transfers (public health care expenditures and the generosity of pension systems) to the level of savings. A reduced-form model …

This paper analyses the impact of welfare systems and longevity on savings. It develops a life-cycle model embodying … social transfers (health care and pension expenditures) and changes in longevity to determine the level of household savings …

, unchanged replacement rates and a discretionary increase of all pensions of 2.5 per cent in 2008 would limit the poverty rate …