A The most important question of our study is to find out what pension policy procedures are necessary to effectively respond to the challenges of an aging population as well as changes in the composition of employees. The main issue of our paper is how pension policy can effectively respond to...

The paper provides a framework for the conceptualization, definition and estimation of legacy costs that need to be addressed in a reform that transforms an unfunded defined contribution (NDB) scheme into a notional (or non-financial) defined contribution (NDC) scheme. As the new contribution...

This paper analyzes the reform of the pensionable age as an answer to the future financing problems of public pension systems. We use a two-staged model where, first, the government decides the redistribution level of the pension system and, secondly, individuals face a voting process on the...