This paper examines the possibility of embedding public long-term care (LTC) insurance within the retirement pension system, i.e. introducing life care annuities (LCAs) into a notional defined contribution (NDC) framework. To do this we develop a multistate overlapping generations model (MOLG)...

This article reviews the literature on the optimal design and regulation of funded pension schemes. We first characterize optimal saving and investment over an individual's life cycle. Within a stylized modeling framework, we explore optimal individual saving and investing behavior....

How are notional defined contribution (NDC) pension schemes and fertility correlated? How is the return rate of NDC account determined? This study elucidates the dynamics of the correlations between NDC pension schemes and fertility by considering endogenous labor supply in an imperfect labor...

A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension and the relative shares of the two systems may be explained and are determined by the population growth rate, technological growth, the time-preference discount rate, that...

Notional Defined Contributions (NDC) systems mimic the incentive structureof fully funded social security while preserving the Pay-as-you-go nature ofmost current systems. We study size-preserving social reforms which replacethe current US system with alternative NDCs with many alternative...