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According to the 2018 Mercer Global Pension index, the pension systems of Denmark, Finland and the Netherlands are the best three in the world. This paper seeks to identify the common elements of success of these three pension systems, including the institutional framework within which they...
Persistent link: https://www.econbiz.de/10012037619
This study analyses financial sustainability of the Finnish public sector. Current tax rates are unlikely to yield sufficient tax revenue for financing public expenditure under an ageing population. In the base alternative we assume that the European crisis does not worsen and that productivity...
Persistent link: https://www.econbiz.de/10012037623
Municipal employees and private-sector employees in Finland belong to separate earnings-related pension systems. Both systems are financed by contributions from the payroll, and are mostly pay-as-you-go. Thus if a municipality decides to buy services from the private sector, instead of producing...
Persistent link: https://www.econbiz.de/10012037624
This study analyses the adjustment of the Finnish earnings-related pension system to very low economic growth. The results show that a permanently lower growth rate of the wage bill would raise only moderately the pension contribution rates in the long term. This is because also the benefits are...
Persistent link: https://www.econbiz.de/10012037633
We study the use of pension funds in the Finnish earnings-related pension system with the aim of smoothing contributions over time under demographic and economic risks. Smoothing is affected by the revisions in long-term forecasts and is thus imperfect. As a partially funded defined-benefit...
Persistent link: https://www.econbiz.de/10012037710
Ageing populations pose a major challenge for long-term sustainability of public finances. The respond has been a wave of pension reforms that has lowered markedly the projected pension expenditure in EU countries. The increase in the second major expenditure item, health and long-term care...
Persistent link: https://www.econbiz.de/10012603395
Pension prefunding can be used to smoothe contribution rates in economies where ageing will increase pension expenditure. But how extensive should prefunding be, in a defined benefit pension system, when there is considerable uncertainty concerning future mortality, fertility, and migration? We...
Persistent link: https://www.econbiz.de/10010284923
Tarkastelemme yksityistä eläkesäästämistä Suomessa. Luotaamme tulevaisuutta arvioimalla miten lakisääteisen eläketurvan muuttuminen ja eliniän piteneminen vaikuttavat yksityisen eläkesäästämisen tarpeeseen. Tarkastelemme asiaa nuorten, hiljattain työelämään astuneiden...
Persistent link: https://www.econbiz.de/10010285037
Ageing will increase pension expenditure and contribution rates. There is also increasing awareness that the risks connected to mortality, fertility, and migration are considerable. In pension reforms one must decide how these risks are to be shared between workers and pensioners, and also take...
Persistent link: https://www.econbiz.de/10010285139
In non-financial defined contribution (NDC) pension systems the contribution rate is kept at a constant level. A key element is the balance mechanism which is automatically applied if the finances appear insufficient. The balance mechanism is based on the ratio of assets to liabilities. When the...
Persistent link: https://www.econbiz.de/10010285162