We propose a generational plan for the occupational pension provision in which people from the same generation are pooled in a generational fund. Each fund can set its own policies independently. This plan provides the benefits of differentiation missing in the prevailing collective plan and the...

We explore the implications of alternative methods of discounting future pension outlays for the valuation of funded pension liabilities. Measured liabilities affect the asset-liability ratio of pension funds and, thereby, their policies. Our framework for analysis is an applied many-generation...

Since the early 1990's the World Bank has utilized the multi-pillar framework as a model for the design and evaluation of pension systems. This model is derived from the principle that the primary functions of pension systems, (poverty alleviation, consumption smoothing and insurance) are most...

This paper compares the UK and Dutch occupational defined-benefit pension policies using the holistic balance sheet (HBS) framework. The UK DB pension system differs from the Dutch one in terms of the steering tools and adjustment mechanisms. In addition to the sponsor guarantee, the UK system...

Using recovery plan data of 213 underfunded Dutch pension funds for the years 2011, 2012 and 2013, discrete choice models are estimated describing pension funds' choices between three recovery measures: higher contributions, no indexation, and pension cuts. The estimation results suggest,...

The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts in a general equilibrium overlapping generations model with idiosyncratic lifespan and labor income uncertainty. We distinguish between economies with rational and hyperbolic...

We compare levels of financial literacy in New Zealand with levels in five other countries and between the general adult population of New Zealand, people of Māori ethnicity and, more particularly, the people of Ngāi Tahu, a Māori tribe based mainly in the South Island of New Zealand who have...

In 1995, the Social Security Administration started sending out the annual Social Security Statement. It contains information about the worker's estimated benefits at the ages 62, 65, and 70. I use this unique natural experiment to analyze the retirement and claiming decision making. First, I...

This paper presents empirical evidence from the Netherlands indicating that the current policy based on information is unlikely to help people make the pension choices required in a system in which employees are the ultimate bearers of asset market risk. This holds even if information is made...