The aim of this paper is to analyse the role of the survivor dividend in notional defined contribution (NDC) pension schemes. With this aim in mind, we first extend the model developed by Boado-Penas & Vidal-Meliá (2014) by allowing for changes in the growth of the active population. We then...

This paper demonstrates that the link between heterogeneity in longevity and lifetime income across countries is mostly high and often increasing; that it translates into an implicit tax/subsidy, with rates reaching 20 percent and higher in some countries; that such rates risk perverting...

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....

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...