The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...

Poland's new Employee Capital Plans (PPK) scheme, which is mandatory for employers, started to be implemented in July 2019. The article looks at the systemic solutions applied in the programme from the perspective of the concept of the simultaneous reconstruction of the retirement pension...

Many countries, in an effort to address the problem that too many retirees have too little saved up, impose mandatory contributions into retirement accounts, that too, in an age-independent manner. This is puzzling because such funded pension schemes effectively mandate the young, who wish to...

How can retirement savings be increased? We explore a unique policy change in the context of the German pension system to study this question. As of 2005 (with a phase-in period between 2002-04), the German pension administration started to send out annual letters providing detailed and...

Pension taxation has large budgetary and distributional effects, in particular in the light of ageing societies and the importance of pension benefits in old-age income. This paper investigates the impact of taxing public and mandatory occupational old-age pensions in the EU, focusing on both...

The Chilean pension system was hit hard during 2020-2021 by the withdrawal of 25 per cent of the individual pensions funds accumulated by 2019, an amount equivalent to 20 per cent of Chile's GDP. We estimate here the impact of those withdrawals on new pension allowances, using a combination of...

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...

There is a large professional literature on the correct measurement of the funded status of and indicated employer contributions to government employee pension plans. But static measures do not provide a quantification of the risk that plans could represent in the future in various possible...

This article calls attention to the Department of Labor's imposition of the “prudent investor rule” on financial advisers to retirement savers. The article also canvasses the customary role of an investment policy statement in promoting compliance with the prudent investor rule by...

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...