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Municipal employees and private-sector employees in Finland belong to separate earnings-related pension systems. Both systems are financed by contributions from the payroll, and are mostly pay-as-you-go. Thus if a municipality decides to buy services from the private sector, instead of producing...
Persistent link: https://www.econbiz.de/10012037624
This study analyses the adjustment of the Finnish earnings-related pension system to very low economic growth. The results show that a permanently lower growth rate of the wage bill would raise only moderately the pension contribution rates in the long term. This is because also the benefits are...
Persistent link: https://www.econbiz.de/10012037633
This study analyzes the sustainability implications of demographic and investment risks in the Finnish private sector pension system (TyEL). The results show that current contribution rate is likely to be too low to finance the future higher expenditure. The main sustainability problem is not,...
Persistent link: https://www.econbiz.de/10010273015
Pension prefunding can be used to smoothe contribution rates in economies where ageing will increase pension expenditure. But how extensive should prefunding be, in a defined benefit pension system, when there is considerable uncertainty concerning future mortality, fertility, and migration? We...
Persistent link: https://www.econbiz.de/10010284923
In non-financial defined contribution (NDC) pension systems the contribution rate is kept at a constant level. A key element is the balance mechanism which is automatically applied if the finances appear insufficient. The balance mechanism is based on the ratio of assets to liabilities. When the...
Persistent link: https://www.econbiz.de/10010285162
This study analyzes the sustainability implications of demographic and investment risks in the Finnish private sector pension system (TyEL). The results show that current contribution rate is likely to be too low to finance the future higher expenditure. The main sustainability problem is not,...
Persistent link: https://www.econbiz.de/10003714896
Persistent link: https://www.econbiz.de/10003666162
Persistent link: https://www.econbiz.de/10010203470
Persistent link: https://www.econbiz.de/10010203563
We study transitions from EET tax regime to TEE regime in a defined-benefit pension scheme with a numerical overlapping generations model, using stochastic mortality projections as inputs. In a traditional pension scheme with no automatic longevity rules, such as a link between life expectancy...
Persistent link: https://www.econbiz.de/10011404399