Pension Reform

Holzmann, Robert; Valdés‐Prieto, Salvador; Svensson, Ingemar; Vanovska, Inta; Legros, Florence; Góra, Marek; Gronchi, Sandro; Domínguez‐Fabián, Inmaculada; Barr, Nicholas; Lindbeck, Assar; Sundén, Annika; Chłoń-Domińczak, Agnieszka; Könberg, Bo; Brooks, Sarah M.; Nisticò, Sergio; Schuh, Ulrich; Alho, Juha M.; Settergren, Ole; Mora, Marek; Diamond, Peter A.; Lassila, Jukka; Mikula, Boguslaw D.; Lindeman, David Rutkowski; Franco, Daniele; Koman, Reinhard; Hedborg, Anna; Börsch‐Supan, Axel; Valkonen, Tarmo; Robalino, David A.; Tutkowski, Michal; Stabina, Sandra; Wilke, Christina Benita; Palmer, Edward; Weaver, R. Kent; Sartor, Nicola; Felderer, Bernhard; Vidal‐Meliá, Carlos; Takayama, Noriyuki

doi:10.1596/978-0-8213-6038-5

Cited by 172 publications

(21 citation statements)

References 12 publications

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“…As a result, the methodology for the theoretical aspects of NDC schemes was based on Palmer (2000, Settergren (2001), Settergren and Mikula (2006) and Serrano (2015) and the methodology to analyse the experiences of Sweden, Italy, Latvia, Poland and Norway was based on Könberg, Palmer and Sundén (2006), Franco and Sartor (2006), , Chłoń-Domińczak and Góra (2006), Chłoń-Domińczak, Franco and Palmer (2012) and Christensen et al (2012), with some complementary works.…”

Section: Methodsmentioning

confidence: 99%

“…The first dimension of this classification differentiates defined contribution schemes from defined benefit schemes. In DC schemes, contribution rates are exogenous, while retirement benefits are endogenous, that is, as contribution rates are fixed, retirement benefits are adjusted periodically to ensure pension system financial balance (Lindbeck, 2006).…”

Section: Definition and Classification Of Ndc Schemesmentioning

confidence: 99%

“…In the context of this classification, according to Lindbeck (2006), NDC schemes are quasiactuarial schemes, that is, they are DC unfunded schemes. Therefore, they have exogenous contribution rates (hence endogenous retirement benefits).…”

Section: Definition and Classification Of Ndc Schemesmentioning

confidence: 99%

“…Considering these challenges, Sweden, in a pioneering way, developed in 1994 a reform concept that structurally modified its old pension system. The reform introduced a scheme that had never been adopted in the world: the notional defined contribution (NDC) scheme, which was later implemented in other countries such as Italy (Franco and Sartor, 2006), Latvia , Poland (Chłoń-Domińczak and Góra, 2006) and Norway (Christensen et al, 2012).…”

Section: Introductionmentioning

confidence: 99%

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Notional Defined Contribution (NDC) Schemes: a pension system alternative

Morais

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Méxas

2021

REMEF

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This article aims to discuss the main concepts related to notional defined contribution (NDC) schemes and to analyze the experiences of Sweden, Italy, Latvia, Poland and Norway. The methodology is based on a literature review. The main result was that the extent of NDC as a pension system alternative depends on the degree of closeness to the generic scheme. It is recommended to analyze NDC as an alternative for pension system reforms considering its capacity to control structural deficits. As a limitation, it was not analyzed some possible social impacts of NDC introduction. This article is original because encompasses theoretical and practical aspects of NDC schemes. It is expected that this research can contribute to assist public officials in decision-making about reforms in pension systems.

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Section: Methodsmentioning

confidence: 99%

Section: Definition and Classification Of Ndc Schemesmentioning

confidence: 99%

Section: Definition and Classification Of Ndc Schemesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Notional Defined Contribution (NDC) Schemes: a pension system alternative

Morais

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Méxas

2021

REMEF

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“…Although an NDC scheme provides benefit for everyone who works and contributes to it, it will not necessarily provide everyone with a benefit that gives sufficient income for them to live on. It has long been recognized that NDC schemes should be supplemented with a minimum pension benefit (MPB) [63][64][65][66]. The introduction of an MPB is a way of preserving the social sustainability of the scheme as well as the adequacy of the pension.…”

Section: The Modelmentioning

confidence: 99%

A Social Insurance Accounting for a Notional Defined Contribution Scheme Combining Retirement and Long-Term Care Benefits

2018

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This paper develops a social insurance accounting model for a notional defined contribution (NDC) scheme combining retirement and long-term care (LTC) contingencies. The procedure relies on standard double-entry bookkeeping and enables us to compile a "Swedish" type actuarial balance sheet (ABS) following a framework equivalent to an open group approach. This methodology is suitable for reporting the system's solvency status and can show periodical changes in the system's financial position by means of an income statement. The information underpinning the actuarial valuation is based on events and transactions that are verifiable at the valuation date, without considering expected future trends. The paper also contains an illustrative example to make it easier for policymakers to understand the main advantages and difficulties of our proposal. The policy conclusions stress the need to properly report social insurance benefits to enhance transparency and sustainability and to improve decision-making because it is in the public interest to do so.

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Bibliography

2012

Stochastic Methods for Pension Funds

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Pension Reform

Cited by 172 publications

References 12 publications

Notional Defined Contribution (NDC) Schemes: a pension system alternative

Notional Defined Contribution (NDC) Schemes: a pension system alternative

A Social Insurance Accounting for a Notional Defined Contribution Scheme Combining Retirement and Long-Term Care Benefits

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