The Experts below are selected from a list of 294 Experts worldwide ranked by ideXlab platform
Ivonne Honekamp - One of the best experts on this subject based on the ideXlab platform.
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Effizienz der staatlichen Riester-Förderung - Eine empirische Analyse mit dem Sozio-oekonomischen Panel (SOEP) [Effectiveness of the public Riester subsidies - An empirical analysis using the Socio-Economic Panel (SOEP)]
2020Co-Authors: Ivonne HonekampAbstract:While private pensions have long been an integral part of old age insurance in America, it is now also in Germany on the rise. To increase the attractiveness and acceptance of private pension Provision in the population, saving incentives have been used. In Germany, a Riester saver expects a savings subsidy and a special expense deduction. In addition, all contributions to private Retirement Provision are taxed downstream. The incentive design is at the expense of the state budget, so the question of the efficiency of savings incentives, such as the Riester pension is an issue of central importance. Empirical studies that have addressed the effective-ness of savings incentives, have thereby limited solely to the effect on the savings rate. The results of these papers are very different. In this work the efficiency of the Riester-subsidy has a much wider interpretation. In particular, one should not limit the usefulness of such a fund-ing measure only on increasing the savings rate. As a fact can be established that an increase of signed Riester contracts is already a benefit of increased funding, depending on the kind of saving which had been substituted. An empirical analysis based on data from the Socio-Economic Panel shows that the objectives have already partly been achieved since many the likelihood of signing a Riester contract increases with the number of children. Additionally individuals with low income are increasingly signing Riester contracts.
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Effizienz der staatlichen Riester-Förderung - Eine empirische Analyse mit dem Sozio-oekonomischen Panel (SOEP)
2008Co-Authors: Ivonne HonekampAbstract:While private pensions have long been an integral part of old age insurance in America, it is now also in Germany on the rise. To increase the attractiveness and acceptance of private pension Provision in the population, saving incentives have been used. In Germany, a Riester saver expects a savings subsidy and a special expense deduction. In addition, all contributions to private Retirement Provision are taxed downstream. The incentive design is at the expense of the state budget, so the question of the efficiency of savings incentives, such as the Riester pension is an issue of central importance. Empirical studies that have addressed the effective-ness of savings incentives, have thereby limited solely to the effect on the savings rate. The results of these papers are very different. In this work the efficiency of the Riester-subsidy has a much wider interpretation. In particular, one should not limit the usefulness of such a fund-ing measure only on increasing the savings rate. As a fact can be established that an increase of signed Riester contracts is already a benefit of increased funding, depending on the kind of saving which had been substituted. An empirical analysis based on data from the Socio-Economic Panel shows that the objectives have already partly been achieved since many the likelihood of signing a Riester contract increases with the number of children. Additionally individuals with low income are increasingly signing Riester contracts.
Hazel Bateman - One of the best experts on this subject based on the ideXlab platform.
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Retirement Provision in Scary Markets - Retirement Provision in Scary Markets
2020Co-Authors: Hazel BatemanAbstract:The past few decades have witnessed a global move towards private Provision for Retirement through individual defined contribution pensions at the expense of publicly provided and employer-sponsored defined benefit pensions. As a consequence, workers and retirees are becoming increasingly exposed to uncertainties in financial, labour and economic markets. The contributors to this book analyse the implications for Retirement income policy, workers and retirees in view of the current climate of heightened exposure to scary markets. The implications of a broad range of scary market scenarios are presented, and novel solutions prescribed. Retirement incomes across a number of countries including the US, the UK, Japan and Australia are explored.
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Motivated Saving: The Impact of Projections on Retirement Saving Intentions
SSRN Electronic Journal, 2019Co-Authors: George Smyrnis, Hazel Bateman, Loretti I. Dobrescu, Ben R. Newell, Susan ThorpAbstract:The implications of current balance information for Retirement Provision are considerably difficult to grasp or anticipate. We study how balance and/or income projections motivate the voluntary savings intentions of pension plan participants over a sequence of ten choices. To this effect, we collect savings intentions from 1,615 respondents aged 25-57 years via an online experimental survey that compares four different formats for Retirement account information. The formats are (i) current balance; (ii) current balance and projected Retirement balance; (iii) current balance and projected Retirement income; and (iv) current balance, projected Retirement balance and Retirement income. Regardless of information format, merely inviting plan participants to top up their Retirement account prompts substantial increases in savings, especially among older respondents. At the first choice round, the income projection triggers marginally more voluntary saving intentions than the lump sum projection alone. However at both the first choice and over sequential choices, the combination of balance and income projections is what matters most. Furthermore, even though older respondents save at a higher level across all treatments, younger respondents are more sensitive to income balance projections than the older survey respondents.
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Retirement Provision in scary markets
2007Co-Authors: Hazel BatemanAbstract:The past few decades have witnessed a global move towards private Provision for Retirement through individual defined contribution pensions at the expense of publicly provided and employer-sponsored defined benefit pensions. As a consequence, workers and retirees are becoming increasingly exposed to uncertainties in financial, labour and economic markets. The contributors to this book analyse the implications for Retirement income policy, workers and retirees in view of the current climate of heightened exposure to scary markets. The implications of a broad range of scary market scenarios are presented, and novel solutions prescribed. Retirement incomes across a number of countries including the US, the UK, Japan and Australia are explored.
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mandating Retirement Provision the australian experience
Geneva Papers on Risk and Insurance - Issues and Practice, 1999Co-Authors: Hazel Bateman, John PiggottAbstract:Only three countries rely signi®cantly on what we term private mandatory saving policies for Retirement: Australia, Switzerland and Chile. Several other countries, including Mexico, Argentina, Peru and Columbia, have moved in the same direction. Hong Kong plans to implement such a policy from 1999. It is probable that other countries will follow suit, especially in the light of World Bank advocacy of private mandating, and the current U.S. debate on privatizing social security (World Bank, 1994). This paper focuses on the Superannuation Guarantee, as Australia's mandatory Retirement saving plan is called. We begin by laying out its essential features, and offer an account of its genesis. We then critically assess its current and likely future ef®cacy. So far as possible, we try to relate the Australian experience to that of countries who may be contemplating the adoption of such a policy in the foreseeable future. The paper concludes with a description of the emphases of the current government, whose victory in 1996 is testing the robustness of bipartisan support for the Superannuation Guarantee and its cluster of related policies.
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risk management issues for mandatory private Retirement Provision roles for options
Australian Journal of Management, 1997Co-Authors: Hazel BatemanAbstract:Following the introduction of mandatory superannuation Provision in Australia, superannuation fund managers and trustees are faced with the conflicting objectives of high returns and minimal year†on†year volatility. This paper investigates whether repeat portfolio insurance implemented over the working life time of superannuation saving can offer a solution. Stochastic simulations show that the options†based strategies perfor M well in comparison to traditional investment practices. Strategies combining protective puts with age phasing produce the most appealing results.
Roger Charlton - One of the best experts on this subject based on the ideXlab platform.
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Beyond mandatory privatization: pensions policy options for developing countries
Journal of International Development, 2020Co-Authors: Roger Charlton, Roddy MckinnonAbstract:Consideration of the social welfare, financial system and institutional implications for DCs of the current, World Bank-led, trend towards systemic old-age pension reforms based on an expanded role for mandatory private Provision indicates the desirability of reform alternatives. The wider policy lessons which DCs can take from the experiences of systemic pension reforms already enacted in developing and transition economies are found to be, at best, ambiguous and, at worst, problematic. Alternative policy proposals for DC and transition economy governments considering implementing mandatory defined contribution pension funds within parameters set largely by the Bank's 'agenda' are suggested. These envisage the retention of state Provision as their primary element in order to ensure that pension systems continue to pursue their essential welfare functions. Finally, policy recommendations designed to secure universality in Retirement Provision on a social assistance basis are presented for those LDCs currently outwith the parameters of the systemic pension reform debate. Copyright © 2000 John Wiley & Sons, Ltd.
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Reaffirming public‐private partnerships in Retirement pension Provision
International Journal of Public Sector Management, 2000Co-Authors: Roddy Mckinnon, Roger CharltonAbstract:Contemporary debates over the future direction of Retirement pensions policy have been dominated by a polemic over the scope of, and the future balance between, the respective roles of public and private sectors in the management and delivery of benefit “entitlements”. This debate has negatively judged the institutional capacity of the state sustainably to supply adequate national Retirement Provision. This development is viewed as problematic as it is contentious in that it seeks to abandon lessons learned from the long, albeit currently underestimated, historical pedigree of public‐private partnership in institutional pensions Provision. Against the ascendancy of World Bank‐driven attitudes regarding the limitations of “public”’ pensions Provision, it is argued that due recognition be given to the ongoing capacity of state sectors to contribute positively to the management and delivery of old‐age pensions. Argues further that the social welfare‐driven imperatives which led states initially to become inc...
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reaffirming public private partnerships in Retirement pension Provision
International Journal of Public Sector Management, 2000Co-Authors: Roddy Mckinnon, Roger CharltonAbstract:Contemporary debates over the future direction of Retirement pensions policy have been dominated by a polemic over the scope of, and the future balance between, the respective roles of public and private sectors in the management and delivery of benefit “entitlements”. This debate has negatively judged the institutional capacity of the state sustainably to supply adequate national Retirement Provision. This development is viewed as problematic as it is contentious in that it seeks to abandon lessons learned from the long, albeit currently underestimated, historical pedigree of public‐private partnership in institutional pensions Provision. Against the ascendancy of World Bank‐driven attitudes regarding the limitations of “public”’ pensions Provision, it is argued that due recognition be given to the ongoing capacity of state sectors to contribute positively to the management and delivery of old‐age pensions. Argues further that the social welfare‐driven imperatives which led states initially to become inc...
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The national provident fund model: An analytical and evaluative reassessment
International Social Security Review, 1997Co-Authors: Roddy Mckinnon, Roger Charlton, Harry T. MunroAbstract:Both earlier and current analytical perspectives on appropriate modes of delivering Retirement Provision have tended to underestimate both the inherent adaptability and the developmental potentialities of the national provident fund (NPF) model. The essence of this model is found in the welfare salience of the possibility of synergy between the NPF's direct (Retirement Provision) and indirect (development finance institution) roles in developing political economies. Diffusion is found to be important in the development of the NPF model from Asian origins and in its subsequent retention in a limited number of states. NPF “success stories” are few in number but potentially significant given their regional concentration and impact, the latter currently underlined by further expansion and development of existing NPFs and by recently renewed prospects for regional diffusion of the model. Further examination of the significantly enhanced welfare outcomes achieved through the creative utilization of existing NPFs underlines the potentiality for NPF-led development within “pillarized” Retirement Provision.
John Piggott - One of the best experts on this subject based on the ideXlab platform.
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Workplace-Linked Pensions for an Aging Demographic
Handbook of the Economics of Population Aging, 2020Co-Authors: Olivia S Mitchell, John PiggottAbstract:Pensions and population aging intersect in two ways. First, demographic change threatens the sustainability of traditional pay-as-you-go social security pensions, leaving workplace-linked pensions with a greater role in Retirement Provision. Second, as the Baby Boom generation enters Retirement, new challenges arise around its Retirement support. This chapter reviews some of the implications of population aging for workplace pensions in this new environment, outlines market considerations important for workplace-related pension design for the future, and discusses how governments can create an environment supportive of workplace-related pensions, should they wish to do so. We conclude that workplace-linked Retirement saving systems will be asked to do even more than in the past, given the financial stress that pay-as-you-go government-run Social Security plans are confronting in the face of an aging demographic. This will require further product innovation and additional research.
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The Notional and the Real in China’s Pension Reforms
2019Co-Authors: Bei Lu, John Piggott, Bingwen ZhengAbstract:This paper discusses the potential expansion of the role of the notional defined contribution (NDC) paradigm in the ongoing reforms of Retirement Provision in China. It finds that mature age life expectancy is remarkably uniform among formal sector workers at the time of Retirement, although greater heterogeneity does exist for Rural and Urban Residents Pension Scheme members. The implications of a stylized NDC structure are examined covering China’s major pension systems, calibrated to be actuarially neutral. Each system has a different contribution rate and Retirement age, consistent with different life expectancies. A complementary social pension is also proposed. The paper concludes that an increased presence of the NDC paradigm has the potential to raise aggregate welfare.
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should public Retirement Provision be means tested
DEGIT Conference Papers, 2009Co-Authors: Cagri S Kumru, John PiggottAbstract:The complex matrix of Retirement policy trade-offs – encompassing elements of paternalism, market failure, and overlaying incentives in a life-cycle context – have received much attention in the literature. But the issue of whether publicly-funded Retirement Provision should be means-tested, and if so how, has received limited attention, although it has been highlighted from time to time. This paper examines the economic welfare effects of means testing using a stochastic overlapping generations model calibrated to the UK economy. A labor-leisure choice is incorporated, with multiple individuals differentiated by endowments of effective labor. Our results indicate that a change in the taper rate has implications for both welfare and economic aggregates. In particular, with a second tier pension in place, it is welfare improving to strictly means-test the first pillar. In contrast to much received wisdom, higher taper rates increase social welfare.
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Retirement Provision accumulations security and insurance
Chapters, 2004Co-Authors: John Piggott, Sachi Purcal, Matthew WilliamsAbstract:This book provides a comprehensive appraisal of social security in Japan, where traditionally the burden of welfare Provision has been the main responsibility of the family and employers, rather than the state. However, an ageing population, changes in family structure and continued recession has led to an urgent reappraisal of this situation.
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asset rich and cash poor Retirement Provision and housing policy in singapore
Journal of Pension Economics & Finance, 2002Co-Authors: David Mccarthy, Olivia S Mitchell, John PiggottAbstract:National defined contribution pension systems have long been a mainstay of Retirement income in Asia. One of the oldest and best known of these systems is the Singaporean Central Provident Fund, a mandatory Retirement scheme managed by the central government for almost a half-century. With required contribution rates that have ranged up to 50%, this program has powerfully shaped asset accumulation patterns and housing portfolios. This paper explores how the structure and design of the Singaporean Retirement and housing schemes influence wealth levels and asset mix at Retirement. Our model indicates that outcomes rest critically on the interlinked national Retirement and housing programs. We show that policies to enhance one program may boost Retirement replacement rates but can also lower total wealth in unexpected ways. The lessons we draw may serve as guidance for other countries constructing a national defined contribution Retirement system.
Roddy Mckinnon - One of the best experts on this subject based on the ideXlab platform.
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Beyond mandatory privatization: pensions policy options for developing countries
Journal of International Development, 2020Co-Authors: Roger Charlton, Roddy MckinnonAbstract:Consideration of the social welfare, financial system and institutional implications for DCs of the current, World Bank-led, trend towards systemic old-age pension reforms based on an expanded role for mandatory private Provision indicates the desirability of reform alternatives. The wider policy lessons which DCs can take from the experiences of systemic pension reforms already enacted in developing and transition economies are found to be, at best, ambiguous and, at worst, problematic. Alternative policy proposals for DC and transition economy governments considering implementing mandatory defined contribution pension funds within parameters set largely by the Bank's 'agenda' are suggested. These envisage the retention of state Provision as their primary element in order to ensure that pension systems continue to pursue their essential welfare functions. Finally, policy recommendations designed to secure universality in Retirement Provision on a social assistance basis are presented for those LDCs currently outwith the parameters of the systemic pension reform debate. Copyright © 2000 John Wiley & Sons, Ltd.
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Reaffirming public‐private partnerships in Retirement pension Provision
International Journal of Public Sector Management, 2000Co-Authors: Roddy Mckinnon, Roger CharltonAbstract:Contemporary debates over the future direction of Retirement pensions policy have been dominated by a polemic over the scope of, and the future balance between, the respective roles of public and private sectors in the management and delivery of benefit “entitlements”. This debate has negatively judged the institutional capacity of the state sustainably to supply adequate national Retirement Provision. This development is viewed as problematic as it is contentious in that it seeks to abandon lessons learned from the long, albeit currently underestimated, historical pedigree of public‐private partnership in institutional pensions Provision. Against the ascendancy of World Bank‐driven attitudes regarding the limitations of “public”’ pensions Provision, it is argued that due recognition be given to the ongoing capacity of state sectors to contribute positively to the management and delivery of old‐age pensions. Argues further that the social welfare‐driven imperatives which led states initially to become inc...
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reaffirming public private partnerships in Retirement pension Provision
International Journal of Public Sector Management, 2000Co-Authors: Roddy Mckinnon, Roger CharltonAbstract:Contemporary debates over the future direction of Retirement pensions policy have been dominated by a polemic over the scope of, and the future balance between, the respective roles of public and private sectors in the management and delivery of benefit “entitlements”. This debate has negatively judged the institutional capacity of the state sustainably to supply adequate national Retirement Provision. This development is viewed as problematic as it is contentious in that it seeks to abandon lessons learned from the long, albeit currently underestimated, historical pedigree of public‐private partnership in institutional pensions Provision. Against the ascendancy of World Bank‐driven attitudes regarding the limitations of “public”’ pensions Provision, it is argued that due recognition be given to the ongoing capacity of state sectors to contribute positively to the management and delivery of old‐age pensions. Argues further that the social welfare‐driven imperatives which led states initially to become inc...
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The national provident fund model: An analytical and evaluative reassessment
International Social Security Review, 1997Co-Authors: Roddy Mckinnon, Roger Charlton, Harry T. MunroAbstract:Both earlier and current analytical perspectives on appropriate modes of delivering Retirement Provision have tended to underestimate both the inherent adaptability and the developmental potentialities of the national provident fund (NPF) model. The essence of this model is found in the welfare salience of the possibility of synergy between the NPF's direct (Retirement Provision) and indirect (development finance institution) roles in developing political economies. Diffusion is found to be important in the development of the NPF model from Asian origins and in its subsequent retention in a limited number of states. NPF “success stories” are few in number but potentially significant given their regional concentration and impact, the latter currently underlined by further expansion and development of existing NPFs and by recently renewed prospects for regional diffusion of the model. Further examination of the significantly enhanced welfare outcomes achieved through the creative utilization of existing NPFs underlines the potentiality for NPF-led development within “pillarized” Retirement Provision.