Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing...

Developing countries are increasingly aware of the need to design and implement improvements in public systems for providing pensions to the elderly. Such systems may aim to smooth consumption and thus provide reliable income to older people, reduce poverty among the elderly, insure those no...

In this paper we analyze the influence that incentives play in the timing of the transition to retirement in Spain. We use the Continuous Sample of Working Histories 2006 (CSWH 'Muestra Continua de Vidas Laborales', in Spanish) to construct incentive measures from the Social Security provisions...

Im Koalitionsvertrag vom 14. März 2018 wird angekündigt, die Leistungen und Beiträge der Gesetzlichen Rentenversicherung durch eine sogenannte »doppelte Haltelinie« festzuschreiben. Konkret soll das Netto-Standardrentenniveau vor Steuern nicht unter 48% absinken und gleichzeitig der...

Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing...

Many pay-as-you-go pension systems have increased or plan to increase their legal retirement age (LRA) to address the financial consequences of ageing. Although the success of these policies is ultimately determined at the labour market, little is known about the effects of higher LRAs at the...

Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a...

In seinem Kommentar nimmt Eckart Bomsdorf, Universität zu Köln, Stellung zu den Rentenreformplänen der Bundesregierung. Seiner Meinung nach enthält der Gesetzesentwurf sowohl Positives, z.B. bei der Erwerbsminderungsrente, als auch Widersprüchliches, z.B. bei der sogenannten Rente mit 63....