Der demografische Wandel wird die umlagefinanzierte gesetzliche Rentenversicherung in den kommenden Jahrzehnten stark belasten. Bisherige Rentenreformen zielten daher darauf ab, durch steuerliche Förderung die zusätzliche kapitalgedeckte Altersvorsorge zu stärken. Diese Möglichkeit wird aber...

The aim of this article is to evaluate the effectiveness of voluntary pension savings plans in Poland, based on the principles of operation and rates of return of voluntary pension funds (pol. Dobrowolne Fundusze Emerytalne, DFE). The selection of those funds from a whole range of solutions...

Variations among the diverse pension systems in the member states of the European Union (EU) hamper labor market mobility across national borders and also among firms within the countries of the EU. From a macroeconomic perspective, and in the light of demographic pressure, this paper argues...

This study investigates the relationship between governance, investment performance and asset allocation of pension funds in Switzerland. Our sample includes survey data from 139 Swiss occupational pension plans for which we develop a governance metric comprising attributes of organisational...

Considering the growing role of private and funded pension provision and the sensitivity of private pension provision to the economic climate, there is an increasing need of comparable and reliable information on private pension plans in order to better monitor retirement income adequacy and the...

To adapt pension systems to demographic trends, many countries are reducing pay-as-you-go public pension levels and lifting retirement ages. In this context, funded pensions could play a major role to avoid adequacy gaps. Yet, as this paper shows, the coverage of funded private pensions, as...

Pension schemes have a significant influence on the saving and consumption decisions of households. Similarly, contributions to pension arrangements are substantial expenditures for national governments and also for corporations, depending on the prevailing pension system. Beyond this, pension...

While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on...

El sistema previsional en Chile es gestionado por entidades privadas, denominadas AFP, a las cuales cada trabajador debe cotizar un 10% de su renta en planes individuales de ahorro obligatorio para jubilación más una comisión variable a beneficio directo de la AFP. Por otro lado, el empleador...

In this article, we determine a charge on balance that is equivalent to a certain fixed charge on flow for a particular utility–maximizer affiliate participating in a defined-contribution pension fund under the system of individual accounts. We also prove, under market completeness, that the...