This paper introduces the approach of the Freiburg model to quantify accrued-to-date liabilities (ADL) of public pension schemes. The presented framework has been applied to carry out benchmark calculations for 19 EU member states on behalf of the Eurostat/ECB Contact Group on Pensions. We will...

This paper introduces the approach of the Freiburg model to quantify accrued-to-date liabilities (ADL) of public pension schemes. The presented framework has been applied to carry out benchmark calculations for 19 EU member states on behalf of the Eurostat/ECB Contact Group on Pensions. We will...

I investigate whether management earnings forecasts fully reflect the implications of accruals for future earnings. I find that managers overestimate accrual persistence in range forecasts but not in point forecasts and that managers' accrual-related forecast bias in range forecasts increases...

The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...

We investigate numerically how indexation of funded pensions for inflation can be differ-entiated across the various groups of fund participants. The pension arrangement is modelledafter the Dutch situation. While the aggregate welfare consequences are small, group-specific consequences are more...