New Dutch pension contracts and lessons for other countries

Research output: Working paperDiscussion paperOther research output

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Abstract

This paper summarizes recent developments in Dutch occupational pensions of both the DC and DB type. A reform of DB schemes is discussed that introduces financial assets as individual entitlements. At the same time, the reformed schemes derive (dis)saving, financial risk management and insurance decisions from the explicit objective of adequate and stable lifelong retirement income. In fact, the proposed system involves not only financial assets in individual accounts but also an insurance contract pooling longevity risks and possibly collective buffers that share systematic risks with future pension savers. The paper identifies the strengths and weaknesses of the Dutch contract design and draws lessons for other countries.
Original languageEnglish
Place of PublicationTilburg
PublisherNETSPAR
Number of pages22
Publication statusPublished - Sep 2017

Publication series

NameNetspar Academic Series
VolumeDP 09/2017-014

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Pensions
Financial assets
Contract design
Financial risk management
Longevity risk
Systematic risk
Insurance
Entitlement
Retirement income
Insurance contract
Occupational pension
Pooling
Buffer

Cite this

Bovenberg, L., & Nijman, T. (2017). New Dutch pension contracts and lessons for other countries. (Netspar Academic Series; Vol. DP 09/2017-014). Tilburg: NETSPAR.
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Bovenberg, L & Nijman, T 2017 'New Dutch pension contracts and lessons for other countries' Netspar Academic Series, vol. DP 09/2017-014, NETSPAR, Tilburg.

New Dutch pension contracts and lessons for other countries. / Bovenberg, Lans; Nijman, Theo.

Tilburg : NETSPAR, 2017. (Netspar Academic Series; Vol. DP 09/2017-014).

Research output: Working paperDiscussion paperOther research output

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AB - This paper summarizes recent developments in Dutch occupational pensions of both the DC and DB type. A reform of DB schemes is discussed that introduces financial assets as individual entitlements. At the same time, the reformed schemes derive (dis)saving, financial risk management and insurance decisions from the explicit objective of adequate and stable lifelong retirement income. In fact, the proposed system involves not only financial assets in individual accounts but also an insurance contract pooling longevity risks and possibly collective buffers that share systematic risks with future pension savers. The paper identifies the strengths and weaknesses of the Dutch contract design and draws lessons for other countries.

M3 - Discussion paper

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PB - NETSPAR

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Bovenberg L, Nijman T. New Dutch pension contracts and lessons for other countries. Tilburg: NETSPAR. 2017 Sep. (Netspar Academic Series).