The Social Security "full retirement age" (FRA) is the age at which retirement income benefits are available without reduction for early commencement. Presently, that age is 67 for those born in 1960 or later. This paper is about the unfair and unnecessary threat to reduce Social Security...

This paper examines how offering sustainable investment options influences sustainable consumption behavior. We combine a natural experiment in which individuals receive an option to switch to a pension plan with a strong sustainability profile with detailed household register data. This...

Andorra has the highest life expectancy and the lowest fertility rate in Europe, resulting in one of the fastest-aging populations on the continent. This study assesses the long-term fiscal implications of demographic change for Andorra's pension and healthcare systems. Without reform, public...

This paper examines reform measures for the National Pension System, analyzing their fiscal impacts. Despite past reforms adjusting contribution and replacement rates, the system faces ongoing sustainability challenges. We forecast that the reserve fund, peaking at 1,972.0 trillion KRW in 2039,...

This paper provides a comparative analysis of the pension systems in Brazil and Canada, focusing on their historical evolution, structural frameworks, and the demographic and fiscal challenges they face. By examining the development of these systems, the study highlights the unsustainable...

This study gauges Finnish people's knowledge about pensions and their trust in the pension system. A further aim is to see if knowledge and trust are related and to explore the role of sociodemographic factors in that relationship. We examine both self-assessed and objective knowledge of pension...

In dieser Studie wird das Pensionsübertrittsgeschehen in Österreich im Zeitraum 2010 bis 2022 untersucht. Sie analysiert die Pensionsantritte hinsichtlich Menge und Struktur nach Pensionsart, Geschlecht und betrieblichen Merkmalen sowie des durchschnittlichen Alters bei Pensionsantritt....

For more than 25 years, the Social Security Trust Fund has been projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be severely reduced in the absence of corrective legislative action. Today (February 2024), projections are made by the Social...

We use an overlapping generations model to study the challenge in developing countries with a large informal sector and aging population. We use Thailand as a case study and incorporate its labor market structure and its public pension system into the calibrated model. Unlike developed...

Chile implemented large pension withdrawals during the pandemic relative to other countries. Afterwards, Chile increased non-contributory benefits in a quasi-universal scheme. Simulating the future pensions, I show that the average loss in contributory pension income is 27.9%, with losses of...

During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions. However, not matched by revenue measures, they have widened the...

Asia and the Pacific has the most diverse regional pension landscape globally. Yet the region's pension systems are facing common challenges as they attempt to expand coverage, and ensure adequacy and fairness, while maintaining fiscal sustainability. We review the structures and performance of...

This study contributes to the discussion about a fair and balanced pension system with a collectively funded pension scheme or social security and a defined contribution pillar. With an invigorated risk approach using financial option positions, it considers the variance of socioeconomic...

This study provides a comprehensive analysis of the generational wealth transfer within Sweden's public pay-as-you-go pension system introduced in 1960. Using extensive administrative registers, the paper quantifies the contributions made and benefits received by each birth cohort. The findings...

Im Zuge des demografischen Wandels nehmen die Ausgaben der gesetzlichen Rentenversicherung in Deutschland in Zukunft deutlich zu, während die Lohnsumme, aus der die Beiträge zu finanzieren sind, gedämpft wird. Immer weniger Beitragszahler stehen in dem umlagefinanzierten System immer mehr...

There is a large professional literature on the correct measurement of the funded status of and indicated employer contributions to government employee pension plans. But static measures do not provide a quantification of the risk that plans could represent in the future in various possible...

Around three million pensioners receive the Indonesian civil service pension benefit. This benefit is the main source of income for the majority of civil service pensioners. This paper examines the adequacy of this pension benefit from the perspective of pensioners in Kapuas Regency. Through...

Previous research predicts an increasing financial deficit in Algeria's PAYG retirement system, mainly due to rapid population aging, and parametric adjustments will be insufficient to alleviate this imbalance. Mitigating the effects of population aging will necessitate further intervention. In...

This study examines the required return to fund a defined pension benefit of the Civil Service Pension Fund, managed by KWAP. Based on the four variables, contribution rate, retirement age, life expectancy, and length of service, this study simulates 648 scenarios of required return...

Using an overlapping generations model, two new indicators of public pension system sustainability are proposed: the pension space, which measures the capacity to pay for pension expenditures out of labour taxation, and the pension space exhaustion probability reflecting demographic...

The reason why both earnings growth and inflation matter for the state pension is the pensions 'triple lock'. In place since 2011 (except for a one-year temporary suspension in 2022), under the triple lock the state pension rises in line with the highest of CPI inflation, average earnings growth...

New innovations are emerging to address the shortcomings of the “poor cousins” among employer-sponsored pension plans – defined-contribution (DC) plans and Group RRSPs. Unlike defined-benefit (DB) plans, they do not provide retirement income for life but instead focus on the accumulation...

This paper studies how municipal governments jointly manage spending, credit market borrowing, and public employee pensions. I model governments as levered investors who must meet non-defaultable pension obligations and may value government spending more than citizens. I quantify the model using...

Using an overlapping generations model, two new indicators of public pension system sustainability are proposed: the pension space, which measures the capacity to pay for pension expenditures out of labour taxation, and the pension space exhaustion probability reflecting demographic...

Pension funds are increasingly relying on swaps to hedge the long-term nature of their liabilities. While the use of swaps reduces pension funds' exposure to interest rate risk, it exposes pension funds to liquidity risk because of potential margin calls. We study these effects using unique data...

The design of social security systems has implications not only for households' saving and labor supply choices, but also for the political support of intergenerational transfers. We examine the effects of making pension benefits dependent on - or independent of - labor market participation, as...