The reform of old age insurance is one of the pressing problems of Swiss Society. A key policy issue in the ongoing debate is flexibility to better suit the different individual needs of pensioners. This paper argues that more flexible retirement options can have strong impacts on both the...

This paper empirically analyses two important events in the history of the Swiss pay-asyou- go pension system (AHV/AVS): First, its introduction in 1947, and second, the substantial structural reforms of the 10th revision in 1995. Approving vote shares are estimated with a grouped logit model....

We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out...