Supplementary pensions: what can we learn from Czech, Spanish and Portuguese experiences?

The aim of this study is to compare the Czech, Spanish and Portuguese experiences in the area of voluntary pension development. Although these countries are not included in the group of states with the greatest importance of supplementary pensions, they have already reached a considerable level of supplementary pensions expansion and have potential for further strengthening of their role. This paper analyses in a qualitative, as well as a quantitative framework the implemented solutions and their effects in terms of membership, assets, and contributions paid to the voluntary pension plans. It provides some findings in regard to the relationship between supplementary pension arrangements coverage and savings, as well as the efficiency of financial incentives for employers and plan members, or the impact of the design of a voluntary pension system on its development.