ACKNOWLEDGEMENT

There are competent and indefatigable lecturers and guides, who bestow their
fortune upon students, particularly in respective field. Words are often too weak to
express the inner feelings.

I am really thankful to my teacher Mr. Vishwas for his guidance and full co-operation
in preparation each and every part of this term paper. He told me a different idea
which has helped me in preparing this term paper. Without his support this report
would have been a dream. I am really honoured working with him. Also my friend
Parambir helped me a lot.
 Brief Contents
No. Topic Name Page No.

Topic 1 Introduction (NPS) 4

Topic 2 Benefits Of NPS 7

Topic 3 Literature Review 8

Topic 4 Country-wise comparison of 12

pension systems for select South
Asian countries

Topic 5 Hypotheses 16

Topic 8 Research methodology 17

Topic 9 Conclusion, limitations and 18

recommendations

Topic 10 References 19
 NEW PENSION SYSTEM (NPS)

The New Pension System is a defined contribution based Pension system, launched
by government of India with effect from January 1, 2004.
It is based on a unique individual Permanent Retirement Account Number (PRAN)
created for individual subscribers between 18-60 years of age.
Apart from offering wide range or scope of investment options to employees, this
scheme would help Government of India to reduce its pension liabilities. Unlike
existing pension fund of Government of India that offered assured benefits, NPS has
defined contribution and individuals can decide where to invest their money.

This scheme is structured into two tiers:

• Tier-I account:

This NPS account doesn’t allow premature withdrawal and is available from
1 May, 2009.

• Tier-II account:

The tier-II NPS account permits withdrawal

REGULATOR

Pension Fund Regulatory and Development Authority (PFRDA) is the prudential

regulator for the NPS. PFRDA was established by the Government of India on 23
August 2003 to promote old age income security by establishing, developing and
regulating pension funds. PFRDA has set up a Trust under the Indian Trusts Act,
1882 to oversee the functions of the PFMs. The NPS Trust is composed of members
representing diverse fields and brings wide range of talent to the regulatory
framework.

COVERAGE AND ELIGIBILITY

NPS would be available to all citizens of India on voluntary basis and mandatory for
employees of central government (except armed forces) appointed on or after 1
January 2004. All Indian citizens between the age of 18 and 55 can join the NPS.
Tier-I is mandatory for all Govt. servants joining Govt. service on or after 1.1.2004. In
Tier I, Govt. servants will have to make a contribution of 10% of his Basic Pay, DP
and DA which will be deducted from his salary bill every month. In addition to the
above pension account, each individual can have a voluntary tier-II withdraw able
account at his option. Government will make no contribution into this account. These
assets would be managed in the same manner as the pension.

OPERATIONAL STRUCTURE

NPS is designed to leverage existing network of bank branches and post offices to
collect contributions and ensure that there is seamless transfer of accumulations in
case of change of employment and/or location of the subscriber. It offers a basket of
investment choices and Fund managers. The key terms to understand the working of
NPS are as follows:

• Central Record Keeping Agency

It would maintain records of all contributions and transaction details of

subscribers. It will also have the mandate to effect client instructions regarding
switching from one fund to another or from one scheme to another of the same
fund.

• Permanent Pension Account Number (PPAN)

A unique 16 digit Permanent Pension Account Number would be allocated to

each new subscriber for the Permanent Pension Account (PRA). Subscribers
can retain their PRAs when they change jobs or residence, and even change
their fund managers and the allocation of investments among the different
asset classes.

Pension Fund Managers (PFM): PFRDA has appointed PFMs to manage the
savings corpus under NPS.

• Contribution Guidelines

The following contribution guidelines have been set by the PFRDA:

 Minimum amount per contribution: Rs. 500 per month

 Minimum number of contributions: 4 in a year (at least 1 in each

quarter)

 Minimum annual contribution: Rs 6,000 in each subscriber account. If

the subscriber is unable to contribute the minimum annual contribution,
a default penalty of Rs.100 per year of default would be levied and the
account would become dormant. In order to re-activate the account,
subscriber will have to pay the minimum contributions, along with
penalty due. A dormant account will be closed when the account value
falls to zero.

• Investment Options
 Under the investment guidelines finalized for the NPS, pension fund managers
will manage three separate schemes, each investing in a different asset class.
The subscriber will have the option to actively decide as to how the NPS pension
wealth is to be invested in three asset classes:

1. E Class: Investment would primarily in Equity market instruments. It would invest

in Index funds that replicate the portfolio of either BSE Sensitive index or NSE Nifty
50 index.

2. G Class: Investment would be in Government securities like GOI bonds and State
Govt. bonds

3. C Class: Investment would be in fixed income securities other than Government

Securities.

• Investment Charges

NPS levies extremely low Investment management charge of 0.00009% on

Asset under management. This is extremely low as compared to charges
levied by mutual funds or other investment products. Initial charge of opening
the account would be Rs. 470. From second year onwards the minimum
charge would be Rs. 350 a year.

• Withdrawal Norms

If subscriber exits before 60 years of age, he/she has to invest 80% of

accumulated saving to purchase a life annuity from IRDA regulate life insurer.
The remaining 20% may be withdrawn as lump sum. On exit after age 60 years
from the pension system, the subscriber would be required to invest at least
40% of pension wealth to purchase an annuity.

• Tax Treatment

The offer document of NPS does not specify the tax benefits in elaborate
manner. It specifies “Tax benefits would be applicable as per Income Tax Act,
1961 as amended from time to time.” As per current provisions, withdrawals
under the NPS attract tax under the EET (exempt-exempt-taxable) system,
which means that while contributions and returns to the NPS are exempt up to
a limit, withdrawals would be taxed as normal income (EET).

• Past Investment Returns

 The NPS architecture has been managing money since April 2008. Rs.2100
crore is invested as corpus of Central Government employees. In 2008-09, as
per unaudited results of the Pension Funds, the average weighted return on the
corpus have been over 14.5% with the individual returns of three Pension
Funds varying from 12% to 16% on the NPS corpus during the year 2008-09,
weighted average return being over 14.5 per cent.

BENEFITS OF NEW PENSION SYSTEM

1. There is immense scope to widen the pension-net, based on the life-cycle of

the subscriber as the average age of Indians is currently 26 years.

2. The present coverage rate is also lower. The formal pension system
covers only 11% of workers, while 89% workers still remain
uncovered.

3. The current defined benefit (DB) pension system for civil service
has become financially unviable for the central and state
governments. As against this, the NPS is a funded defined
contribution (DC) pension system with greater possibilities, to
expand pension coverage.

4. Moreover, pension fund as an institutional investor, supports the

financial intermediation, facilitates resource transfer, provide
better trade-off between risk and return. It also supplies resources
to various segments of the market through strategy of diversified
investment process, manages uncertainty and gives price
information.

5. As pension funds will invest mostly in long-term asset classes; it

will give a fillip to development of bond market and help financing
infrastructure needs.

6. The non-banking financial sector, deprived of deposit sources,

will find an alternate route for raising resources through bonds.
 LITERATURE REVIEW

Research makes a man forward in search of truth. Every research begins from
where the previous researches have left it and goes forward. Therefore every
research it is essential to acquire him with what has already been thought expressed
and done about the problems under investigation. This is possible only if he studies
review surveys, books, journals, newspapers, documentary. These abstracts and
other sources of information directly or indirectly connected with this problem of
investigation. For this research researcher has gone through different journals and
other research works. The related studies are presented below:

Joseph Mariathasan (2006) has told that India is starting a new pension system
which is used as a social security as all the people will be benefitted by this new
pension system. Its growth and development is set to have a profound impact
on India's capital markets as well as providing security in old age to a population
seeing unprecedented changes in social structures as economic growth takes off.

Benjamin and Sachi (2006) discuss about new pension which consist of two tier
account. They have forced savings advocated by World Bank by allowing cross
subsidies. The Swiss and Australian retirement system is also based on the pension
system of the India.

ARTICLE REVIEW

1. Eves (2010) has discussed that the worldwide demographic problems of

increasing longevity have made many state-sponsored schemes
increasingly untenable on grounds of cost. This has been exacerbated by
the effects of the worldwide economic crisis. In this article different issues,
and different innovative approaches of countries such as Australia, India,
Chile, and New Zealand are seen and different solutions are offered to
these problems. Changes in pension age are the most common feature of
reform packages. Recent reforms have reversed the trend to lower
pension eligibility ages, with 10 countries introducing gradual increases in
pension ages for both men and women. When studying pension systems,
it is important to have knowledge of consumer attitudes -- particularly their
attitudes toward taking on risks. It is particularly important that insurers
 continue to invest in skills to assess the future, identifying new and
emerging risks. Consumers expect risk managers to understand what
future risks look like and advise customers accordingly on what they need
to do to prepare for it.

2. Miksa (2008) says that a crucial development in Asian pensions has been
the rise of DC plans. Since 2000, new DC schemes have been introduced
for various target groups in China, Hong Kong, India, Japan, South Korea
and Taiwan; Thailand also plans to launch a DC system
in 2008. In Australia and Singapore, DC schemes have been in place for
longer. In Thailand and India, reforms were introduced to replace
financially unsustainable schemes for civil servants with a more calculable
DC system. In Japan and Korea, the newly introduced DC schemes aimed
to increase employer choice and modernise the company pension system.

The rise of funded pensions of the DC type has fuelled asset growth. Allianz
Global Investors/Allianz Dresdner Economic Research projections foresee
that in coming years, pension assets in Asia- Pacific as a whole will see
annual growth of 9.2 per cent, from Euros 1,407.5bn to Euros
3,116bn in 2015.

3. Bonin (2009) discussed that the state of the German pension system after
a sequence of reforms aimed at achieving long-term sustainability. They
argue that the latest reforms have moved pension provision in Germany in
principle from a defined benefit to a defined contribution scheme, and that
this move has stabilised pension finances to a large extent. They
furthermore argue that the real economy consequences of the global
financial crisis create threats to the core success factors of the reforms –
cutting pension levels and raising mandatory pension age. Finally
the article discusses further possible reform measures, including the option
to install a fourth pillar, providing income in retirement through working
after pension age.

4. Lindquist and Wadenjso (2009) say that most countries including Sweden
have an ageing population. The costs of the welfare state increase with the
old age share, leading to problems for public finances. If the number of
hours worked increases, tax revenues increase and less income transfers
are paid out. A higher retirement age is one way to increase the numbers
of hours worked in the economy. The age when people leave the labour
market has already increased in Sweden. The new pensions system is
part of the explanation but improved health and changes in the educational
level of the cohorts close to retirement are also important. The problem of
financing the welfare state is however not solved by that development. The
 article is concluded by discussing changes in laws and collective
agreements which may contribute to further increases in the actual
retirement age.

5. Goswami (2002) discussed the current state of the Indian pension system.
The Indian experience could potentially influence policy decisions in other
developing countries, especially those with similar reliance on the national
provident fund system. Institutional features of various retirement benefit
schemes are highlighted and their deficiencies are discussed. It is argued
that low coverage level, underperformance of provident fund schemes due
to investment restrictions, and financial difficulties in administering
unfunded public pension programmes have rendered the current system
ineffective and unsustainable. The failed experiments with ad hoc reform
initiatives in the recent past further emphasize the need for a structural and
lasting change. The paper concludes with some policy directions for
reforming the Indian pension system.

6. Shao (2010) says about the challenges facing the New Public Service
Pension Fund System in Taiwan, China. After less than two decades of
operation, this young system is facing financial imbalance and is embroiled
in controversy regarding the generosity of its benefits provisions. The
article first introduces Taiwan's different systems for old-age security, with
a focus on that for general public-sector employees. It then addresses the
financial challenges facing the general public-sector pension system,
including the rising cost of its benefits for all taxpayers. Finally, a number
of possible reform directions are suggested, including lowering benefit
levels, making qualifying criteria more stringent, or establishing a new
system. With regards to the latter, any proposed new system must seek to
satisfy the goal of longer-term financial soundness while realizing optimal
fairness among all stakeholders including taxpayers.

7. Blake and Turner (2007) discussed a Social Security reform approach that
creates substantially new structures such as voluntary carve-out accounts,
it is important to apply what we already know about the functioning
of pension systems and their effects on workers rather than analyzing an
idealized form of the proposed system. This article describes the United
Kingdom's experience with voluntary carve-out accounts, including
the system's numerous difficulties. Among the many problems are "mis-
selling," high administrative costs and fundamental difficulty determining
 the appropriate offset between the reduction in the worker's payment to
Social Security and the reduction in that person's Social Security benefits

8. Culter (2003) discussed that one of the most detailed continuing surveys of
the financial behaviour of American consumers is the Survey of Consumer
Finances (SCF) sponsored by the Board of Governors of the Federal
Reserve System. The survey is designed to provide detailed
information on U.S. families' balance sheets and their use of financial
services as well as on their pensions, labour force participation and
demographic characteristics at the time of the interview. This article is
based on the elaborate analysis of the SCF done by Craig Copeland,
senior analyst at the Employee Benefit Research Institute. Tables
constructed from EBRI's analysis of the 2001 SCF aptly demonstrate the
need for more, and more literate, financial planning. The financial
complexities faced by today's middle class families, and their own
responsibility for the future value of IRA and similar
personal pension accounts, suggests that the involvement of financial
professionals is not simply a matter of "having enough money to invest."

9. Eeckhaut (2005) says that in Belgium, as in many other European

countries, declining birth rates and ageing populations are making the
financing of pensions one of the most critical economic and political
challenges for the coming decades. In order to cope with this financial
burden, the Belgian government has recently introduced measures, and
will introduce further measures, to widen the scope of pension financing
instruments. This article provides a general overview of the most important
changes to the Belgian social and tax law aspects of
supplementary pensions as introduced by the Law of 28 April
2003 on supplementary pensions.

10. Doman and Freeman (2006) discussed that in Britain, pension reform has
been a long-running political saga. In America, reform of social security
has been on and off the political agenda. Increasing longevity has featured
in the debate just about everywhere. Unfortunately, most headlines have
been negative. Pensions systems are seen to be in crisis. People are living
longer but are also running out of savings and so cannot afford health
 care. Companies are scrapping defined-benefit pensions and putting more
onus on individuals to provide for their own income in retirement.
Governments are rolling back old-age welfare systems that have become
more expensive as populations in the developed world have failed to
reproduce. Responsibility for the financial risk of the lifecycle is being
transferred back to the individual. It is a thoroughly gloomy picture and
tempting to imagine there are no positives for financial companies.
This article discusses several product and services strategies that are well
adapted to the new retirement market and look set to alter companies'
behaviour.

COUNTRY-WISE COMPARISON OF PENSION SYSTEMS FOR SELECT SOUTH

ASIAN COUNTRIES

India Pakistan Sri Lanka Bangladesh

Currently three
schemes exist
catering to the In the formal private
group. The sector schemes like
Employee Old Age Employee Private
Benefit Institution Fund, Employee
Two schemes,
(EOBI) scheme Trust Fund and
namely the
applies to Approved Private
Employees' Pension
Scheme for companies Sector Provident No uniform
Scheme and the
Private Sector employing more Fund exist. The self retirement benefit
Employees'
Workers than 10 workers. employed workers scheme
Provident Fund
The two other have Farmer's
scheme cater to this
schemes are Pension Scheme,
group.
Pension and Fisherman's Pension
provident fund Scheme and Pension
benefits for other Schemes for Self
companies and Employed Workers
Voluntary pension
scheme.

Formal pensions are

inflation indexed in
the form of Discretionary rules
Indexation Not applicable Not applicable
Dearness Allowance apply
and/or Dearness
Pay.
 Rs.41811 (PCI in Rs. 43748 (PCI in
Average
2004-05 prices) market prices) USD 3141 (PCI in USD 363 (PCI in
Earnings in the
($1=47 Indian Rs. ($1=60 Pakistan Rs. 2002 prices) 2002 prices)
Economy
approx) approx.)

For the Civil Service

Pension Scheme
and the Public The scheme
For all schemes the
Sector Bank caters only to civil
the normal pension
Pension Schemes servants and
age stands at 60
the normal age for The normal pension railway
years. However, the
retirement is 60 age for civil service employees. A
earlier Public sector
years. In pension and EOBI is government
Qualifying pension scheme has
comparison, the 60 years. employee retires
Conditions been replaced with
qualifying age for Retirement age is at 57 or voluntarily
Contributory Pension
the Employees' voluntary for the after the
Fund(CPF) for public
Pension Scheme is other two schemes. completion of 25
sector employees
a little lower at 58 years of service,
joining after January
years and higher whichever comes
2003
under the National first.
Old Age Pension
scheme at 65 years.

First Tier
Schemes

1) Basic
N.A. N.A. N.A. N.A.
Pension

The minimum levels

of pension per
month are Rs. 1275 A minimum pension
under the Civil level of 40% of last
Under the EOBI a
Service pension salary exists for
2) Minimum minimum of Rs.
scheme. For other government N.A.
Pension 1000 a month is
schemes either no employees who have
paid
minimum level served for more than
exists or is entirely 10 years.
based on the date of
retirement.

The National Old Old age allowance

3)Targeted Age Pension pension is paid to
schemes/ Scheme pays 10 oldest and
N.A. N.A.
social Rs.200 to the poorest members
assistance poorest 30% of the of each ward of
BPL aged poor. the country.
2nd Tier
Scheme

The prevailing
schemes of this
nature are Public
Sector pension
Prevailing defined
scheme, Farmer's
benefit schemes are
pension scheme,
Civil service The scheme
The Civil Service Fisherman's pension
pension, Private applies only to
Pensions, scheme and pension
sector pension and government civil
Employees' Pension scheme for the self
EOBI. The accrual servants. The
1)Defined Scheme and the employed workers.
rate of benefits accrual rate for
benefit Public Sector The number of years
depends upon age, pension benefits
Pension Scheme served and the salary
years of service and depend primarily
falls under this at at retirement form
average monthly on the number of
group the basis on which
wages earned in the years served.
public sector
last 12 months of
pensions are given.
service.
Pensions for the self
employed are, on the
other hand, based on
the age at enrolment.

2) Point
N.A. N.A. N.A. N.A.
scheme

There are two

The General General provident
types of notional
Provident Fund and fund for civil service
accounts, namely,
3) Notional the Contributory employees (federal
N.A. General Provident
account Provident Fund government and
Fund and
belong to this provincial
Contributory
scheme type. government) exists.
Provident Fund

The Contributory Prevailing plans of

The Employees'
provident fund this nature are
Provident Fund
scheme run by Employee Provident
(12%), the New
private companies fund (8%), Employee
4) Defined pension scheme
are of this nature. Trust Fund, No mandated
contribution (10%) and various
Employees are Approved Private contribution plan
plans occupational
required to Provident Fund (8%)
pension schemes
contribute 5% to and Contributory
are of the nature of
10% of their basic Pension scheme
defined contribution.
salary. (8%)

Early and Late For the Employees' The eligibility age for N.A. Early Retirement
Retirement Pension scheme the early retirement is criterion requires
age for early 55 for men and 50 25 years of
retirement is 50
 years. Other
schemes are not for women. service
age specific.

While employee’s
Certain tax credits
contribution to
Taxes on Pension are given in respect
Provident funds is Pension Income
Funds are of the of contributions or
deductible up to a fully exempted
Personal nature of EET i.e., premium paid
maximum limit of from taxes.
Income Taxes all contributions and towards an
25000 p.a., the Additional
and Pension investment incomes approved pension
employer's standard reliefs
Contributions are exempted and fund under the
contribution is are given for older
all fund withdrawals Voluntary Pension
exempted up to a people.
are taxed. System Rules,
maximum of 25% of
2005.
taxable wages.

According to the above articles it has been shown that in different countries there
are different pension systems. Like in different countries longevity has increased
means age of both men and women have increased for the retirement.

In Germany, pension plan is shifted from defined benefit to defined contribution

scheme.

In Sweden, as financial position is not good so they can’t pay their employee’s
pension. So they have increased the age of retirement of the employees.

In Taiwan, there are different systems for old-age security, with a focus on that
for general public-sector employees and it has financial challenges facing the
general public sector pension system, including rising cost of its benefits for all
taxpayers.

In Belgium, there is also financial burden. They are taking steps and widening
their pension instruments such that employees can be paid relevant pension.

In Britain, there is no better pension system that of India. Pension system is in

crisis. People have to put their own income for the time of retirement as there is
less finance.

In Pakistan there are three schemes for private sector workers and in India there
are only two schemes.
HYPOTHESES

With the help of above discussion it can be said that India has the best pension
system in comparison with other country’s pension system as in other countries
there is the lack of finance. Finance is also lacking also in India but then also
employees are paid pension, so that they can also survive after finishing off their
jobs. It can also be seen that still is importance is given to the employees who
got retire.

RESEARCH METHODOLOGY
Research is an indispensable and innovative tool in leading society to progress and
advancement without a systematic research, there would have been no or little
progress. No progress can be made by trial and error method. But a systematic
research and only those who are equipped with the related knowledge can conduct
research. Research is valuable only when it brings an improvement of human spirit,
intellectual force and moral fibre of those who search for advantages of knowledge. It
is necessary to adopt and evaluate a systematic plan and procedure to collect
essential data. Plan and procedure is very essential to collect factual material
relevant, data, unknown and untapped so far, adequate in quantity and quality to
save it from becoming heap of jumbled ideas gathered from here and there. It is the
path which is followed by researcher to research the target.

The scope of my study restricts itself to the new pension system of different
countries. This study tells about the pension system of different countries and how
India’s pension system is better than the pension system of other countries.

TIME PERIOD OF STUDY

The present study was undertaken during the month of April, 2010.

RESEARCH TYPE

This research is a descriptive one. As in this research it has been described about
the new pension system of India and how this is helpful as the social security of India
as in India there is not a better security system. Pension system of other countries
has also been described with the help of some articles. Benefits and disadvantages
have also been given.

DATA COLLECTION

The data which is collected for the study is SECONDARY DATA. The data has been
collected from different journals and from different sites like PROQUEST and SSRN
(Social Science Research Network).

CONCLUSION
From the above research it can be said that India has the best pension system in
comparison with the pension system of the other countries. In other countries there
is financial problem so the employees get retirement at very old age so that the
pension can’t be paid to them. Those countries feel it as a burden.

LIMITATIONS
1. The offer document does not explain how much an individual will
be taxed. The scheme was launched under EET (exempt-exempt-
tax) system owing to the government’s failure to take a decision on
launching the scheme under EEE (exempt-exempt-exempt) system.

3. Neither does the government give any assurance as regards the

security of capital fund and interest income, unlike other savings
and retirement schemes like provident fund and National Saving
Certificates (NSCs).

RECOMMENDATIONS

1. The document should explain that how much an individual will be taxed so
that they should come to know that much thx they will have to pay.

2. Government should give security of capital fund and interest income. So that
people should have trust on this pension system.

REFERENCES
1. Joseph, M. (2009) India’s Pension Fund Roadmap. London, Global Investor.

2. Avanzi, B., & Purcal, S. (2006) Forced Savings and Annuitisation With Cross
Subsidies: A Mutation of the Beast. Australia. New South Wales.

3. Eves, B. (2010) Reforming Pensions Worldwide: A Task Not Insuperable?

LIMRA International Winter 2010, 29 (1), 90. Available from:
http://proquest.umi.com/ (Accessed 3rd April 2010).

4. Miksa, B. (2008) Pension Reform Good News for Asia-Pacific. London (UK):
Financial Times.

5. Bonin, H. (2009) 15 Years of Pension reform in Germany: Old Successes and

New Threats. Geneva Papers on Risk & Insurance, 34 (4), 548-561. Available
from: http://proquest.umi.com/ (Accessed 5th April 2010).

6. Lindquist, G.S. & Wadensjo, E. (2009) Retirement, Pensions and Work in

Sweden. Geneva Papers on Risk & Insurance, 34 (4), 578-593. Available
from: http://proquest.umi.com/ (Accessed 5th April 2010).

7. Goswami, R. (2002) Old Age Protection in India: Problems and Prognosis.

International Social Security Review, 55, 95-121. Available from:
http://www.ssrn.com/ (Accessed on 10th April 2010).

8. Shao, A.J. (2010) The Public Pension System in Taiwan: Equity Issues Within
and Between Systems. International Social Security Review, 63 (1), 21.
Available from: Available from: http://www.ssrn.com/ (Accessed on 10th April
2010).

9. Blake, D. & Turner, J. (2007) Individual Accounts for Social Security Reform:
Lessons from the United Kingdom. Benefits Quarterly, 23 (3), 56-62. Available
from: Available from: http://www.ssrn.com/ (Accessed on 10th April 2010).
10. Culter (2003) Pension Complexity, the Middle Class, and Financial
Professionals: New Evidence from the 2001 Survey of Consumer Finances.
Journal of Financial Service Professionals, 57 (6), 24. Available from:
Available from: http://www.ssrn.com/ (Accessed on 15th April 2010).

11. Eeckhaut, R.V.D. (2005) Supplementary Pensions in Belgium: The New

System. European Taxation, 45 (6), 243. Available from: Available from:
http://www.ssrn.com/ (Accessed on 15th April 2010).

12. Doman, A. & Freeman, A. (2006) Tapping Retirement. Financial World.

Canterbury.