Annuities in (N)DC Pension Schemes

Palmer, Edward; Varennes, Yuwei de Gosson de Zhao

doi:10.1596/31640

Cited by 6 publications

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Redistributive effects of pension reforms: who are the winners and losers?

Sánchez-Romero,

Schuster,

Prskawetz

2023

Journal of Pension Economics and Finance

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As the heterogeneity in life expectancy by socioeconomic status increases, many pension systems imply a wealth transfer from short- to long-lived individuals. Various pension reforms aim to reduce inequalities that are caused by ex-ante differences in life expectancy. However, these pension reforms may induce redistribution effects. We introduce a dynamic general equilibrium-overlapping generations model with heterogeneous individuals that differ in their education, labor supply, lifetime income, and life expectancy. Within this framework we study six different pension reforms that foster the sustainability of the pension system and aim to account for heterogeneous life expectancy. Our results highlight that pension reforms have to be evaluated at various dimensions. Reforms that may increase the sustainability of the pension system are not necessarily conducive to reduce the redistributive wealth transfers from short- to long-lived individuals. Our paper emphasizes the need for studying pension reforms in models with behavioral feedback and heterogeneous socioeconomic groups.

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Redistributive effects of pension reforms: who are the winners and losers?

Sánchez-Romero,

Schuster,

Prskawetz

2023

Journal of Pension Economics and Finance

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NDC: The Achievements and Challenges of Adulthood

Holzmann¹,

Palmer²

2019

Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Volume 1. Addressing Marginalization, Polarizatio

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The Swedish NDC Scheme: Success on Track with Room for Reflection

Palmer¹,

Könberg²

2019

Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes: Volume 1. Addressing Marginalization, Polarizatio

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This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.

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Annuities in (N)DC Pension Schemes

Cited by 6 publications

References 0 publications

Redistributive effects of pension reforms: who are the winners and losers?

Redistributive effects of pension reforms: who are the winners and losers?

NDC: The Achievements and Challenges of Adulthood

The Swedish NDC Scheme: Success on Track with Room for Reflection

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