Public pension systems based on the Notional Defined Contribution (NDC) principle were introduced during the '90s in Italy, Sweden and Poland, among other countries. They mimic private savings, in that individuals get back, as pensioners, what they contributed to social security during working...

Old-age pensions in the NDC systems reflect the accumulated lifetime labour income. Interrupted careers and differences in the employment rates, particularly between men and women will have a significant impact on pension incomes in NDC countries. In the paper, we compare the labour market...

The aim of this paper is to analyze private pension systems financed by pay-as-you-go, with a focus on the pension funds of the Italian Professional Orders. The research centres on the financial and demographic risks and on their impact on the future evolution of the fund. It presents a model to...