fully funded occupational pension systems, and mandatory social security financed by pay-as-you-go. The specific mixture of … the three systems we will call the pension composition. We assume that individual workers decide about their own … decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …

, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old …-fashioned hoarding in cash. Here, we call the specific mixture of the four systems the pension composition. We assume that individual … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old …-fashioned hoarding in cash. Here, we call the specific mixture of the four systems the pension composition. We assume that individual … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

This paper contains nine different essays on Social Security reform and multi-pillar pension plans. The nine topics are … of add-on accounts on Social Security solvency6. Administrative costs on multi-pillar pension plans7. Potential lessons …

This study introduces multiplayer game in the modern pension market. Particularly, this study claims that low earners … and high earners have different interests when playing in funded pension market scheme. This differentiating is enabled by …-economic anomaly in the funded pension system, which is in favor of high-earning cohorts at the expense of low-earning cohorts. This …

future development under current rules. Building on lessons from recent pension theory, we also discuss options for further … reforming the system, highlighting their potential impact on pension finances, public budgets, and retirement incomes. … scheme ("second pillar") that will provide increasing amounts of supplementary pensions to those entering retirement in the …

generations. In particular, I investigate whether a funded pension system allows for a smoother adjustment than an unfunded system …