The authors provide a theoretical framework to model the workers' choice problem of opting among different pension schemes, a choice problem that is common to several countries that have reformed their social security system in the last decades. This process is currently affecting private sector...

In this paper we aim at providing a theoretical framework to model workers’ choice problem of switching between different pension schemes. This choice problem is common in several countries that have reformed their social security system in the last decades. Although with some specific...

In this paper we aim at assessing the outcomes of the 2007 Italian reform of the complementary social security and to identify the determinants behind them. The reform gave relevant incentives to workers to switch from investing about 7% of their gross wages into a compulsory defned benefit...

Pension systems often entail some compulsory saving over which individuals have some degree of choice in terms of the pension plan in which to invest. We analyse whether the choice between alternative plans is affected by the presence of liquidity constraints during working life and we prove...

Pension reforms are on the political agenda of many countries. Such reforms imply an increasing responsibility on individuals’ side in building an efficient portfolio for retirement. In this paper we provide a model describing workers’ choices on the allocation of retirement savings in...

Pension systems often entail some compulsory saving over which individuals have some degree of choice in terms of the pension plan in which to invest. Our contribution analyses whether the choice between alternative plans is affected by the presence of liquidity constraints during working life....