This work documents a persistent life expectancy heterogeneity by gender and geography in Italy during the period 1995-2019. Based on deviations of life expectancy at age 65, it quantifies the implicit tax/subsidy mechanism triggered when pensions annuities are computed by adopting the same...

Norway. The new system fulfils several criteria for a defined contribution scheme. Earnings from all years in work count in the accumulation of entitlements, and an actuarial rule converting the final balance into an annuity is introduced. But the pension system will still be a part of the...

Old-age income support is becoming an issue of growing importance throughout Asia. This is especially true in East and Southeast Asia where the population is aging. This paper provides a broad overview of the current state of pension systems in the People’s Republic of China, Indonesia,...

This purpose of this paper is to analyze pension policy in an autocracy, using contemporary Hungary as a context. The inefficiencies and unfairness of the current policy can be characterized by tensions: the intra- and intercohort polarization of benefits rises, the difference between the loose...

As part of the Recovery and Resilience Plan (RRP, 2023), the Hungarian government pledged to reform the pension system. The main themes are sustainability and adequacy. The pension plan is to be discussed publicly and put into law by March 2025. The last detailed official pension study was the...

In the face of changes in the demographic and economic situation, governments around the world are reviewing the existing models of pension provision with the prospect of reducing the share of the Pay-As-You-Go system and increasing the share the Fully Funded system. However, the country's...

We analyze the political stability of funded social security. Using a stylized theoretical framework we study the mechanisms behind governments capturing social security assets in order to lower current taxes. The results and the driving mechanisms carry over to a fully-fledged and carefully...

To counteract the financial pressure emerging in aging societies, statutory pay-as-you-go pension schemes are undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension deductions for early retirement. This paper examines the...

To counteract the financial pressure emerging in aging societies, statutory pay-as-you-go pension schemes are undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension deductions for early retirement. This paper examines the...

This study provides a comprehensive analysis of the generational wealth transfer within Sweden's public pay-as-you-go pension system introduced in 1960. Using extensive administrative registers, the paper quantifies the contributions made and benefits received by each birth cohort. The findings...