Ageing-Driven Pension Reforms

J. Bonenkamp; Lex Meijdam; Eduard Ponds; Ed Westerhout

Ageing-Driven Pension Reforms

J. Bonenkamp, Lex Meijdam, Eduard Ponds, Ed Westerhout

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Abstract

This paper stems from the observation that there are two world-wide trends, pension reform and population ageing, and asks whether the two may be related. Exploring the cases of pension reform in different countries, we find that, although they are very different, the cases share a common characteristic: they shift risks away from workers towards those who are retired. Furthermore, population ageing, by increasing the weight of the elderly relative to working generations, raises the price of intergenerational risk sharing. Combining these findings, we argue and show formally that pension reform can be seen as a welfare-best response to population ageing.

Original language	English
Place of Publication	Tilburg
Publisher	NETSPAR
Number of pages	29
Publication status	Published - Jun 2016

Publication series

Name	Netspar Academic Paper
Volume	DP 06/2016-024

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P20160624_dp024_PondsFinal published version, 790 KB

https://www.netspar.nl/assets/uploads/P20160624_dp024_Ponds.pdf

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AB - This paper stems from the observation that there are two world-wide trends, pension reform and population ageing, and asks whether the two may be related. Exploring the cases of pension reform in different countries, we find that, although they are very different, the cases share a common characteristic: they shift risks away from workers towards those who are retired. Furthermore, population ageing, by increasing the weight of the elderly relative to working generations, raises the price of intergenerational risk sharing. Combining these findings, we argue and show formally that pension reform can be seen as a welfare-best response to population ageing.

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