fully funded occupational pension systems, and mandatory social security financed by pay-as-you-go. The specific mixture of … the three systems we will call the pension composition. We assume that individual workers decide about their own … decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …

, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old …-fashioned hoarding in cash. Here, we call the specific mixture of the four systems the pension composition. We assume that individual … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old …-fashioned hoarding in cash. Here, we call the specific mixture of the four systems the pension composition. We assume that individual … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

future development under current rules. Building on lessons from recent pension theory, we also discuss options for further … reforming the system, highlighting their potential impact on pension finances, public budgets, and retirement incomes. … scheme ("second pillar") that will provide increasing amounts of supplementary pensions to those entering retirement in the …

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the … necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing. …