2016

This paper investigates the causal effects of the announcement of an increase in the statutory pension age on employee retirement expectations. In June 2010, the Dutch government signed a new pension agreement with the employer and employee organizations that entailed an increase in the statutory pension age from 65 currently to 66 in 2020 for all inhabitants born after 1954. Given the expected increase in average life expectancy, it was also decided that in 2025 the pension age would be further increased to 67 for those born after 1959. This new pension agreement received huge media coverage.

We investigate how Japanese men aged 60-74 adjust their workforce attachment after beginning to receive a public pension. Men who were employees at age 54 gradually move to part-time work or retire after beginning to receive pension benefits; those who continue working are more likely to be underemployed. Men self-employed at age 54, however, neither retire nor reduce their working hours even after beginning to receive pension benefits; these men are more likely to be overemployed.

This paper estimates the causal effect of income on health outcomes of the elderly and investigates underlying mechanisms by exploiting an income change induced by the launch of China's New Rural Pension scheme (NRPS). Using this policy experiment, we address the endogeneity of pension income by applying a fixed-effect model with instrumental variable correction.

Tidligere forhåpninger om at regjeringen Solberg ville hindre ytterligere nedgang i alderspensjonistenes realinntekt ble lagt død av regjeringen selv i god tid før trygdedrøftingene startet. Regjeringen har prioritert de store pengene på Frps hjertesak å øke grunnpensjonen til gifte og samboende pensjonister. Stortinget har fulgt opp med å øke minstepensjonene og på den måten signalisere at de ikke tror på sin egen pensjonsreform. Dermed er det ikke rom for å gi noe ekstra som også treffer de enslige alderspensjonistene.

Portability of social benefits across professions and countries is an increasing concern for individuals and policy makers. Lacking or incomplete transfers of acquired social rights are feared to negatively impact individual labor market decisions as well as capacity to address social risks with consequences for economic and social outcomes. The paper gives a fresh and provocative look on the international perspective of the topic that has so far been dominated by social policy lawyers working within the framework of bilateral agreements; the input by economists has been very limited.

This paper considers the lifetime asset allocation problem with both idiosyncratic and systematic longevity risks, in which the stochastic mortality model is given by a general diffusion process. A wage earner can invest in a zero-coupon bond, a stock and a longevity bond, consume part of his wealth and purchase life insurance or annuity so as to maximize the expected utility from consumption, terminal wealth and bequest.

The financial crisis of 2008 has led to a substantial and lasting change in investment opportunities. Both long-term and short-term interest rates have now been at historic lows in many countries for more than five years, presenting new challenges for pension funds. One result has been a substantial increase in the present value of liabilities for Defined Benefit (DB) pension funds. At the same time, fixed-income has become a less attractive asset class due to lower expected returns, which has implications for Defined Contribution (DC) as well as DB funds.

Arbeidsministeren og regjeringen stengte 3. mai døra for forhandlinger om ny offentlig tjenestepensjon med arbeidstakerorganisasjonene. Regjeringen ville gjerne «forhandle», men ikke forhandle innenfor de ordinære oppgjørene. Å sluttføre forhandlingene om offentlig tjenestepensjon i tariffoppgjøret i 2017 ville de ikke. Det har ikke kommet noen god forklaring på hvorfor.

As the population ages, low and unequal social security coverage are among the most pressing challenges in the Latin American region. On average, only 45% of workers contribute to social security, and this figure is much lower for low-income and low-skilled individuals. There are many hypotheses for this limited and uneven coverage.

Fra 2011 ble det mulig å ta ut alderspensjon fra 62 år i private tjenestepensjonsordninger. Det store flertallet venter imidlertid til de er 67 år med å ta ut tjenestepensjon. Det viser statistikk fra Finans Norge.

Når arbeidsgiver godt hjulpet av en pensjonsrådgiver vil bytte til innskuddspensjon, blir de tilitsvalgte ofte vist regnestykker som legger til grunn for høy avkastning av pensjonskapitalen. Det gir høyere pensjon enn det er grunn til å forvente.

Today's pay-as-you-go social security systems are put under pressure by increasing life expectancy, the baby boomer generation entering retirement, and an early eective retirement age. In developed countries, many employees retire before reaching the full retirement age. Conducting a large online experiment, we relate the retirement timing decision to the disparity between the willingness-to-accept (WTA) and the willingness-to-pay (WTP).