This paper investigates the effect of private pensions on the retirement wealth distribution. The model incorporates stochastic private pension coverage into a lifecycle model with stochastic earnings. The predictions of the calibrated model are compared to the distribution of retirement net...

This paper surveys the evolution of the Canadian pension system to provide possible ideas for pension reform in Russia. Particular emphasis is placed on the Canadian voluntary, tax assisted retirement savings plans. Such plans can be used as an incentive mechanism to draw savings into the...

Rich people, women, and healthy people live longer. We document that this heterogeneity in life expectancy is large, and we use an estimated structural model to assess its effect on the elderly's saving. We find that the differences in life expectancy related to observable factors such as...

The Department for Work and Pensions (DWP)’s Pensim2 model is a dynamic microsimulation model. The principal purpose of this model is to estimate the future distribution of pensioner incomes, thus enabling analysis of the distributional effects of proposed changes to pension policy. This paper...

This paper explains the methodology used for calculating pension wealth for all individuals in the first wave of the English Longitudinal Study of Ageing (ELSA). We focus on the pension wealth of individuals aged between 50 and the state pension age. Both state and private pension wealth has...

This paper examines the choice of pension scheme and job mobility in Britain. Workers in Britain can choose to belong wholly to the social security (public pension) programme, or to a company-provided plan (occupational pension), or to purchase their own individual pension. We use household...

Until recently, most policy debates on pensions — especially in Europe — focused on public responsibilities and the difficulties that many publicly funded schemes have in meeting their obligations. However, recent events, not least declines in stock markets, have increased the salience of...

There are two stylised facts, namely weak demand for life-annuities and flat age-wealth profile that contradict the life-cycle hypothesis. In this paper we design a theoretical framework, which combines plausible arguments, which have been put forward in the literature to reconcile theory with...

One feature of recent pension reforms in OECD countries has been that more individual responsibility is transferred to employees and in particular to those approaching the end of their working life. Enlarged freedom of choice concerns the timing of retirement with corresponding consequences for...

Im Oktober 1998 befragte das ZEW rund 250 Finanzexperten aus Banken, Versicherungen, Kapitalanlagegesellschaften und großen Industrieunternehmen nach ihren Empfehlungen zur Gestaltung eines Vermögensportfolios zur Altersvorsorge. Dieses Papier untersucht in einem ersten Schritt, ob in...