on the level of total household savings for renters. The effect is identified via a large panel of individual … period 1997 to 2005. Little substitutability was found between current mandatory labour market pension savings and private … voluntary savings. Each euro paid into mandatory labour market pension accounts results in a reduction in private savings of …

mandatory retirement savings. Agents with present bias may choose to work informally to avoid the mandatory contributions and … contribution rate will actually increase their savings and welfare …

total household savings for renters. The effect is identified via a large panel of individual administrative records …. We find little substitutability between current mandatory labour market pension savings and private voluntary savings …. Each euro paid into mandatory labour market pension accounts results in a reduction in private savings of approximately 0 …