The Future of Multi-Pillar Pensions
The Future of Multi-Pillar Pensions
Casper van Ewijk, Universiteit van Amsterdam
Ed Westerhout, CPB Netherlands Bureau for Economic Policy Analysis
Pension systems are under serious pressure worldwide. This pressure stems not only from the well-known trend of population aging, but also from those of increasing heterogeneity of the population and increasing labour mobility. The current economic crisis has aggravated these problems, thereby exposing the vulnerability of many pension schemes to macroeconomic shocks. This book reconsiders the multi-pillar pension scheme against the background of these pressures. It adopts an integral perspective and asks how the pension system as a whole contributes to the three basic functions of pension schemes: facilitating life-cycle financial planning, insuring idiosyncratic risks and sharing macroeconomic risks across generations. It focuses on the optimal balance between the various pension pillars and on the optimal design of each of the schemes. It sketches a number of economic trade-offs, showing that countries may opt for different pension schemes depending on how they react to these trade-offs.
- Adopts an integrated approach, focusing on all pillars of pension schemes
- International perspective allows comparison of pension schemes in different countries
- Translates economic insights into messages for policymakers, showing how policies could be adjusted in order to improve the functioning of pension schemes
Product details
January 2015Paperback
9781107481121
434 pages
228 × 149 × 26 mm
0.62kg
29 b/w illus. 13 tables
Available
Table of Contents
- List of figures
- List of tables
- List of boxes
- List of contributors
- 1. Introduction Ed Westerhout
- 2. Population ageing and financial and social sustainability challenges of pension systems in Europe: a cross-national perspective Asghar Zaidi
- 3. The World Bank's pension policy framework and the Dutch pension system: a paradigm for the multi-pillar design? Richard Hinz
- 4. Credit crisis and pensions: international scope Nicholas Barr
- 5. Designing the pension system: conceptual framework Lans Bovenberg and Casper van Ewijk
- 6. Private versus public risk sharing: should governments provide reinsurance? Henning Bohn
- 7. The redistribution of macroeconomic risks by Dutch institutions Leon Bettendorf and Thijs Knaap
- 8. The consequences of indexed debt for welfare and funding ratios in the Dutch pension system Roel Beetsma and Alessandro Bucciol
- 9. Rational pensions for irrational people: behavioral science lessons for the Netherlands Zvi Bodie and Henriëtte Prast
- 10. Opportunities for improving pension wealth decumulation in the Netherlands Jeffrey Brown and Theo Nijman
- 11. The future of multi-pillar pension systems Lans Bovenberg and Casper van Ewijk
- Index.
