Risk benefit provision through provident and pension funds
Risk benefit provision through provident and
pension funds
Research undertaken for South African National
Treasury
17/10/2007: VERSION 1.1
Authors:
Simon Hendrie
Anja Smith
Timothy Hobden
Omoneka Musa
Subcontractor:
Genesis Analytics (Pty) Ltd
2nd Floor, No 3 Melrose Square, Melrose Arch, Johannesburg
South Africa, 2196.
Post to: Suite 3, Private Bag X1, Melrose Arch, Johannesburg, South Africa, 2076.
Tel: +27 11 214 4080, Fax: +27 11 214 4099
genesis-
Subcontractor contact:
Simon Hendrie
Email: simonh@genesis-
Office: +27 11 214 4018
Contract: PCE-I-00-98-00017-00, Task Order No. 844, issued by United States
Agency for International Development
Contractor
Abt Associates Inc
55 Wheeler St
Cambridge, MA 02138, USA
Contractor contact
Rebecca Rishty,
SEGA-MESP II
Bank Forum Building Lobby 1
337 Veale St
Niew Mucklenuck, Pretoria, South Africa
Email: Rebecca_Rishty@
office: +27-12-460-3481
i
TABLE OF CONTENTS
List of Figures
iv
List of Tables
iv
Executive Summary
v
1.
INTRODUCTION
8
2.
BACKGROUND
9
2.1. Objectives and Principles underlying national social security
9
3.
2.2. The importance of risk benefits
11
RESEARCH OBJECTIVE AND STRATEGY
14
3.1. Review
14
3.2. Scope
15
3.3. Methodology and limitations
15
3.3.1. Evaluation and Design considerations
4.
16
FINDINGS
17
4.1. Introduction
17
4.2. The Retirement and Risk Landscape
17
4.2.1. Definitions
17
4.2.2. Industry structure and Features
20
4.2.3. Ways in which employees access group risk benefits
24
ii
4.3. Disability and survivor benefits currently provided
5.
26
4.3.1. Introduction
26
4.3.2. Death
27
4.3.3. Disability
30
4.4. Retirement and risk coverage
33
4.4.1. Retirement funds
33
4.4.2. Risk Cover
34
4.4.3. Individual risk cover
36
4.4.4. Reasons for poor take-up in the low-income end of the market
37
4.4.5. Risk benefit costs
37
4.4.6. Risk pooling
44
4.5. International experience
50
4.5.1. Risk benefit provision in the chilean system
52
4.5.2. Risk benefit provision in the Australian system
54
DESIGN CONSIDERATIONS
57
5.1. Introduction
57
5.2. The key decisions
57
5.2.1. Institutional structure
58
5.2.2. Membership and coverage
59
5.2.3. Benefit design
60
5.2.4. Incentives
66
5.2.5. Cost levels
66
5.2.6. Risk pooling
67
5.3. impact on existing industries
68
5.3.1. Impact on Membership
69
5.3.2. Impact on Individual Risk
69
5.3.3. Impact on Employment
69
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