A new born child has on average a three months longer life expectancy than a newborn of the previous year. Consequences of these gains in life expectancy are-in the case of a constant statutory retirement age-increasing pay-out-periods in the PAYGS. The retirement age of 67 tries to cover the...

Insurance institutions which are operated by public sector have two characters; one is as redistribution institution, and the other is as financial institution which manage large amount of funds. The fact that public insurance institutions (PuII) invest large amount of funds means that the...

Declining fertility and increasing longevity have rendered public pension systems in many OECD countries unsustainable and have triggered substantial reforms of these systems. One of the officially declared reform objectives is to raise the average retirement age. Crucial parameters for this...

There are theoretical foundations which allow hypothesizing on a positive association of life expectancy or retirement age with income. If both cannot be falsified, the relationship of income and the internal rate of return of a public pension system is not straight forward. By application of a...