This study analyzes the sustainability implications of demographic and investment risks in the Finnish private sector pension system (TyEL). The results show that current contribution rate is likely to be too low to finance the future higher expenditure. The main sustainability problem is not,...

Ageing will increase pension expenditure and contribution rates. There is also increasing awareness that the risks connected to mortality, fertility, and migration are considerable. In pension reforms one must decide how these risks are to be shared between workers and pensioners, and also take...

A major reform in the Finnish private-sector earnings-related pension system came into effect on January 1st, 2005. It was negotiated in 2001 – 2002 between the central organisations of employers and trade unions and representatives of the central government. This paper describes the reform...

This study analyzes the sustainability implications of demographic and investment risks in the Finnish private sector pension system (TyEL). The results show that current contribution rate is likely to be too low to finance the future higher expenditure. The main sustainability problem is not,...

Ageing populations pose a major challenge for long-term sustainability of public finances. The respond has been a wave of pension reforms that has lowered markedly the projected pension expenditure in EU countries. The increase in the second major expenditure item, health and long-term care...