Cheolsu Kim - The Aftermath of Structural Pension Reform: Managing Legacy Costs of Defined Benefit Pensions in India

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THE AFTERMATH OF STRUCTURAL PENSION REFORM

MANAGING LEGACY COSTS OF DEFINED BENEFIT PENSIONS IN INDIA

CHEOLSU KIM
GARY HENDRICKS

Asian Development Bank

2011 Asian Development Bank

All rights reserved. Published in 2011.
Printed in the Philippines.

ISBN 978-92-9092-492-0
Publication Stock No. BKK114142

Cataloging-In-Publication Data

Kim, C., and G. Hendricks.

The aftermath of structural pension reform: Managing legacy costs of defined benefit pensions in India.
Mandaluyong City, Philippines: Asian Development Bank, 2011.

1. Pensions. 2. India. I. Asian Development Bank.

The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the express, written consent of ADB.

Note:
In this publication, $ refers to US dollars.

Asian Development Bank
6 ADB Avenue, Mandaluyong City
1550 Metro Manila, Philippines
Tel +63 2 632 4444
Fax +63 2 636 2444
www.adb.org

For orders, please contact:
Department of External Relations
Fax +63 2 636 2648

CONTENTS

Table, Figures, and Box

Abbreviations

Foreword

Acknowledgments

I.	Introduction
II.	Constructing Sustainable State Employee Databases
A. Current Record-Keeping Practices
B. State Case Studies
C. Conclusions from Case Studies
III.	Constructing Sustainable State Pensioner Databases
A. Current Practices for Granting and Paying Pensions
B. Creating Sustainable Databases for Defined Benefit Pension Schemes
C. State Case Studies
D. Conclusions from Case Studies
E. Role of Banks in Pension Administration
IV.	Managing Defined Benefit Scheme Legacy Costs
A. Developing Tools
B. Baseline Projections
C. Alternative Scenario
D. Exogenous Influences on Cost Rates
E. Government New Pension Scheme Contributions
F. Managing Emerging Liabilities
G. Need for State Action
H. Conclusions
V.	Implementation of the New Pension Scheme
A. State Participation Nationwide
B. State Case Studies
C. Administrative Weaknesses
D. Impediments to New Pension Scheme Implementation
E. Providing Future Assistance to States for New Pension Scheme Implementation
VI.	Recommendations
VII.	Conclusion
A. Database Construction
B. Managing Defined Benefit Scheme Legacy Costs
C. Next Steps

TABLE, FIGURES, AND BOX

Table

	Derivation of Weights for State Databases, Participating States
Figures
	Cost Rates per Participating State, 20102060
	Comparison of Cost Rates under Two Scenarios, Bihar, 20102060
	Comparison of Cost Rates under Two Scenarios, Assam, 20102060
	Comparison of Cost Rates under Two Scenarios, Madhya Pradesh, 20102060
	Comparison of Cost Rates under Two Scenarios, Jharkhand, 20102060
	Comparison of Cost Rates under Two Scenarios, Chhattisgarh, 20102060
	Effects of Mortality on Defined Benefit Scheme Cost Rates, 20102060
	Effects of Retirement Age on Defined Benefit Scheme Cost Rates, 20102060
	Effects of Lower Rates of Revenue Growth on Defined Benefit Scheme Cost Rates, 20102060
	Ratio of New Pension Scheme Contributions to States Own Tax Revenue, 20102060
	Cost Rates with New Pension Scheme Contributions Added to Defined Benefit Scheme Outlays, 20102060
	Effects of Reductions in Leave Encashments on Defined Benefit Scheme Cost Rates, 20102060
	Effects of Options for Reducing Gratuities on Defined Benefit Scheme Cost RatesAssam, Bihar, Chhattisgarh, and Jharkhand, 20102060
	Effects of Decoupling Wage and Pension Increases on Cost Rates, 20102060
	Effects of Delayed Retirement on Defined Benefit Scheme Cost Rates, Assam and Jharkhand, 20102050
	Effects of Young Defined Benefit Scheme Participants Transferring to the New Pension Scheme on Defined Benefit Scheme Cost Rates, Bihar, 20102060
Box
	Suggested State Administrative Framework for the New Pension Scheme

ABBREVIATIONS

ADB	Asian Development Bank
DBS	defined benefit scheme
DDO	drawing and disbursing officer
DGPFO	district general provident fund officer
GPF	general provident fund
JharNet	Jharkhand State Information and Communication Network
NIC	National Informatics Centre
NPS	New Pension Scheme
NSDL	National Securities Depository Limited
OTR	own tax revenue
PFRDA	Pension Fund Regulatory and Development Authority
PPO	pension payment order
PRAN	permanent requirement account number

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