attention to the rules of retirement in Hungary since 1990. In every pension system, there exist two rules which determine how … the lifetime contribution (which is approximately proportional to the years of contributions) and the retirement age … a mandatory life insurance and life annuity system. More generally, we speak of flexible retirement if adding a year to …

extensive and intensive labour supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to … fertility decline, a retirement reform, designed to increase labour supply at the extensive margin, is found to simultaneously … reduce labour supply at the intensive margin. This backlash to retirement reform requires the statutory retirement age to …

: while it may be more efficient to have highly productive individuals work more and retire older, earlier retirement may be …, efficient retirement ages must increase in productivity. We also show that this pattern is implemented by pension benefits that … not only depend on the age of retirement, but are designed to be actuarially unfair. Second, in a version of environment …