摘要：The spread of pension reform in Latin America in the 1990s has replaced unfunded semi-public pension schemes with individual retirement saving plans managed by private pension fund managers (Barrientos 1998; Mesa-Lago and Bertranou 1998; Queisser 1998b)1. The creation of a pension fund management market is one of the most consequential effects of the reform, with far reaching implications for the evolution of the reform, and its impact upon the economies of the region (Barrientos 1999). Pension fund managers have many important functions. They collect workers' contributions into a pension fund, invest this fund in a range of financial assets, arrange disability and survivor insurance for active contributors, pension benefits for those retired, and provide a range of supporting services. The success or failure of the pension reform will come to depend on whether the pension fund managers are effective as pension providers.
