READY-TO-DEPLOY DIGITAL SOLUTIONS FOR MICRO-PENSION INCLUSION

CONTEXT

What is the problem?

1.2 billion mostly young, non-salaried workers in Asia, Africa and Latin America are excluded from formal pension arrangements.

With increasing life expectance, a breakdown in traditional support from children in old age and tiny lifetime savings, all of them face the grim prospect of living in poverty for over 20 years when they’re too old to work.

Women are even more vulnerable to old age poverty as they live longer than men but earn lower incomes, face frequent employment interruptions and experience greater financial exclusion.

Why is this an important problem?

Without an urgent and effective policy, regulatory and business response to pension exclusion, poverty among our future elderly will rapidly emerge as the dominant cause of increased global poverty.

A tax-funded pension of even US$1 per day to the projected 750 million elderly in Asia and Africa alone would cost US$270 billion a year by 2050.

On the other hand, even modest pension contributions by excluded citizens could generate over US$1 trillion in long-term savings within the next decade.

What can developing countries do?

Harness modern developments in ID, payments and mainstream finance to establish an effective product and process architecture that provides secure and convenient access to simple and affordable micro-pension solutions.

Put sustained energy and innovation into retirement literacy and market development in "mission mode" to encourage mass-scale voluntary enrolments and regular pension contributions even by citizens with irregular incomes.

TURNKEY PINBOX (PENSION-IN-A-BOX) SOLUTIONS

pinBox is the only entity globally that provides ready-to-deploy yet customised solutions for comprehensive microPension and microinsurance inclusion.

We work with governments, regulators, pension administrators, multilateral and bilateral aid agencies and foundations, mainstream financial institutions and large social enterprises.

We help design, build and administer inclusive, digital micro-pension programs for informal sector citizens across Asia, Africa and Latin America.

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DIAGNOSTICS & DESIGN

  • Diagnostics and market feasibility studies.
  • Inclusive product and digital process architecture design.
  • Analysis of legislative, regulatory and governance frameworks and gaps.
  • Field-tested retirement literacy strategies and toolkits.

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READY-TO-DEPLOY IT PLATFORM

Customised, integrated microPension IT platform for:

  • Issuing and managing individual DC microPension accounts.
  • Pension and financial inclusion ecosystem integration.
  • Simple, plug-and-play solution for stakeholders.
  • Real-time accounting of contributions and balances.
  • Real-time MIS and process/ TAT compliance monitoring.
  • Process automation
  • Uniform services and effective subscriber protection

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IMPLEMENTATION MANAGEMENT

Dedicated “mission office” or PMU support for:

  • Pilot-testing new solutions.
  • Mainstream coverage expansion.
  • Stakeholder coordination, implementation management and monitoring.

PROJECTS

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The First Global Digital Pension Inclusion Roundtable, 2017

12 October 2017 | Georgetown University, Washington D.C.

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This by-invitation roundtable is scheduled at the Georgetown University Campus at Washington D.C. on 12 October 2017.

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pinBox is releasing its new global book titled “Saving the Next Billion from Old Age Poverty: Global Lessons for Local Action” in October 2017 at Washington D.C.

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Turnkey Implementation of the Rwanda LTSS (2017- ongoing)

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The Government of Rwanda is on the verge of launching a fully digital, NID-linked, DC micro-pension scheme for its ~6 million non-salaried workers.

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Review of the Kenya MBAO Pension Scheme (2017- ongoing)

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The National Treasury and RBA have launched a comprehensive study on the Kenya MBAO micro-pension scheme targeting ~10 million Jua Kali members.

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Expanding Voluntary Pension Coverage in Uganda (2017- ongoing)

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URBRA and World Bank have completed a study for expanding voluntary pension coverage to ~15 million non-salaried informal sector workers in Uganda.

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Expanding Pension Coverage to the Rural Poor in India (2016-17)

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The FIRST Project helped PFRDA develop a replicable, field-tested model for expanding voluntary pension coverage to India’s ~400 million non-salaried workers.

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Review of Uganda’s Existing microPension Programs (2017)

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FSD Uganda helped URBRA in undertaking a detailed assessment of a new micro-pension scheme targeting Uganda’s informal sector workforce.

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pinBox Pension Simulation Toolkit

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The pinBox Pension Inclusion Toolkit provides customised fiscal and business simulations for governments, regulators, pension administrators, plan sponsors, intermediaries and beneficiaries.

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Cross-selling NPS to the Urban Poor in India (2016-17)

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PFRDA and the Indian Ministry of Finance have developed a field-tested model for cross-selling contributory pensions to the 300 individuals with NID-linked bank accounts.

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Bangladesh Private Pensions Feasibility Study (2016)

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The Bangladesh Finance Ministry recently undertook a feasibility study for establishing a private pensions market for its ~50 million informal sector workers.

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microPension Program Design: Rwanda (2016)

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AFR assisted the Rwanda Ministry of Finance in designing a national micro-pension scheme that will leverage existing digital financial inclusion infrastructure.

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microPension Scheme Design for Bangladesh (2016)

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BRAC undertook a comprehensive demand and supply side assessment to develop a new DC microPension scheme for low income women in Bangladesh.

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TEAM

The pinBox inception team has ~120 years of collective experience and unique expertise in pension policy formulation, design and implementation
of inclusive micro-pension programs, as well as in developing technology-led pension and social security ecosystem solutions.

CONTACT US

pinBox Solutions Pte. Ltd.
80 Robinson Road, #02-00
Singapore (068898)

Email: info@pinboxsolutions.com

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