This paper analyses the determinants of the retirement decision in Germany using microdata from the German Socio-Economic Panel over the period 1985-1995. Non-parametric and semi-parametric techniques have been used to describe the exit to retirement. Non-parametric estimates suggest that the...

This paper examines the role of guarantees in DC pension plans, in particular minimum investment return guarantees during the accumulation phase. The main goal is to assess the cost and benefits of different return guarantees. The report uses a stochastic financial market model where guarantee...

This paper examines the channels through which ageing will shape the main economic factors that in turn affect potential growth; identifies current policy settings that may in fact amplify the adverse impact of demographic trends; and sets out policy reforms that will work to temper the effects...

During the active years one sets aside for savings a certain proportion of labour income. In defined contribution (DC) pension plans, this money is invested in assets according to certain investment strategies and earns a return. Once one reaches retirement, the assets accumulated would need to...

The purpose of this paper is to understand the factors behind international migrationflows. To do so, we present an investigation into the determinants of the Spanishinternational migration flows. We examine the factors behind these flows over time, and whatmotivates return migration. We find...

This paper examines the job search behaviour of the working age population nonemployed,and the job search intensity of job seekers, using pooled cross sections for theperiod 1987 to 1991. Our purpose is to examine the changes occurred in job searchbehaviour in the Spanish labour market and the...

This paper examines and evaluates the content and design of the annual pension statement sent to members of funded defined contribution (DC) pension schemes in a selection of OECD and non-OECD countries. The aims of the research are to identify the potential shortcomings in statement planning...

The current generation of workers can expect lower pension benefits in retirement than the current generation of pensioners. Private, voluntary pension savings will therefore play a greater role in providing for old age. This paper calculates the size of the “pension gap”: the difference...

This report provides an analysis of aggregate investment performance by country on a risk adjusted basis using relatively standard investment performance measures. The report also describes privately managed pension funds around the world and the regulatory environment they face. It compares...

Uncertainty about length of life, longevity risk, is a growing financial problem for pension funds and annuity providers. They would like to transfer longevity risk away to institutions better placed to deal with it. Unfortunately, there is a lack of financial instruments to hedge against this...