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 …

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the … necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing. …

allocation decision for retirement, and show that illiquidity reduces the range of transferable shocks between generations and …

rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern … consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human …

The paper seeks to explain the huge cross country variation in private pension funding,shaped by historical choice made … when universal pension systems were created after theGreat Depression. According to Perotti and von Thadden (2006), large … reduces the stock of private retirement assets by 58% of GDP.While the sample size is limited, the results are robust to other …

A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension … increase in the capital-output ratio, while the pension system will shift to more funding. A fall in the population growth rate …

-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that …

This study explored the psychological mechanisms that underlie the retirement planning and saving tendencies of Dutch … analysis models to identify the mechanisms that underlie perceived financial preparedness for retirement. Findings revealed … psychological and retirement planning constructs, but also in the robustness of the path models. These findings suggest that policy …

We explore how members of a collective pension scheme can share inflation risks in the absence of suitable financial … participants of a collective pension scheme than would be the case in a strictly individual- or cohort-based pension scheme, as … enhances welfare. In view of the sizes of their funded pension sectors, this would be particularly beneficial for the …