, and pension cuts. The estimation results suggest, firstly, that pension cuts are more likely when the funding ratio is …

two-pillar pension system (with PAYG and funded tiers) calibrated to that in the Netherlands. We compare mark …

risk sharing provided by the system. These results are robust to realistic variations in the initial funding ratio and the …

through separate and distinctive elements of the system. The model emphasizes the advantages of private management, pre-funding … and managing risk through diversification among the pillars. The pension system of the Netherlands is considered in … system. Overall, the pension system of the Netherlands, consistent with other recent evaluations, is found to be among the …

funding ratio of pension funds and the welfare of individuals the implications of replacing nominal debt in the pension fund … indexed debt are only modest, while the same is the case for the effect on the volatility of the funding ratio when the full … menu of shocks is present. The effect on the funding ratio is limited even in the presence of only the shocks to which the …

This paper examines policies for the decumulation of pension wealth in the Netherlands. It suggests a design framework … in the Netherlands – and in sharp contrast to most other developed countries – this framework suggests that the welfare … of citizens in the Netherlands might be improved by reducing the level of mandatory annuitization in order to address …

and consider their implications for proposed changes to the system in the Netherlands.The paper makes various suggestions … for improvement regarding both the institutional design and product design for pension saving in the Netherlands that …