raw)

Overview of Requirements for Pension Systems (Overview Targeted to the Situation in Georgia)

Grundzüge eines Pensionssystems, 2019

This piece was written in reaction to discussions about the Georgian pension reform. Specifically; when asked about a course on corporate law, drafting contracts and corporate governance in Georgia (which ended up not materializing) I felt that, among others, consideration of the effects of pension reform was indispensable. The very piece ended up as an overview of the pre-requisites for pension reform to be successful from a very high level. Of course, the immediate point of comparison was my own experience with the Russian pension reform, perceptions and conversations with people from other countries and experience with capital markets in general so that the effect of currency volatility, the danger of asset stripping and some more global considerations were included. Admittedly, such an overview necessarily risks to remain superficial, and also to touch upon non-legal issues that are not strictly speaking my expertise. With this reservation, I note that the overwhelming non-legal concern which has driven me to also include economic and social issues into the discussion was that I find it important to make use of the substantial increases in income that happened after the end of planned economy to save for older age of the beneficiaries of those increases, and also to finance the economy.