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 …

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 …

This paper studies the impact of recent changes in second pension pillars of three Central and Eastern European … Countries. The paper seeks to answer the following questions: i) what is the impact on the sustainability of Poland’s pension … system of the decrease in the pension contribution going to the second pension pillar from 7.3% to 2.3% in 2011; ii) what are …

The recent financial crisis and historical record suggest important lessons about the design of national pension …