The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...

This paper contains nine different essays on Social Security reform and multi-pillar pension plans. The nine topics are: 1. Transition costs2. Progressive indexation3. Government guarantees on private accounts4. Life cycle investing5. Impact of add-on accounts on Social Security solvency6....

Poland's new Employee Capital Plans (PPK) scheme, which is mandatory for employers, started to be implemented in July 2019. The article looks at the systemic solutions applied in the programme from the perspective of the concept of the simultaneous reconstruction of the retirement pension...

The main aim of the study is to identify the size of the pension gap in Poland and to estimate the level of supplementary savings needed to cover it. The issue of pension system income adequacy is first discussed, and the forecasted and targeted levels of replacement rates in Poland are...

The Chilean pension system was hit hard during 2020-2021 by the withdrawal of 25 per cent of the individual pensions funds accumulated by 2019, an amount equivalent to 20 per cent of Chile's GDP. We estimate here the impact of those withdrawals on new pension allowances, using a combination of...

Pension taxation has large budgetary and distributional effects, in particular in the light of ageing societies and the importance of pension benefits in old-age income. This paper investigates the impact of taxing public and mandatory occupational old-age pensions in the EU, focusing on both...

The paper represents author’s research on efficiency on pension systems and effectiveness of state social care policies from the perspective of stability of life at the end of career ladder. It refers to the topic Work – Labor/Value, where former employees’ rights and the impact on...

During the COVID-19 pandemic, the Australian government allowed eligible individuals to withdraw up to A$20,000 (around half median annual wage income) across two tranches from their retirement accounts, ordinarily inaccessible until retirement. Based on historical returns, the modal withdrawal...

Public pay-as-you-go pensions still form the dominant pillar of old-age provision in Germany. This is in marked contrast to the situation in Anglo-Saxon countries. It has advantages if labour markets are strong, e.g., following a quick recovery from the Great Recession. It has disadvantages, as...