undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension … background of this reform for cohorts 1935-1945. I measure the profitability with the internal rate of return (IRR) and use high … that the deductions introduced by the reform only cause some part of this trend. The majority of the trend, about 75 …

undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension … background of this reform for cohorts 1935-1945. I measure the profitability with the internal rate of return (IRR) and use high … that the deductions introduced by the reform only cause some part of this trend. The majority of the trend, about 75 …

effects of public pensions and credit rationing. These implications are not much affected by whether altruism is assumed or …

at policy in 13 reforming countries. It concludes that older workers are best excluded from reform, because the economic …

Western societies. Starting with cohort 1937, Germany introduced permanent pension deductions for early retirement. This paper … examines the evolution of the profitability of pension contributions against the background of this reform for cohorts 1935 … the reform only cause some part of this trend, with a major part caused by increases in contributions. …

Public and private pensions control almost a quarter of the United States' tangible wealth--equivalent to all of the … provides a guide to the debate. Topics include the impact of pensions on personal and national saving, the potential for a …

-as-you-go, state-run defined-benefit pensions to individual, private-sector, funded defined-contribution accounts. It looks at three … issues in this reform: the financing of the transition from pay-as-you-go to funded provision; the fiscal impact of voluntary … individuals for whom they were not suitable. The paper examines recent reform proposals and the prospects for reform under the New …

lump sums with the risk that people outlive their resources. Finally, pensions in payment are not automatically adjusted to …