1 “... in the structure and role of different pillars, regulation of payout options, level of annuitization, market...”

2 “.... But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure...”

3 “... dissipated by poor investment performance. The latter has been attributed to a weak governance structure...”

4 “... and shortcomings. It has a cumbersome governance structure, rooted in labor market relations and the role of social...”