Retirement policies are individually designed but the majority of people of retirement age live as couples. We estimate …'s unobserved heterogeneity. We conclude that the reform immediately reduced both spouses' retirement probability. The wife …'s retirement probability also drops by 1 to 4 percentage points if the husband is hit by the reform, and vice-versa. Instrumenting …

We find that segments of society who have shorter life expectancy can expect a lower retirement income and lifetime … utility due to the longevity of other groups participating in the same pension scheme. Linking retirement age to average life …