Can longer working lives bring sufficient tax revenues to pay for the growing public health and care expenditure that longer lifetimes cause? We review studies concerning retirement decisions and pension policies, the role of mortality in health and long-term care costs, and errors in mortality...

This study investigates the impact that pension policy measures aiming to extend working lives have on working lives, retirement ages and income distribution, as well as on the fiscal sustainability of the earnings-related pension system and public finances. Our research report is divided into...

A major reform in the Finnish private-sector earnings-related pension system came into effect on January 1st, 2005. It was negotiated in 2001 2002 between the central organisations of employers and trade unions and representatives of the central government. This paper describes the reform and...

In non-financial defined contribution (NDC) pension systems the contribution rate is kept at a constant level. A key element is the balance mechanism which is automatically applied if the finances appear insufficient. The balance mechanism is based on the ratio of assets to liabilities. When the...

In anticipation of future gains in life expectancy, several countries have passed laws that automatically adjust pensions, if life expectancy changes. In this paper we study the effects of longevity adjustment under demographic uncertainty in Finland. If longevity increases, the adjustment...

This study analyses how pension policy reforms that aim at lengthening working careers impact working careers, income distribution, and fiscal sustainability of both the earnings-related pension system and overall public finances. The research focuses on the economic outcomes of increasing the...