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....

The promotion of pension fund capitalism has been considered an intrinsic part in the financialization of European pension systems. The evolution of Finnish pension system challenges this relationship: Finnish pension funds have embraced the idea of international portfolio management, but this...

A lack of European integration is keeping the markets closed off and, as a result, opportunities for growth and improvement in the Dutch and European pension and labour markets are not being sufficiently harnessed. We see developments that are laying the foundations for what we would like to...

Few will argue that Illinois has significant issues with the underfunding of its five public employee pension systems. In fact, many say the state faces a continuing “pension crisis.” However, this report argues that this “crisis” framework or mentality surrounding the issue actually...

We examine the future benefits of the Israeli privatized pension system, which is considered as a model of transition to funded pension systems worldwide. This research is based on an extensive database obtained from one of the largest traditional private funds in the market. The results paint a...