We investigate how deftned beneftt pension schemes of FTSE ftrms are valued by the equity market, focusing on how future liabilities are discounted (since UK data allows us to estimate the duration of pension liabilities fairly accurately). We ftnd that equity market valuation is consistent with...

We distinguish two ways in which national public pension systems can distort intra-EU movements of workers. First, each national pension system may display an inherent mobility bias. We propose the ‘Lodge Test’ to identify any such bias and show that many national pension systems in the EU...