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This paper studies the role of permanent- and transitory earnings variability for lifetime income inequality in Sweden. We fit a permanent–transitory error component model to the autocovariance structure of earnings using administrative data for 2002–2015 and minimum distance estimation. We find that permanent earnings inequality increased during the first decade and that the financial crisis of 2008 temporarily heightened earnings volatility. Using this model, we simulate pension entitlements and study lifetime income inequality conditional on the pre- and post-1990’s pension system. We find that permanent earnings differences generally contribute the most to lifetime income inequality. We conclude that the Swedish pension system provides some insurance against earnings risk, but accentuates the role of permanent earnings differences in explaining lifetime inequality.

The main objective of this article is to analyze recent changes in attitudes regarding two of the most important pillars of the Spanish public welfare state: pensions and healthcare. The analysis was carried out for the years 2007-2008, prior to the Great Recession, and 2018-2019, following the effects of said crisis. An analytical approach was used to consider a wide range of variables related to self-interest and values, using satisfaction as the dependent variable. The following factors were found to have the greatest influence on levels (and changes) of satisfaction with these public services: a decrease in intergenerational consensus and values related to welfare-system resources, especially in the perception of the sufficient public spending, the willingness to increase this spending and the benefits-payment balance., El objetivo de este artículo es analizar la satisfacción con los dos pilares más importantes del estado de bienestar en España, las pensiones y la sanidad. El análisis se realiza para los años 2007-2008, antes de la Gran Recesión, y para los años 2018-2019, tras los efectos de esa crisis. El enfoque explicativo se centra en la influencia sobre la satisfacción de una amplia gama de variables de autointerés y de valores. Los resultados prueban que los factores que mejor explican los niveles de satisfacción y sus cambios en esos períodos son, por un lado, el debilitamiento del consenso intergeneracional en la evaluación tanto de pensiones como de sanidad y, por otro lado, los valores sobre los recursos del sistema, especialmente la suficiencia, el balance contribuciones prestaciones y la predisposición al gasto público.

La privatización del sistema de pensiones que el gobierno dictatorial de Pinochet lleva a cabo en Chile en 1981 genera un aumento de la pobreza en las personas pensionistas que afecta en mayor medida a las mujeres. A través de la realización de un análisis empírico con perspectiva feminista este trabajo permite afirmar que el sistema de pensiones chileno actúa de manera discriminatoria contra las mujeres de manera directa e indirecta, y que además, fomenta una intensificación de la dualidad de género en la inserción en el sistema., The privatization of the public pension system by the authoritarian regime of Pinochet in Chile in 1981 increase the poverty among its pensioner population, affecting women in particular. Through an empirical analysis grounded in feminist theory, the present research confirms that the Chilean pension system generates discrimination against women directly and indirectly, and intensifies gender duality regarding integration into the system., Instituto Complutense de Estudios Internacionales, TRUE, pub

En el presente artículo se abordan la situación de la Seguridad Social en España y diversas propuestas de reforma que se canalizan desde una acción básica: la modificación estructural de los niveles de protección., The article deals with the situation of Social Security in Spain and some proposals of reform are discussed. The basic alternative is focused on the structural modification of the protection levels., Depto. de Economía Financiera y Actuarial y Estadística, Fac. de Ciencias Económicas y Empresariales, TRUE, pub

Inspirerende voorbeelden - Dit jaar bestaat Dierenverzorging De Kweb Meute in Waspik precies vijftig jaar. Inmiddels is de derde generatie aan het werk in dit bedrijf, dat – net als praktisch elk dierenpension en dagopvang – de handen momenteel meer dan vol heeft. Wiljan en zoon Stan van den Broek vertellen ons hoe dat feit, dat aan de ene kant natuurlijk een zegen is voor een ondernemer, ook best uitdagend is.

In Chapter 1 of this dissertation, I study the effect of student debt on the post-schooling migration decisions of high-skill workers in the United States. Over the past 40 years, the U.S. has experienced significant skill-based geographic sorting, with high-skill workers increasingly concentrating in large cities. During the same period, the growth of student debt has far exceeded the rate of inflation. In this chapter, I document a link between these two facts. I first estimate the causal effect of student debt on post-schooling location choices by exploiting an expansion of federal student loan limits. Using a difference-in-differences framework, I find that $10,000 of additional debt increases the probability that individuals locate in large metropolitan counties by 6.5 percentage points. By incorporating student debt into a standard spatial equilibrium model, I find that the rise in student debt from 1980 to 2019 can account for 5-19 percent of the increase in skill-based sorting over this period. Counterfactual simulation of three policy proposals – debt forgiveness, tuition-free college, and income-driven repayment – show that only income-driven repayment can eliminate distortions to location choices while improving welfare.The remaining chapters focus on public-sector employee pension systems in the United States and the over $3 trillion in debt associated with them. In Chapter 2, I consider the political economy problem of setting pension benefit levels, where politicians balance the demands of general voters and public-sector unions. More specifically, I empirically show that expanded collective bargaining rights for public-sector employees significantly increased pension plan generosity in the 20th century, and is associated with higher levels of unfunded liabilities in the 21st century. I also provide descriptive evidence that increased plan generosity resulted in higher levels of unfunded liabilities because local governments shirked their expected contributions

This paper studies the role of permanent- and transitory earnings variability for lifetime income inequality in Sweden. We fit a permanent–transitory error component model to the autocovariance structure of earnings using administrative data for 2002–2015 and minimum distance estimation. We find that permanent earnings inequality increased during the first decade and that the financial crisis of 2008 temporarily heightened earnings volatility. Using this model, we simulate pension entitlements and study lifetime income inequality conditional on the pre- and post-1990’s pension system. We find that permanent earnings differences generally contribute the most to lifetime income inequality. We conclude that the Swedish pension system provides some insurance against earnings risk, but accentuates the role of permanent earnings differences in explaining lifetime inequality.

This paper studies the role of permanent- and transitory earnings variability for lifetime income inequality in Sweden. We fit a permanent–transitory error component model to the autocovariance structure of earnings using administrative data for 2002–2015 and minimum distance estimation. We find that permanent earnings inequality increased during the first decade and that the financial crisis of 2008 temporarily heightened earnings volatility. Using this model, we simulate pension entitlements and study lifetime income inequality conditional on the pre- and post-1990’s pension system. We find that permanent earnings differences generally contribute the most to lifetime income inequality. We conclude that the Swedish pension system provides some insurance against earnings risk, but accentuates the role of permanent earnings differences in explaining lifetime inequality.

This paper studies the role of permanent- and transitory earnings variability for lifetime income inequality in Sweden. We fit a permanent–transitory error component model to the autocovariance structure of earnings using administrative data for 2002–2015 and minimum distance estimation. We find that permanent earnings inequality increased during the first decade and that the financial crisis of 2008 temporarily heightened earnings volatility. Using this model, we simulate pension entitlements and study lifetime income inequality conditional on the pre- and post-1990’s pension system. We find that permanent earnings differences generally contribute the most to lifetime income inequality. We conclude that the Swedish pension system provides some insurance against earnings risk, but accentuates the role of permanent earnings differences in explaining lifetime inequality.

This paper studies the role of permanent- and transitory earnings variability for lifetime income inequality in Sweden. We fit a permanent–transitory error component model to the autocovariance structure of earnings using administrative data for 2002–2015 and minimum distance estimation. We find that permanent earnings inequality increased during the first decade and that the financial crisis of 2008 temporarily heightened earnings volatility. Using this model, we simulate pension entitlements and study lifetime income inequality conditional on the pre- and post-1990’s pension system. We find that permanent earnings differences generally contribute the most to lifetime income inequality. We conclude that the Swedish pension system provides some insurance against earnings risk, but accentuates the role of permanent earnings differences in explaining lifetime inequality.

Pension systems around the world have evolved dynamically, it is necessary to achieve the sustainability of the system to provide its contributors and pensioners with confidence in the model. For the IESS pension system, it is important to obtain predictions to warn stakeholders what could happen if corrective measures are not taken. The IESS pension sustainability predictions were obtained using the Markov Monte Carlo Chains (CMMC) and Least Squares method, using data from January 1, 2012 to June 30, 2022 and their processing with the GNU Octave Software. The results of the models reveal that the pension system would be sustainable until December 2023; therefore, the authorities should implement the appropriate strategies to sustain the system., Los sistemas de pensiones en todo el mundo han evolucionado dinámicamente, es necesario alcanzar la sostenibilidad del sistema para proporcionar a sus aportantes y pensionistas confianza en el modelo. Para el sistema de pensiones del IESS, es importante obtener predicciones para prevenir a los interesados lo que podría suceder si no se toman las medidas correctivas. Las predicciones de sostenibilidad de pensiones del IESS se obtuvieron con el método de las Cadenas de Markov Monte Carlo (CMMC) y el de los Mínimos Cuadrados, utilizando datos desde el 1 de enero del 2012 hasta el 30 de junio de 2022 y su procesamiento con el Software GNU Octave. Los resultados de los modelos revelan que el sistema de pensiones sería sostenible hasta diciembre de 2023; por lo que las autoridades deberían aplicar las estrategias adecuadas para sostener el sistema.

This book takes as a starting point that welfare states in developed societies do not provide systems of social insurance against the risk of an early death. In contrast to the way in which economically developed countries provide ways of insuring citizens against other possibilities, such as unemployment and disease, no such social insurance mechanism exists for early death. It aims to demonstrate that, despite the impossibility to compensate the victims of a short life once they are identified, and despite the impossibility to identify the persons who will be short-lived (when they are still alive), it is nonetheless possible to construct a social insurance against the risk of a short life by means of age-based statistical discrimination favouring all young persons. Combining philosophical literature with economic analysis, the book re-examines the ethical foundations of social insurance, and proposes a major reform of the welfare state: the construction of a social insurance against a short life. It shows how such an insurance system could be constructed by partially ‘reversing’ existing pension systems, by offering a period of retirement to all young adults before they start their career. Such a ‘reversed’ pension system would allocate more free time and opportunities to younger members of society before they enter the labour market, and, hence, this system would also improve the lives of the – unidentified – young persons who will turn out to die prematurely. The book discusses the social desirability of this new system, as well as its financial feasibility and societal consequences, examining how pension allowances paid to young adults may be financed by the work of senior workers. As such, this book demonstrates how the universal uncertainty about the duration of life can be reconciled with the idea of social justice. With an accessible and interdisciplinary approach, this book will be of interest to academics working in a range of fields, including economics

What is Intergenerational Justice? Can people alive now have duties to future generations, the unborn millions? If so, what do we owe them? What does “justice” mean in an intergenerational context, both between people who will coexist at some point, and between generations that will never overlap?In this book, Axel Gosseries provides a forensic examination of these issues, comparing and analysing various views about what we owe our successors. He discusses links between justice and sustainability, and looks at the implications of the fact that our successors’ preferences are heavily influenced by what we will actually leave them and by the education they receive. He also points to how these theoretical considerations apply to real-life issues, ranging from pension reform and Brexit to biodiversity and the climate crisis. He ends by outlining how intergenerational considerations may translate into institutional design.

En 1980 le ministre des pensions, Mr Herman De Croo appelait à une réforme des pensions pour faire face aux vieillissements démographiques à venir. En 2013, son fils Mr Alexander De Croo, ministre des pensions à son tour, mettait en place la Commission de réforme des pensions 2020-2040 avec à sa présidence l’actuel vice-premier ministre Mr Frank Vandenbroucke. En juin 2014, la Commission remettait un rapport détaillé adopté à l’unanimité de ses membres (dont les auteurs de ce numéro faisaient partie). Ce rapport proposait une réforme structurelle de nos pensions légales. Depuis une décennie s’est écoulée et rien ne s’est produit à l’exception du report de l’âge légal à 66 ans en 2025 et 67 ans en 2030. Cette politique de l’âge est en elle-même assez paradoxale car le rapport proposait de «privilégier le kilométrage sur l’âge» en proposant un âge de pension variable selon l’âge de début de carrière. Dans ce numéro de Regards économiques, nous souhaitons contribuer à débloquer une réforme des pensions qui s’enlise progressivement. Nous proposons un cadre cohérent et un mécanisme concret pour organiser une transition progressive vers un système de pension plus simple et transparent qui offre des garanties réelles sur les pensions pour les jeunes et moins jeunes. Notre système de pension est devenu incompréhensible avec un enchevêtrement de conditions d’accès et des règles de calcul spécifiques aux différents régimes et qui posent un problème dans le cas des carrières mixtes de plus en plus fréquentes. Même dans le cas a priori le plus simple d’une pension minimum à 1500 euros net, les choses sont compliquées. Les conditions d’accès varient de 20 ans pour les fonctionnaires statutaires à 30 ans pour les fonctionnaires contractuels ou les salariés. Ensuite, le calcul des années de carrière est variable selon l’intensité de travail et selon les régimes. Il n’est pas cumulable entre régimes en cas de carrière mixte. Enfin, le montant de la pension minimum est proratisé à l

La Ley 21/2021, de 28 de diciembre, de garantía del poder adquisitivo de las pensiones y de otras medidas de refuerzo de la sostenibilidad financiera del sistema público de pensiones, incorpora modificaciones de calado en el ámbito de la pensión de jubilación. La norma recoge un primer paquete de medidas dirigidas a avanzar en el reforzamiento financiero del sistema y contener el incremento de gastos aparejado a la inminente jubilación de los «baby boomers». Con el fin de alinear progresivamente la edad real de jubilación a la edad legal se modifica el régimen jurídico de la jubilación anticipada. Paralelamente, la norma busca promover el mantenimiento de la vida activa, implementando para ello mejoras que conciernen a la jubilación postergada (se amplía el abanico de incentivos posibles), la jubilación activa, y las cláusulas de jubilación forzosa establecidas en los convenios colectivos., Law 21/2021, of December 28, guaranteeing the purchasing power of pensions and other measures to reinforce the financial sustainability of the public pension system, incorporates significant changes in the field of retirement pension. The regulation includes a first package of measures aimed at advancing in the financial strengthening of the system and containing the increase in expenses linked to the imminent retirement of the «baby boomers». In order to progressively align the actual retirement age to the legal age, the legal regime for early retirement is modified. At the same time, the regulation seeks to promote the maintenance of an active life, implementing improvements that concern delayed retirement (the range of possible incentives is expanded), active retirement, and the forced retirement clauses established in collective agreements.

This paper examines the intertemporal choice preference for long-term savings of cocoa farmers in Ghana. We test the uptake of two pension products: with one, famers are free to withdraw 50% of their savings with no penalties prior to retirement age; with the other, only 30%. Using a randomised controlled trial we test the difference in uptake of two pensions products where we vary the flexibility of cash withdrawals from the pension account. We find an overall higher uptake of the more flexible pensions account, especially for women, who cannot inherit land titles in Ghana.

In this Dissertation manuscript, I present a framework that assesses certain characteristics considered by an Institutional Asset Owner (IAO) when considering allocating capital into Mixed-Income Rental Multifamily (MIH) Housing in the United States (US). An Institutional Asset Owner (IAO) firm, as defined by this manuscript include Life Insurance Companies, Pension Funds, Endowments, Registered Investment Advisors, and Real Estate Fund Operators. US Institutional Asset Owners (IAOs) account for trillions in investable cash that must be deployed on an annual basis into various investment opportunities including stocks, bonds, real estate, and other asset classes for the benefit of its participants and clients. This level of investable capital available annually can make significant inroads in the production and preservation of affordable housing in the US while simultaneously helping municipalities reduce rent burdens for their most vulnerable residents with the addition of more affordable and essential housing. This study will benefit US Institutional Asset Owners (IAOs), nonprofits, municipalities, developers, intermediaries, and residents. For decades, an Institutional Asset Owner (IAO) looking to diversify its vast investment portfolio has purchased multifamily properties in the United States. Utilizing private-sector research data and a survey, this study highlights perceptions, intentions, and willingness of an Institutional Asset Owner (IAO) to invest in Mixed-Income Housing (MIH). For the main study, we tested the research model (Figure 2) via two separate survey instruments that included a total of 59 completed survey responses. The results for both studies indicated a conclusive effect for the independent variables on the dependent variable in the research model (Figure 2) including significant support for the following independent variables: risk-adjusted returns, investment vehicles, geographic diversification, policy, and incentives. The survey results

Economic support is of great importance for the elderly, especially in municipalities of Yucatan. Therefore, the project aims to analyze the economic influence and social government programs that benefit the elderly of Yobain. For this, the research approach used is qualitative, the type of research carried out, in consideration of the object is factual, by method of study is empirical and based on the period it covers is transversal. Two information collection instruments were used, which are a semistructured interview and an observation guide. The design of the research is narrative. These results help identify how social programs benefit seniors economically and socially., Los apoyos económicos son de gran importancia para el adulto mayor, especialmente en municipios de Yucatán. Por ello, el proyecto tiene como objetivo analizar la influencia económica y social de los programas de gobierno que benefician a los adultos mayores de Yobaín. Para ello el enfoque de investigación utilizado es cualitativo, el tipo de investigación realizada, en consideración al objeto es factual, por método de estudio es empírico y con base al periodo que abarca es transversal. Se utilizaron dos instrumentos de recolección de información los cuales son una entrevista semiestructurada y una guía de observación. El diseño de la investigación es narrativo. Estos resultados ayudan a identificar de qué manera los programas sociales benefician económica y socialmente a las personas de la tercera edad.

This report examines the economic impacts of Utah Retirement Systems (URS) 2021 defined benefit pension payments made to Utah residents and compares these impacts with those estimated for 2015 and 2018.

The new rules for the revaluation of pensions, the subject of this analysis, are a nuclear element of the reform operated by Law 21/2021, of 28 December. They express, in effect, a change of values with respect to the previous regulation and they present, likewise, very remarkable practical effects, on the pensions themselves and also on the entire system. In order to assess the impact of the reform, a two-pronged approach is adopted in this study, both legal and economic. For the first, in addition to the new article 58 of the General Law of the Social Security –and complementary norms– the normative contexts –especially internal and European– that led to the change are under examination and interpretation. For the latter, the economic consequences, for pensioners and the system budget, of the use of the new updating criteria, especially the average inflation of the last 12 months and the five-year review mechanism, are cleared., Las nuevas reglas de revalorización de las pensiones, objeto del presente análisis, se erigen en elemento nuclear de la reforma operada por Ley 21/2021, de 28 de diciembre. Expresan, en efecto, un cambio de valores respecto de la regulación precedente y presentan, así mismo, efectos prácticos muy notables, sobre las pensiones mismas y también sobre el entero sistema. Para ponderar el impacto de la reforma se adopta en el presente estudio una doble óptica, jurídica y, así mismo, económica. Para lo primero, además del nuevo artículo 58 de la Ley General de la Seguridad Social –y normas complementarias– son objeto de examen e interpretación aquellos contextos normativos –señaladamente, interno y europeo– que propiciaron el cambio. Para lo segundo, se despejan las consecuencias económicas derivadas, para los pensionistas y el presupuesto del sistema, del recurso a los nuevos criterios de actualización, señaladamente, la inflación media de los últimos 12 meses y el mecanismo quinquenal de revisión.

In recent years, the debate on the sustainability of pensions has revolved around spending, which has led to a succession of measures aimed at reducing it and affecting in a very decisive way its sufficiency and adequacy or, if preferred, its general or integral sustainability. The postponement of the income perspective has resulted in the solutions adopted being unstable from the point of view of public or collective decision-making, leading irremediably to their fall. Faced with this reality, the successive partial reforms of Social Security in recent years and, in particular, of its heart, the pension system, envision a different future, a change of course, in which the analysis of the income side would come out of the darkness in which it has been ignored to join the debate as an element as important at least as spending. This study analyzes these reforms not only in order to corroborate this thesis, but also to assess the extent to which the changes introduced are sufficient to guarantee the financial sustainability and adequacy of our pension system., lo que ha derivado en una sucesión de medidas destinadas a reducirlo y afectando de forma muy determinante a su suficiencia y adecuación o, si se prefiere, a su sostenibilidad general o integral. La postergación de la perspectiva de los ingresos ha derivado en que las soluciones adoptadas resultaran inestables desde el punto de vista de la toma de decisiones públicas o colectivas, conduciendo irremediablemente a su caída. Frente a esta realidad, las sucesivas reformas parciales de la Seguridad Social de los últimos años y, en particular, de su corazón, el sistema de pensiones, vislumbran un futuro diferente, un cambio de rumbo, en el que el análisis del lado de los ingresos saldría de la oscuridad en el que ha estado obviado para incorporarse al debate como un elemento tan importante al menos como el gasto. El presente estudio analiza estas reformas no solamente con el objeto de corroborar esta tesis, si no de valorar hasta qué punto los cambios introducidos son suficientes para garantizar la sostenibilidad financiera y adecuación de nuestro sistema de pensiones.

The passing of the Law 21/2021, 28th of December, entails an advancement towards the objective of prolonging the career of working people and towards reinforcing the contribution of the public pension scheme, as claims had already been made therein since the far-off 1995 Toledo Pact. Undoubtedly, early retirement will be indeed affected by the latest regulatory reform as its existence –according to the categories covered in this paper, the ones found on articles 207 and 208 of the Social Security General Law– objects to the goals of the legislator. Nevertheless, the general structure of its legal framework is unmodified. In particular, the changes are projected into the reduction coefficients, sometimes to elevate them –namely, when the pension is anticipated to the maximum extent in its voluntary modality– and, on other occasions, to make them more beneficial when aligning with the actual earliness of the pension in time –moving from a quarterly to a monthly basis–. The passing also relates to the new regulations regarding the assumption that the pension exceeds the maximum amount limit of general pensions. Lastly, pensions generated before are complemented as a result of the new regulations are disadvantaged., La aprobación de la Ley 21/2021, de 28 de diciembre, supone un avance más en la consecución del objetivo de prolongar la vida laboral de las personas trabajadoras y reforzar la contributividad del sistema público de pensiones, lo que ya se venía reclamando desde el lejano Pacto de Toledo de 1995. Naturalmente que la jubilación anticipada se va a ver, de nuevo, afectada por esta última reforma normativa, pues su existencia, en las modalidades que se analizan en este trabajo, las de los arts. 207 y 208 LGSS, se opone a los objetivos del legislador. Ahora bien, la estructura general de su régimen jurídico no se modifica. Los cambios se proyectan, en especial, sobre los coeficientes reductores, a veces para elevarlos –en particular, cuando se adelanta al máximo la pensión, en su modalidad voluntaria–, pero, otras veces para hacerlos más beneficiosos al alinearse con la anticipación real de la pensión en el tiempo –pasan de ser trimestrales a mensuales–. Se aprueban también nuevas reglas para el supuesto en que la pensión supere el límite de la cuantía máxima de las pensiones establecido con carácter general. Incluso, se complementan jubilaciones generadas con anterioridad que a raíz las nuevas normas se vean desfavorecidas.

Assuming the enormous relevance that teleworking has acquired as a result of the pandemic as a predominant subspecies of remote work in Spain, the purpose of this study is to offer an adequate answer to the following question: is teleworking an option to postpone retirement?, Asumiendo la enorme relevancia que ha adquirido el teletrabajo a raíz de la pandemia como subespecie de trabajo a distancia predominante en España, el objeto de este estudio consiste en ofrecer una respuesta adecuada a la siguiente cuestión: ¿es el teletrabajo una opción para posponer la jubilación?

Conforme a las normas de coordinación comunitarias, los trabajadores desplazados podrán mantener las cotizaciones durante un cierto tiempo en su país de origen. Sin embargo, en el momento en que éstos superen el periodo máximo general de veinticuatro meses permitido por el artículo 12 del Reglamento 883/2004; o el específico acordado en virtud artículo 16 del Reglamento 883/2004, quedarán sometidos a la normativa de destino, y por ende deberán realizar sus cotizaciones en el extranjero. En este caso, el trabajador desplazado, a efectos laborales, se convertirá en trabajador migrante, a efectos de Seguridad Social. En este punto, el trabajador destacado de larga duración comparte con el trabajador migrante idénticos problemas, pues el trabajador desplazado, a pesar de que en el orden laboral no pueda considerarse como tal, también habrá fraccionado su carrera de seguro. En este supuesto, como el trabajador desplazado habrá estado asegurado en varios Estados miembros, cada uno de los Estados asumirá una parte de su pensión, teniendo en cuenta también las cotizaciones hechas en el otro país para determinar su cuantía, haciendo uso de dos técnicas para su cómputo: la de la totalización de los períodos y la del prorrateo de las prestaciones. Sin embargo, ni la aplicación de estas técnicas ni, sobre todo, la base reguladora utilizada para determinar la cuantía su pensión, resultan siempre ventajosa para estos trabajadores, atendiendo al estado actual del Derecho de la Unión, y a su aplicación en España., In accordance with EU coordination rules, posted workers will be able to maintain contributions for a certain time in their country of origin. However, when these exceed the general maximum period of twenty-four months allowed by article 12 of Regulation 883/2004; or the specific one agreed under article 16 of Regulation 883/2004, they must make their contributions abroad. In this case, the posted worker, will become a migrant worker, for Social Security purposes. At this point, the long-term posted worker shares the same problems with the migrant worker, since the posted worker, despite not being considered as such in the labor order, will also have split his insurance career. In this case, as the posted worker will have been insured in several Member States, each one of the States will assume a part of his pension, also taking into account the contributions made in the other country to determine its amount, using two techniques to its computation: that of the totalization of the periods and that of the apportionment of benefits. However, neither the application of these techniques nor, above all, the regulatory base used to determine the amount of their pension, are always advantageous for these workers, taking into account the current state of Union law, and its application in Spain.

Conforme a las normas de coordinación comunitarias, los trabajadores desplazados podrán mantener las cotizaciones durante un cierto tiempo en su país de origen. Sin embargo, en el momento en que éstos superen el periodo máximo general de veinticuatro meses permitido por el artículo 12 del Reglamento 883/2004; o el específico acordado en virtud artículo 16 del Reglamento 883/2004, quedarán sometidos a la normativa de destino, y por ende deberán realizar sus cotizaciones en el extranjero. En este caso, el trabajador desplazado, a efectos laborales, se convertirá en trabajador migrante, a efectos de Seguridad Social. En este punto, el trabajador destacado de larga duración comparte con el trabajador migrante idénticos problemas, pues el trabajador desplazado, a pesar de que en el orden laboral no pueda considerarse como tal, también habrá fraccionado su carrera de seguro. En este supuesto, como el trabajador desplazado habrá estado asegurado en varios Estados miembros, cada uno de los Estados asumirá una parte de su pensión, teniendo en cuenta también las cotizaciones hechas en el otro país para determinar su cuantía, haciendo uso de dos técnicas para su cómputo: la de la totalización de los períodos y la del prorrateo de las prestaciones. Sin embargo, ni la aplicación de estas técnicas ni, sobre todo, la base reguladora utilizada para determinar la cuantía su pensión, resultan siempre ventajosa para estos trabajadores, atendiendo al estado actual del Derecho de la Unión, y a su aplicación en España., In accordance with EU coordination rules, posted workers will be able to maintain contributions for a certain time in their country of origin. However, when these exceed the general maximum period of twenty-four months allowed by article 12 of Regulation 883/2004; or the specific one agreed under article 16 of Regulation 883/2004, they must make their contributions abroad. In this case, the posted worker, will become a migrant worker, for Social Security purposes. At this point, the long-term posted worker shares the same problems with the migrant worker, since the posted worker, despite not being considered as such in the labor order, will also have split his insurance career. In this case, as the posted worker will have been insured in several Member States, each one of the States will assume a part of his pension, also taking into account the contributions made in the other country to determine its amount, using two techniques to its computation: that of the totalization of the periods and that of the apportionment of benefits. However, neither the application of these techniques nor, above all, the regulatory base used to determine the amount of their pension, are always advantageous for these workers, taking into account the current state of Union law, and its application in Spain.

As with many social transfer schemes, pension systems around the world are often progressive: individuals with lower incomes receive a higher percentage of their income as a subsequent pension. On the other hand, those with lower earnings have higher mortality and thus accumulate fewer years of pension income. Both of these oppos­ing fac­tors influ­ence the pro­gres­sive­ness of pen­sion sys­tems. Empirical efforts to disentangle the effects of mortality inequality on lifetime pension inequality have been scarce. Using Swedish taxation data linked with death registers for 1970–2018, we study how education and preretirement earnings relate to lifetime pensions from age 60 onward and how mortality inequalities contribute to overall inequalities in lifetime pensions. The results show that a progressive replacement structure and mortality differ ences contribute to the overall distribution of pension payments over the life course. Up to one quarter of lifetime pension inequality is attributable to the greater longevity of socially advantaged groups—particularly among men. Hence, mortality inequalities are an important determinant of the overall degree of between-group income transfers in a pension system, but they are not as important as inequalities in prior earnings.

Old-age poverty in Korea remains exceptionally high among OECD countries despite a significant expansion in pension expenditure. This article presents an institutional explanation for such a puzzle. Using ‘targeting within universalism’ as the analytic framework, this study examines the institutional effects of pension models on old-age poverty in Korea. Firstly, comparative analysis finds that universal provision of pensions negatively affects old-age poverty independent of the expenditure size, identifying Korean pensions as the least universal among OECD countries. Secondly, institutional analysis of the Korean pension system explains why the expenditure growth left a large share of the elderly with no or a partial pension. Finally, microsimulation analysis examines alternative assistance pension models for their potential to alter poverty outcomes. Strikingly, universal models alleviate old-age poverty more cost-effectively than the extant targeting model, questioning the efficiency-based justification for low-income targeting. In particular, the universal floor model appears to be the most effective, allowing greater benefits to the poorer without a means test. Even for assistance benefits, universal models may better remedy poverty under such conditions as low take-up among the needy, prevalence of low-income incidence, and pro-rich distribution of extant social transfers.

It is a challenge for politics that an aging population leads to demands that the retirement age is increasing while not everyone is able to work to such a higher age. Sweden, like other countries, has several options for early exit from the labour market. However, the regulations have become more restrictive in the last decade and early retirement usually leads to a lower pension. In this article, we map options for early retirement in other countries. We have found five main types that all have both advantages and disadvantages. There are also problems with integrating them into the Swedish pension system., IZA DP No. 15327

Eindelijk, hij kon weer: de dierenpensionthemamiddag. Op woensdag 1 juni vond dit gezellige en leerzame samenzijn van dierenpensionondernemers plaats bij dierenpension Eilers in Nederweert. Marieke van Esch-Eilers liet zien hoe zij in haar bedrijf te werk gaat en als dat net zo strak en vlekkeloos is als deze themamiddag georganiseerd werd, dan is er geen hond (of kat, of klant) die wat te klagen heeft!

Despite being increasingly available to us all, retirement pensions remain unequally distributed: between rich and poor, young and old, men and women, and possibly different generations. As this topic receives little attention in moral and political philosophy, the articles in this thesis aim to deliver an original account of justice in retirement pensions along liberal egalitarian lines. The first part defends retirement pensions as a distribution of free time. It shows that including free time in the list of goods that liberal egalitarians prioritise is plausible and avoids problems that would otherwise arise with other candidates, most notably leisure. Retirement as free time is an essential feature of liberal egalitarian societies by (re)distributing the means to pursue any life project, and especially valuable for the poor who work and contribute the longest. The second part makes a case for 'libertirement', a proposal to increase the freedom to enjoy free time across life, as a matter of justice between those who live long and those who die early. Specifically, I propose adding reverse pensions and sabbaticals on top of old-age retirement. Besides showing the importance of longevity for age-group justice, I also draw implications for distributing unconditional basic income and income taxes across life, which I suggest may offer alternative paths to libertirement. Finally, the third part discusses the cases of pension inequality between genders and generations, pushing us to refine our account further. I conclude that there is often a mismatch between liberal egalitarian justice and the design of retirement schemes. The solution is often but not always to reform these systems. Sometimes, we have reasons to revise our very own principles of justice., (ISP - Institut supérieur de philosophie) -- UCL, 2022

This report examines the economic impacts of Utah Retirement Systems (URS) 2021 defined benefit pension payments made to Utah residents and compares these impacts with those estimated for 2015 and 2018.

The mirroring hypothesis suggests a correspondence between product, firm and industry architecture, however, empirical support to date has been mixed. Drawing upon an inductive study of the UK pensions industry, we break new ground by investigating the extent to which product, firm and industry architectures correspond in the face of changing institutional dynamics – most notably dynamic regulatory change. In considering periods of both correspondence and non-correspondence at the aggregate sector level, our results show that firms in the sector seek the efficiency benefits of product component-level mirroring, but only to the extent that the component has low value. In contrast, where components provided an opportunity to capture value, managers strategically chose non-correspondence by developing stronger relational ties with suppliers and, in a later period, through vertical (re)integration, despite the systemic modularity of the product.

The objective of this article is to show the feasibility of derivative products being used to hedge longevity risk in Latin America. To do this, a longevity index is built with Mexican data using the Lee-Carter model and several longevity-linked derivatives are simulated. Results indicate that an ecosystem of derivative instruments is feasible in Mexico for two reasons: they are effective as hedging against longevity risk and the estimated longevity index, used as an underlying asset, does not correlate with relevant stock indices, which makes it feasible as part of a comprehensive financial portfolio. The originality of this research consists in the adaptation for Mexico of novel valuation methodologies and the new estimation of a longevity index. The main limitation of this research is that the ecosystem is subject to a base risk with respect to the population structure in the future, El objetivo de este artículo es mostrar la factibilidad de que productos derivados sean utilizados como cobertura del riesgo de longevidad en Latinoamérica. Para ello, se construye un índice de longevidad con datos mexicanos usando el modelo Lee-Carter y se simulan diversos instrumentos derivados de longevidad. Se concluye que un ecosistema de instrumentos derivados es factible en México por dos razones, éstos son efectivos como cobertura del riesgo de longevidad y el índice de longevidad construido, y utilizado como activo subyacente, no presenta correlación con índices accionarios relevantes, lo que lo hace factible como parte de un portafolio financiero amplio. La originalidad de este trabajo consiste en la adaptación de metodologías de valuación inéditas para México y la estimación de un índice de longevidad propio, y la principal limitante es que el ecosistema está sujeto a un riesgo base con respecto a la estructura poblacional en el futuro

Traditional pension plans, such as defined contribution and defined benefit, face several risks: being the most known, the increase of the life expectancy. To reduce this risk, many hybrid pension plans have been proposed, to mitigate this risk. The objective of this study is to explore the financial and actuarial sustainability of a hybrid pension plan known as collective defined contribution (CDC) by accumulating a pension fund with the methodology found in Aon (2020). The results of the simulations in this study show that the replacement rate defined in the design of a CDC pension plan is reached by all the members in the plan. Moreover, that through the same pension fund, deficits and gains are financed by it., Los planes de pensiones tradicionales, como el de contribución definida y de beneficio definido, enfrentan varios retos; siendo el más conocido, el incremento de la esperanza de vida. Ante este reto, diversos planes de pensiones híbridos surgen para solucionar este problema. El objetivo de este trabajo es explorar la viabilidad financiera y actuarial de un tipo de esquema híbrido conocido como de contribución definida colectivo (CDC), mediante la acumulación de un fondo siguiendo la propuesta de Aon (2020). Los resultados muestran que este plan si logra alcanzar la tasa de reemplazo definida para todos los empleados. Además, que a través del mismo fondo se financian las pérdidas y ganancias para que este resultado prevalezca a lo largo del tiempo.

In this work, we consider rule-based investment strategies for managing a defined contribution pension savings scheme, under the Dutch pension fund testing model. We find that dynamic, rule-based investment strategies can outperform traditional static strategies, by which we mean that the investor may achieve the target retirement income with a higher probability or limit the shortfall when the target is not met. In comparison with dynamic programming-based strategies, the rule-based strategies have more stable asset allocations throughout time and avoid excessive transactions that may be hard to explain to an investor. We also study a combined strategy of a rule-based target with dynamic programming. A key feature of our setting is that there is no risk-free asset, instead, a matching portfolio is introduced for the investor to avoid unnecessary risk., Delft Institute of Applied Mathematics

In a number of countries around the world, population ageing raises concerns about the sustainability of pension systems. A younger generation has conventionally been least likely to save for retirement even if there is a need to take individual responsibility and start saving for their retirement as soon as possible. In this context, the aim of the paper is to identify behavioral barriers and interventions towards retirement savings ceiling to this part of the productive population. For this purpose, three online focus groups were deployed among 16 university students aged 23-24 years. Using the coding process, common categories, related codes and frequencies of responses were determined from the transcribed material. The results pointed at two crucial barriers related to retirement savings: behavioral (present bias, status quo bias, loss aversion, limited attention) and institutional (education, pension policy and trustworthiness of the state institutions). Additionally, three main categories of behavioral interventions were detected to overcome these barriers: simplification of decision-making (easy calculation of pension, default options), use of salience effects (information campaigns, visualization tools, personalized content) and minimizing feelings of loss (framing of messages, financial incentives, products with different types of liquidity). Based on findings, recommendations were formulated for three groups of stakeholders: government, industry (financial providers and pension funds) and employers. The results bring valuable insights to relevant stakeholders regarding behaviors and attitudes of the young generation on retirement savings issues. © 2022 Martin Horák, Soòa Kukuèková, Kamil Dobeš.

In this work, we consider rule-based investment strategies for managing a defined contribution pension savings scheme, under the Dutch pension fund testing model. We find that dynamic, rule-based investment strategies can outperform traditional static strategies, by which we mean that the investor may achieve the target retirement income with a higher probability or limit the shortfall when the target is not met. In comparison with dynamic programming-based strategies, the rule-based strategies have more stable asset allocations throughout time and avoid excessive transactions that may be hard to explain to an investor. We also study a combined strategy of a rule-based target with dynamic programming. A key feature of our setting is that there is no risk-free asset, instead, a matching portfolio is introduced for the investor to avoid unnecessary risk., Delft Institute of Applied Mathematics

In a number of countries around the world, population ageing raises concerns about the sustainability of pension systems. A younger generation has conventionally been least likely to save for retirement even if there is a need to take individual responsibility and start saving for their retirement as soon as possible. In this context, the aim of the paper is to identify behavioral barriers and interventions towards retirement savings ceiling to this part of the productive population. For this purpose, three online focus groups were deployed among 16 university students aged 23-24 years. Using the coding process, common categories, related codes and frequencies of responses were determined from the transcribed material. The results pointed at two crucial barriers related to retirement savings: behavioral (present bias, status quo bias, loss aversion, limited attention) and institutional (education, pension policy and trustworthiness of the state institutions). Additionally, three main categories of behavioral interventions were detected to overcome these barriers: simplification of decision-making (easy calculation of pension, default options), use of salience effects (information campaigns, visualization tools, personalized content) and minimizing feelings of loss (framing of messages, financial incentives, products with different types of liquidity). Based on findings, recommendations were formulated for three groups of stakeholders: government, industry (financial providers and pension funds) and employers. The results bring valuable insights to relevant stakeholders regarding behaviors and attitudes of the young generation on retirement savings issues. © 2022 Martin Horák, Soòa Kukuèková, Kamil Dobeš.

The mirroring hypothesis suggests a correspondence between product, firm and industry architecture, however, empirical support to date has been mixed. Drawing upon an inductive study of the UK pensions industry, we break new ground by investigating the extent to which product, firm and industry architectures correspond in the face of changing institutional dynamics – most notably dynamic regulatory change. In considering periods of both correspondence and non-correspondence at the aggregate sector level, our results show that firms in the sector seek the efficiency benefits of product component-level mirroring, but only to the extent that the component has low value. In contrast, where components provided an opportunity to capture value, managers strategically chose non-correspondence by developing stronger relational ties with suppliers and, in a later period, through vertical (re)integration, despite the systemic modularity of the product.

The objective of this article is to show the feasibility of derivative products being used to hedge longevity risk in Latin America. To do this, a longevity index is built with Mexican data using the Lee-Carter model and several longevity-linked derivatives are simulated. Results indicate that an ecosystem of derivative instruments is feasible in Mexico for two reasons: they are effective as hedging against longevity risk and the estimated longevity index, used as an underlying asset, does not correlate with relevant stock indices, which makes it feasible as part of a comprehensive financial portfolio. The originality of this research consists in the adaptation for Mexico of novel valuation methodologies and the new estimation of a longevity index. The main limitation of this research is that the ecosystem is subject to a base risk with respect to the population structure in the future, El objetivo de este artículo es mostrar la factibilidad de que productos derivados sean utilizados como cobertura del riesgo de longevidad en Latinoamérica. Para ello, se construye un índice de longevidad con datos mexicanos usando el modelo Lee-Carter y se simulan diversos instrumentos derivados de longevidad. Se concluye que un ecosistema de instrumentos derivados es factible en México por dos razones, éstos son efectivos como cobertura del riesgo de longevidad y el índice de longevidad construido, y utilizado como activo subyacente, no presenta correlación con índices accionarios relevantes, lo que lo hace factible como parte de un portafolio financiero amplio. La originalidad de este trabajo consiste en la adaptación de metodologías de valuación inéditas para México y la estimación de un índice de longevidad propio, y la principal limitante es que el ecosistema está sujeto a un riesgo base con respecto a la estructura poblacional en el futuro

Traditional pension plans, such as defined contribution and defined benefit, face several risks: being the most known, the increase of the life expectancy. To reduce this risk, many hybrid pension plans have been proposed, to mitigate this risk. The objective of this study is to explore the financial and actuarial sustainability of a hybrid pension plan known as collective defined contribution (CDC) by accumulating a pension fund with the methodology found in Aon (2020). The results of the simulations in this study show that the replacement rate defined in the design of a CDC pension plan is reached by all the members in the plan. Moreover, that through the same pension fund, deficits and gains are financed by it., Los planes de pensiones tradicionales, como el de contribución definida y de beneficio definido, enfrentan varios retos; siendo el más conocido, el incremento de la esperanza de vida. Ante este reto, diversos planes de pensiones híbridos surgen para solucionar este problema. El objetivo de este trabajo es explorar la viabilidad financiera y actuarial de un tipo de esquema híbrido conocido como de contribución definida colectivo (CDC), mediante la acumulación de un fondo siguiendo la propuesta de Aon (2020). Los resultados muestran que este plan si logra alcanzar la tasa de reemplazo definida para todos los empleados. Además, que a través del mismo fondo se financian las pérdidas y ganancias para que este resultado prevalezca a lo largo del tiempo.

La notable brecha de género en la cuantía de las pensiones de Seguridad Social constituye un efecto indirecto derivada a su vez de la brecha salarial existente en el mercado de trabajo, por lo que la eliminación plena y definitiva de la primera de las brechas depende de la superación de la segunda. No obstante, hasta tanto que ello no se logre se deben adoptar ciertas medidas de corrección directa dentro de la normativa de Seguridad Social. De manera indirecta algo de ello provocaba el complemento por maternidad introducido a partir de 2016, si bien éste presentaba enormes deficiencias técnica y sobre todo no paso el filtro de las exigencias de prohibición de tratamientos discriminatorios establecidas por el Derecho de la Unión Europea.Con vista a superar el callejón sin salida provocado por la sentencia del Tribunal de Luxemburgo y con vistas a diseñar una fórmula que tenga directamente el objetivo de corrección de la brecha de género en las pensiones, se establece el nuevo complemento introducido a principios de 2021. El presente estudio pretende analizar las luces y sombras de este nuevo complemento, que desde luego presenta destacadas ventajas, supera el problema provocado por la jurisprudencia europea, si bien también se apuntan ciertas deficiencias que podrían ser corregidas de futuro, The significant gender gap in the amount of social security pensions is an indirect effect of the wage gap in the labour market, so that the full and definitive elimination ofthe former depends on overcoming the latter. However, until this is achieved, certain direct corrective measures must be adopted within the social security regulations. The increase in parents' pensions introduced from 2016 onwards indirectly did some of this, although it had enormous technical shortcomings and above all did not pass through the filter of the requirements of EU law prohibiting discriminatory treatment. With a view to overcoming the impasse caused by the Luxembourg Court ruling and with a view to designing a formula that directly aims to correct the gender gap in pensions, the new supplement introduced at the beginning of 2021 is established. The present study aims to analyse the lights and shadows of this new supplement, which of course has significant advantages and overcomes the problem caused by the European case law, although it also points out certain shortcomings that could be corrected in the future