This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old … account system and our balance sheet for the Spanish system is also provided. The main finding is that the Spanish pension … taxpayers (the plan sponsor) should count on making transfers to the pension system with a present discounted value of 31.4 % of …

A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension … and an increase in the capital-output ratio. Whether the pension system will shift to more or less funding depends on the …

In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change … perfect control over the individuals’ labor supply and retirement-decisions, the results show that a decrease in the standard … deviation of life-length leads to an increase in the optimal retirement age and vice versa, if the preferences for “the number …

Early retirement is usually explained as a supply-side phenomenon. However, early retirement can also be a demand …-side phenomenon arising from a firm's profit maximization behavior. This paper analyzes voluntary and involuntary early retirement … based on international microdata covering 19 industrialized countries. The results indicate that generous early retirement …

By using their financial reserves efficiently, pension funds can smooth shocks on asset returns, and can thus … collective pension plan in terms of portfolio management, capital payments to retirees, and dividend payments to shareholders. We … compared to a situation in which each generation would save and invest in isolation for its own retirement. One of the main …

How much retirement income is needed in order to maintain one’s living standard at old age? As it is difficult to find … replacement rate vis-à-vis income in the pre-retirement period. We subject indications regarding satisfaction with current income … the year of entry into retirement as a rather robust result, while replacement rates keeping the living standard unchanged …

wages, taxes, and the public pension system. The early retirement provision in most pension systems acts as a trap, inducing … most workers to retire well before the normal retirement age. Simulations show that pension reform must be drastic for it …We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an …

The specificities of the workforce with a migrant background are often neglected in studies of retirement. Similarly …, many studies of migration¡¯s impact on pensions often focus on aggregate outcomes ¨C system sustainability or distributive … systems ¨C with a focus on retirement. The paper argues that such effects are non©\negligible and are likely to have major …

compensates the land-owning pensioners for reduced benefits. We also explain why the PAYG system may have lost its appeal even for … pensioners after its introduction. …

The paper discusses the options for a reform of the German pension system using a model developed at CES for the German … so as to stabilize the sum of this rate and the pay-as-you-go contribution rate, given the time path of pensions as …