The Italian TFR ("Trattamento di fine Rapporto") is a statutory payment made by firms to staff on separation. Recent reforms of the national pension system are based on voluntary transfers of the TFR to a supplementary pension fund. The purpose of this paper is to provide a probabilistic...

Early retirement is predominantly considered as the result of incentives set by social security and the tax system. But people seem to retire early even in the absence of such distortions as the Swiss example demonstrates. We look for determinants of early retirement, in particular the role of...