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...

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...

This paper examines policies for the decumulation of pension wealth in the Netherlands. It suggests a design framework based on economic theory and international evidence. The central message is that a well-designed pension system has an important – although certainly not exclusive – role...

This paper explores the effect of letting individuals choose their retirement age in a world of uncertainty where there exist both defined benefit (DB) and defined contribution (DC) pension plans. The paper shows that giving individuals the flexibility to determine when to retire is an important...

This paper develops an analytical framework for the design of pension systems, taking the functions of the pension system as the guiding principle. It discusses the economic principles underlying these functions and their implementation in practice. In particular, it distinguishes three...

This paper takes stock of the evolution in pension systems and the challenges that remain for the future. It derives a typology of pension systems and uses this to discuss the strengths and weaknesses of alternative systems. After describing how pension systems in the industrial world have been...

This paper examines some of the main behavioral patterns that determine personal saving, investment, and retirement decisions, and considers ways to move them in a socially desirable direction. We pay special attention to factors contributing to people making choices that are not in line with...

We develop a model where individuals differ in productivity and in longevity. Benefits from the public pay-as-you-go pension system take the form of a collective annuity, with both a contributive (Bismarckian) component (based on the worker's past earnings) and a flat (Beveridgean) part. Voters...