Nonfinancial defined contribution (NDC) pension schemes have been successfully implemented since the mid-1990s in a number of European countries such as Italy, Latvia, Norway, Poland, and Sweden. The NDC approach features the lifelong contribution-benefit link of a financial defined contribution (FDC) personal account scheme, but is based on the pay-as-you-go format. At its start-up, the pay-as-you go commitments of the preceding defined benefit (DB) system are converted into individual personal accounts, allowing for a smooth transition from the DB to the DC format, while avoiding the very high transition costs inherent in a move from a traditional pay-as-you-go DB scheme to a fully funded FDC scheme. The NDC approach implemented by the rule book is able to manage the economic and demographic risks inherent to a pension scheme and by design creates financial sustainability. As in any pension scheme, the linchpin between financial stability and adequacy is the retirement age; in the NDC approach the individual retirement age above the minimum age is by design self-selected and by incentives should increase the effective retirement age in line with population aging. As a systemic reform approach NDC has become a strong competitor to piecemeal parametric reforms of traditional nonfinancial DB (NDB) schemes. While frequent, these reforms are far from transparent and usually too timid and too late to create financial sustainability while providing adequate pensions for the average contributor. This paper offers a largely nontechnical introduction to NDC schemes, their basic elements and advantages over NDB schemes, the key technical frontiers of the approach, and the experiences of NDC countries.

中文翻译：

---

非金融固定缴款 (NDC) 计划的 ABC

自 1990 年代中期以来，非金融固定缴款 (NDC) 养老金计划已在意大利、拉脱维亚、挪威、波兰和瑞典等多个欧洲国家成功实施。NDC 方法具有财务固定缴款 (FDC) 个人账户计划的终生贡献 - 福利链接，但基于现收现付格式。在其启动时，将之前的固定收益（DB）系统的现收现付承诺转换为个人个人账户，允许从 DB 到 DC 格式的平滑过渡，同时避免非常高的过渡成本从传统的现收现付 DB 计划转变为资金充足的 FDC 计划所固有的。规则手册实施的 NDC 方法能够管理养老金计划固有的经济和人口风险，并通过设计创造财务可持续性。与任何养老金计划一样，财务稳定性和充足性之间的关键是退休年龄；在 NDC 方法中，高于最低年龄的个人退休年龄是通过设计自行选择的，并通过激励措施应根据人口老龄化提高有效退休年龄。作为一种系统性改革方法，NDC 已成为传统非金融 DB (NDB) 计划零碎参数改革的有力竞争者。虽然频繁，但这些改革远不透明，而且通常太胆小和太迟，无法在为普通缴费者提供足够养老金的同时创造财务可持续性。