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Optimal Risk Sharing in a Collective Defined Contribution Pension System

Bams, Dennis - 2016

We analyze a collective defined contribution pension fund which aims at intergenerational risk sharing among different … mechanism. We demonstrate that risk sharing implemented in this way is welfare improving compared to a plan with no risk sharing …

Persistent link: https://www.econbiz.de/10012994220

Private Versus Public Risk Sharing : Should Governments Provide Reinsurance

Bohn, Henning - 2011

The paper examines alternative arrangements for intergenerational risk sharing in a small open economy subject to … macroeconomic disturbances. Under certain conditions, private pension funds can provide substantial risk sharing across generations …. Private risk sharing alleviates the burden on governments to provide insurance, but it is limited by mobility in the labor …

Persistent link: https://www.econbiz.de/10013127522

How Individuals React to Defined Benefit Pension Risk

Salamanca, Nicolás - 2013

We develop a measure of (hybrid) defined benefit (DB) pension risk and show how this pension risk affects individual … pension plan risk, and for retirees. We also check whether pension risk is related to retirement decisions but find no …

Persistent link: https://www.econbiz.de/10013073610

The Consequences of Indexed Debt for Welfare and Funding Ratios in the Dutch Pension System

Beetsma, Roel M. W. J.; Bucciol, Alessandro - 2011

Using a model of a two-pillar pension system, designed after and calibrated to the Dutch situation, we explore for the funding ratio of pension funds and the welfare of individuals the implications of replacing nominal debt in the pension fund's portfolio with indexed debt. We consider...

Persistent link: https://www.econbiz.de/10014183817

The Future of Multi-Pillar Pension Systems

Bovenberg, A. Lans - 2011

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...

Persistent link: https://www.econbiz.de/10013120004

The Political Arrangement of Pay-as-You-Go Pension Systems in the Presence of Financial and Demographic Shocks

Ciurila, Nicoleta - 2016

We analyze the outcome of voting over the contribution to a pay-as-you-go (PAYG) pension system in the presence of financial and demographic shocks. The impact of shocks on pension contributions and benefits replicates major developments of pension systems around the world. A decrease in the...

Persistent link: https://www.econbiz.de/10013002540

Crisis and Pension System Design in the EU : Intergenerational Redistribution and International Spillover Effects Via Factor Mobility

Fedotenkov, Igor - 2011

Many EU states have adjusted pension benefits or reformed the pension system in reaction to the recent economic crisis, while other member states have postponed this type of adjustments. In this paper we analyse the welfare effects of these different reactions to the crisis in an economic union....

Persistent link: https://www.econbiz.de/10013118091

Financial Literacy and Retirement Planning in View of a Growing Youth Demographic : The Russian Case

Klapper, Leora F. - 2011

Our study contributes to the financial literacy literature by examining its association with retirement planning in an interesting and novel context, i.e. that of a country with a relatively old and rapidly aging population, large regional disparities and a rapidly emerging financial market....

Persistent link: https://www.econbiz.de/10013127106

Intergenerational Risk Sharing in Time-Consistent Funded Pension Schemes

Westerhout, Ed W. M. T. - 2011

Intergenerational risk sharing by funded pension schemes may increase welfare in an ex ante sense. However, it also … without any intergenerational risk sharing …

Persistent link: https://www.econbiz.de/10013126863

Funding in Public Sector Pension Plans : International Evidence

Ponds, Eduard - 2011

Most countries have separate pension plan for public sector employees. The future fiscal burden of these plans can be substantial as the government usually is the largest employer, pension promises in the public sector tend to be relatively generous, and future payments have to be paid out...

Persistent link: https://www.econbiz.de/10013122318