We analyze the effects of a permanent increase in life expectancy and of a permanent decline in the rate of population growth on intergenerational redistribution in a pay-as-you-go pension system with a constant contribution or constant replacement rate. We show that under these policies both...

In this paper we identify a number of objectionable features of the German retirement benefit formula. We show that groups of insureds with higher than average life expectancy, in particular high-income groups, are subsidized by the rest of the membership because the formula neglects differences...

Die Lebenserwartung der Bevölkerung in den Industrienationen steigt immer weiter an. Die Rentensysteme werden dadurch immer stärker belastet. In diesem Bericht werden Vorschläge zur Veränderung der Rentensysteme gemacht und über eine Änderung des Renteneintrittsalter diskutiert. Es wird...