extent the SD kept by most NDCs can be used to cover an unexpected longevity increase. We develop formulae under different … assumptions (constant or according to Lee-Carter mortality improvements) to calculate the maximum mortality decrease a scheme can … the non-distribution of the SD is a potential solution to cover the longevity risk of NDCs …

Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings … workers decide on their own individual savings, that the fully-funded occupational system is decided upon by the age cohort of … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings … workers decide on their own individual savings, that the fully-funded occupational system is decided upon by the age cohort of … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory … individual savings, that the fully funded occupational system is decided upon by the age cohort of the median worker and that … decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …

alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and … on the savings rate, capital accumulation, productivity and the labour supply. These effects must be taken into account …