71.   Peru took a first step today in allowing its five private pension funds to invest in a wider range of stocks.

72.   Private pension funds can do that.

73.   Private pension funds would be introduced, along with deposit insurance for banks.

74.   Private pensions also could steal some of the market for life insurance contracts.

75.   Private pension funds in Brazil and Chile have become important investors.

76.   Private pension plans have been changing, too, in ways that encourage working longer.

77.   Private pension funds and mutual funds, which provide huge pools of investment capital in the United States and Britain, have barely gotten off the ground here.

78.   Poland is now in the process of overhauling its pension system and moving toward allowing private pensions and the creation of corporate pension funds.

79.   Regulators, however, warn that some Russian banks and private pension funds, which are not covered by the securities commission, are in danger of collapse.

80.   Private pension funds are doing the same thing.