fully funded occupational pension systems, and mandatory social security financed by pay-as-you-go. The specific mixture of … the three systems we will call the pension composition. We assume that individual workers decide about their own … decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …

, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old …-fashioned hoarding in cash. Here, we call the specific mixture of the four systems the pension composition. We assume that individual … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old …-fashioned hoarding in cash. Here, we call the specific mixture of the four systems the pension composition. We assume that individual … pension savings are the only sources of capital supply. When capital supply equals demand from industry there is equilibrium …

This paper contains nine different essays on Social Security reform and multi-pillar pension plans. The nine topics are … of add-on accounts on Social Security solvency6. Administrative costs on multi-pillar pension plans7. Potential lessons …