The Australian Government uses the means-test as a way of managing the pension budget. Changes in Age Pension policy impose difficulties in retirement modelling due to policy risk, but any major changes tend to be ‘grandfathered' meaning that current retirees are exempt from the new changes....

The paper represents author’s research on efficiency on pension systems and effectiveness of state social care policies from the perspective of stability of life at the end of career ladder. It refers to the topic Work – Labor/Value, where former employees’ rights and the impact on...

This paper examines the characteristics of three funding strategies for pension plans and analyzes the investment strategies that complement these strategies. Although the primary focus is on defined benefit plans, which include Social Security, it also applies to employees’ defined...

Using recovery plan data of 213 underfunded Dutch pension funds for the years 2011, 2012 and 2013, discrete choice models are estimated describing pension funds' choices between three recovery measures: higher contributions, no indexation, and pension cuts. The estimation results suggest,...

Japan, with its declining birthrate and aging population, must inevitably reduce the role of public pensions and seek a more prominent role for private pension plans. This report presents the recent developments in the reform of the defined contribution (DC) pension system in Japan. With...

Using recovery plan data of 213 underfunded Dutch pension funds for the years 2011, 2012 and 2013, discrete choice models are estimated describing pension funds' choices between three recovery measures: higher contributions, no indexation, and pension cuts. The estimation results suggest,...

This paper compares the current system of public sector pensions to a Madoff-style pyramid, now collapsing under the weight of insufficient contributions, rising longevity and an ageing workforce. Without reform, we are embarked upon a slippery slope to fiscal calamity. The state's capacity to...

Japan had over 3.21 million people enrolled in defined contribution (DC) plans as of end-March 2009. Although the plans are steadily gaining in popularity, there are still a number of issues that must be worked out. In this article, we propose some fundamental DC reforms, including making...

There has been some shock that non-government employees can participate in public pensions designed for government employees. While most of the press has been on union related officials and government association lobbyists in plans, in Kentucky the practice is much deeper and pervasive. Since...