It has been well recognized that population ageing could generate structural changes centered around the dwindling labor force, on one hand, and the expanding dependency on the generosity of the welfare state, on the other hand. Ageing-related welfare state policy entails both fiscal issues and...

In this paper, a time series of UK annuity income rates (AR) based on historical interest rates but modern mortality rates (hence the term “semi-historical”) has been derived for both nominal and inflation-linked annuities. The errors associated with the calculated rates for nominal...

This paper investigates the economy-wide effects of mandating private (employment-related) pensions. It draws on the Australian experience with its Superannuation Guarantee legislation which mandates contributions to private retirement (superannuation) accounts. Our key objective is to quantify...

We use an overlapping generations framework to evaluate the impact of state pension reform on public and private workers, and apply this analysis to all fifty U.S. states. We consider (i) closing the pension plan to new entrants, (ii) reducing pension benefits together with wage increases and...

This report simulates the potential impact on retirement income adequacy of five different proposals. It finds that the combination of Automatic Contribution Plan/Arrangement (ACPA) provisions and enhanced Saver’s Credit are projected to have a material impact on reducing retirement savings...