Worldwide Diversity in Funded Pension Plans: Four Role Models on Choice and Participation

This paper provides an in-depth comparison of funded pension savings plans around the world. The large variety in plan designs is a reflection of historical, cultural and institutional diversity. We postulate a new classification of four role models of funded pension plans, primarily based on choice architecture and type of regulation. We illustrate the features of each role model with twelve representative pension plan case studies from eleven countries. Valuable lessons can be learned from international best practices, but we avoid making any normative comparison.