Pensions in transition in EU11 countries between 1990 and 2015

This paper surveys the most significant problems of the pension systems of EU11 countries. These nations had to transform their old-age social security systems after replacing a state-socialist economic order with a capitalist one. Stressing common as well as specific features, our paper concludes that no country has yet found the perfect solution, a pension policy-mix that would blend sustainability with efficiency and adequacy. Moreover, the countries surveyed do not seem to improve their policies over time. Instead, several of the errors discussed in the study re-appear in various forms and under various circumstances. Our study sheds light on the most common of these policy errors, and offers a common framework for evaluating pension systems along the most important qualitative dimensions.