Pension reforms in central and eastern European countries and their outcomes

Abstract

All Central and Eastern European countries have achieved reforms of their pension systems varying in orientation and depth. We have presented the most important moments in the history of reforms of six countries (Romania, Hungary, Poland, Czech Republic, Slovakia and Bulgaria) and we have tried to explain the reforms’ motivation. The paper reviews the performance of the pension systems in the selected countries regarding the issues of pension adequacy and financial sustainability.

Keywords

• pension system, financial sustainability, pension adequacy, pension reforms, public pensions, private pensions