STRENGTHENING PENSION INSTITUTIONS IN THE REGION
In a context of rapid aging, ensuring social and financial sustainability of social security systems in Latin America and the Caribbean is a challenge of maximum relevance for the region. Achieving universal coverage and providing adequate pensions for senior citizens will require solid institutions that can promote and implement the necessary changes for an effective social security.
Aiming to support regional efforts for improving the institutional and technical capacity of pension entities, in 2015 the Inter-American Development Bank (IDB) created the Network for Pensions in Latin America and the Caribbean (PLAC Network). Through the PLAC Network, the IDB funds activities so that its members can learn from international best practices, establishing a unique space for debate about the present and future of pension systems in the region.
Since its creation, the PLAC Network has been supporting its members in topics such as pension supervision and regulation, coverage, financial sustainability, and non-contributive pillars, among others. Also, the PLAC Network is constructing comparable pension indicators for its 19 member countries and supporting countries in the region to build actuarial models that allow for projections of pension systems fiscal costs, in a time of rapid demographic change. Finally, in partnership with the IDB Retirement Savings Lab, the PLAC Network funds the development of a pilot project to encourage voluntary savings for old age.