The identification of the empirical relevance of saving motives has created several problems to applied researchers in recent years. While there is theoretical consensus that a broad formulation of the intertemporal allocation problem allows the identification of three motives to save (Gourinchas and Parker 2001), it is far from clear what the empirical relevance is of these motives. It is very difficult to quantify the amount of savings that households are putting aside for retirement purposes specifically (such as retiring early or supplementing future pension benefits), as this type of saving is not in theory separable from other types.

A number of countries have introduced notional defined-contribution pensions as a replacement for public pensions of the defined-benefit type. Among OECD and EU countries, for example, these comprise Italy, Latvia, Poland and Sweden. There has been a great deal of interest in other countries in this approach to pension reform.

This paper studies the relationship between retirement and mortality, using a unique administrative data set covering the full population of Norway. We make use of a series of retirement policy changes in Norway, which reduced the retirement age for a group of workers but not for others.

This paper addresses two policy questions with respect to public defined benefit (DB) pension schemes: Firstly, does a funded DB pension scheme increase welfare? In other words: do the gains from intergenerational sharing of capital market risks outweigh the labour market distortions from pension schemes? Secondly, how large is the commitment problem of pension funds after an adverse capital market shock?

Countries exhibit considerable variety in the design of pension systems. Apparently, the pension system can be organized in many alternative ways, with alternative allocations of the functions of the pension system to different institutions or ‘pillars’ in the system.

Both the impacts of financial incentives and health on transitions into retirement and inactivity by older workers have been studied extensively in a variety of contexts but far less is known about their interaction.

Pension is a complex product. It is a long term investment good, which faces much uncertainty, learning-by-doing is limited and insight in the broader picture of personal finance is required to save optimally. On top of the complexity of the product, human irrationality and illiteracy decrease the chance of spreading consumption optimally.

Is there a causal link, positive or negative, from retirement age to mortality? Leaving employment may involve reduced stress and greater enjoyment of life, suggesting that early retirement enhances longevity. However, it may also lead to reduced mental and physical activity, loss of social networks, and health-adverse habits, suggesting that later retirement may extend expected lifespan.

Pension is a complex product. It is a long term investment good, which faces much uncertainty, learning-by-doing is limited and insight in the broader picture of personal finance is required to save optimally.

This paper compares notional defined-contribution pension schemes (also known as notional accounts) with two alternative designs of earnings-related pension schemes: points systems and definedbenefit plans.

Disabled people face higher costs of living than do non-disabled people. These additional costs include the cost of adapting the home, overcoming the difficulties of getting about, and acquiring assistance with everyday tasks that non-disabled people can do unaided.