Aging populations in developing countries have spurred the introduction of public pension programs to preserve the standard of living for the elderly. The often-overlooked mechanism of intergenerational transfers, however, can dampen these intended policy effects, as adult children who make...

This paper addresses two policy questions with respect to public defined benefit (DB) pension schemes: Firstly, does a funded DB pension scheme increase welfare? In other words: do the gains from intergenerational sharing of capital market risks outweigh the labour market distortions from...

This paper explores possible alternatives for the current Dutch first pillar pension scheme (AOW). It presents the welfare, labour market, saving and unintended bequest effects of a shift from a Beveridge towards a Bismarck system in which the pension rights depend on the labour market history....