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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...
Persistent link: https://www.econbiz.de/10011735078
For more than 25 years, the Social Security Trust Fund has been projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be severely reduced in the absence of corrective legislative action. Today (February 2024), projections are made by the Social...
Persistent link: https://www.econbiz.de/10014480253
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Persistent link: https://www.econbiz.de/10001392005
The paper examines social security (public pension) reforms in which the programme is partially shifted from a public unfunded basis to a private, prefunded, basis. It focuses on reforms where individuals have a choice in switching from public funded to private unfunded programmes (as in the...
Persistent link: https://www.econbiz.de/10011538512
We analyze the political stability of capital funded social security. In particular, using a stylized theoretical framework we study the mechanisms behind governments capturing pension assets in order to lower current taxes. This is followed by an analysis of the analogous mechanisms in a...
Persistent link: https://www.econbiz.de/10014048872
This paper discusses mandatory participation in Dutch occupational pension schemes. While mandatory participation is a historical feature of most second-pillar pension arrangements, some recent developments may affect the case for mandatory participation. The main ones are the revision of the...
Persistent link: https://www.econbiz.de/10010234527
We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...
Persistent link: https://www.econbiz.de/10010238325
This paper examines thoroughly the Chilean Pension Reform, giving first an overview of the mandatory saving plan, the relevant institutions, and the rules for transition from the old to the new system. The main part of the paper contains a critical evaluation of the reform, in particular the...
Persistent link: https://www.econbiz.de/10009767697
The dependence of benefit on the retirement age (the schedule) is an important feature in any public pension system. The nonfinancial defined contribution (NDC) pension system has recently become popular mainly because of its allegedly actuarial fairness. Using the framework of mechanism design...
Persistent link: https://www.econbiz.de/10010429132