The paper identifies the sustainable rate of return (to be credited on all account balances) for a generic Defined-Contribution pension scheme regardless of its degree of funding.

The paper identifies the sustainable rate of return (to be credited on all account balances) for a generic Defined-Contribution pension scheme regardless of its degree of funding.

The paper inquires into notional defined contribution pension schemes, which retain the pay-as-you-go financing method while adopting the award and indexation formulas typical of funded, defined-contribution systems. It examines the properties of the new arrangement and compares them with those...

Starting from a reconstruction of the political context in which the Italian 1995 pension reform took shape, this paper reviews the essential features of the 1995 and post-1995 legislation and assesses its fundamental shortcomings. A straightforward theoretical discussion highlights both the...

The paper inquires into Notional Defined Contribution pension schemes, which retain the pay-as-you-go financing method while adopting the award and indexation formulas typical of funded, defined-contribution systems. It inquires the properties of the new arrangement and compares its theoretical...

Starting from a reconstruction of the political context in which the Italian 1995 pension reform took shape, this paper reviews the essential features of the 1995 and post-1995 legislation and assesses its fundamental shortcomings. A straightforward theoretical discussion highlights both the...