pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … types of pension system. This paper calculates the expected welfare of agents in differenteconomies where in the steady … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …

utility due to the longevity of other groups participating in the same pension scheme. Linking retirement age to average life … income of those with shorter life expectancy increases, they end up paying more into the pension scheme, which benefits those … suffer from a 10 percent drop in the amount of pension benefits from being forced to pay into the same scheme as females. …

How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … public pension payments. This reform did not change the level of pensions, but only provided information to individuals about … to study this question. As of 2005 (with a phase-in period between 2002-04), the German pension administration started to …

entitlements, the pension age must be automatically updated to keep the period in retirement constant. Alternatively, policy …Continuous longevity improvements and population ageing have led countries to modify national public pension schemes by … increasing the standard and early retirement ages in a discretionary, scheduled, or automatic way, and by making it harder for …

In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change … ; retirement ; pension system … perfect control over the individuals' labor supply and retirement-decisions, the results show that a decrease in the standard …

legal retirement age is increasing in longevity and (iii) decreasing in the public pension replacement rate. We then test … retirement age by 0.5 to 3 years. We conclude that if policy contains the generosity of public pensions, increasing the legal …Within a politico-economic model we first establish three hypotheses: (i) Retirees generally prefer a higher retirement …

In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of … 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 a decrease in the hours of work per period spent working. This result …

for retirement. Using administrative data from public pension insurance accounts, we first document a substantial bunching …This paper analyzes behavioral responses to a 2014 reform in the German public pension system that lowered the full … retirement age (FRA) of individuals with a long contribution history by up to two years and framed the new FRA as reference age …

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 …

observed trend towards early retirement. In a world of laissez-faire or of first-best efficiency, there would be no such … variables are not observable, the optimal policy does imply a distortion of the retirement decision. Consequently, the … inducement of early retirement may be part of the optimal tax-transfer policy. We consider a model in which individuals differ in …