The Future of Multi-Pillar Pensions

A.L. Bovenberg, C. van Ewijk, E. Westerhout

Research output: Book/ReportBookScientific

Abstract

Pension systems are under serious pressure worldwide. This pressure stems not only from the well-known trend of population aging, but also from those of increasing heterogeneity of the population and increasing labour mobility. The current economic crisis has aggravated these problems, thereby exposing the vulnerability of many pension schemes to macroeconomic shocks. This book reconsiders the multi-pillar pension scheme against the background of these pressures. It adopts an integral perspective and asks how the pension system as a whole contributes to the three basic functions of pension schemes: facilitating life-cycle financial planning, insuring idiosyncratic risks and sharing macroeconomic risks across generations. It focuses on the optimal balance between the various pension pillars and on the optimal design of each of the schemes. It sketches a number of economic trade-offs, showing that countries may opt for different pension schemes depending on how they react to these trade-offs.
Original languageEnglish
Place of PublicationCambridge
PublisherCambridge University Press
Number of pages436
ISBN (Print)9781107022263
Publication statusPublished - 2012

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Pension scheme
Pensions
Trade-offs
Pension system
Vulnerability
Idiosyncratic risk
Population aging
Macroeconomics
Macroeconomic shocks
Integral
Life cycle
Economics
Economic crisis
Financial planning
Labour mobility

Cite this

Bovenberg, A. L., van Ewijk, C., & Westerhout, E. (2012). The Future of Multi-Pillar Pensions. Cambridge: Cambridge University Press.
Bovenberg, A.L. ; van Ewijk, C. ; Westerhout, E. / The Future of Multi-Pillar Pensions. Cambridge : Cambridge University Press, 2012. 436 p.
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Bovenberg, AL, van Ewijk, C & Westerhout, E 2012, The Future of Multi-Pillar Pensions. Cambridge University Press, Cambridge.

The Future of Multi-Pillar Pensions. / Bovenberg, A.L.; van Ewijk, C.; Westerhout, E.

Cambridge : Cambridge University Press, 2012. 436 p.

Research output: Book/ReportBookScientific

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N2 - Pension systems are under serious pressure worldwide. This pressure stems not only from the well-known trend of population aging, but also from those of increasing heterogeneity of the population and increasing labour mobility. The current economic crisis has aggravated these problems, thereby exposing the vulnerability of many pension schemes to macroeconomic shocks. This book reconsiders the multi-pillar pension scheme against the background of these pressures. It adopts an integral perspective and asks how the pension system as a whole contributes to the three basic functions of pension schemes: facilitating life-cycle financial planning, insuring idiosyncratic risks and sharing macroeconomic risks across generations. It focuses on the optimal balance between the various pension pillars and on the optimal design of each of the schemes. It sketches a number of economic trade-offs, showing that countries may opt for different pension schemes depending on how they react to these trade-offs.

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Bovenberg AL, van Ewijk C, Westerhout E. The Future of Multi-Pillar Pensions. Cambridge: Cambridge University Press, 2012. 436 p.