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Controlling the effects of demographic risks: the role of pension indexation schemes

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  • ALHO, JUHA M.
  • HOUGAARD JENSEN, SVEND E.
  • LASSILA, JUKKA
  • VALKONEN, TARMO

Abstract

Within a model featuring demographic uncertainty, this paper studies a pension reform where public pension benefits are indexed to the total wage bill rather than to the average wage level. This implies a decline in the variability of contribution rates and an increase in the variability of replacement rates. While thus shifting some of the adjustment burden following demographic shocks to pensioners, the trade-off in risks is found to be fairly moderate.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.

Volume (Year): 4 (2005)
Issue (Month): 02 (July)
Pages: 139-153

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Handle: RePEc:cup:jpenef:v:4:y:2005:i:02:p:139-153_00

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Cited by:
  1. Lassila, Jukka & Valkonen, Tarmo, 2007. "Longevity Adjustment of Pension Benefits," Discussion Papers 1073, The Research Institute of the Finnish Economy.
  2. Ronkainen , Vesa, 2012. "Stochastic modeling of financing longevity risk in pension insurance," Scientific Monographs E:44/2012, Bank of Finland.
  3. Lassila, Jukka & Valkonen, Tarmo, 2006. "The Finnish Pension Reform of 2005," Discussion Papers 1000, The Research Institute of the Finnish Economy.
  4. Fehr, Hans & Habermann, Christian, 2006. "Pension reform and demographic uncertainty: the case of Germany," Journal of Pension Economics and Finance, Cambridge University Press, vol. 5(01), pages 69-90, March.
  5. Alho, Juha M. & Vanne, Reijo, 2006. "On predictive distributions of public net liabilities," International Journal of Forecasting, Elsevier, vol. 22(4), pages 725-733.
  6. Lassila , Jukka & Valkonen, Tarmo, 2008. "Population ageing and fiscal sustainability in Finland: a stochastic analysis," Research Discussion Papers 28/2008, Bank of Finland.
  7. Lassila, Jukka & Valkonen, Tarmo & Alho, Juha M., 2011. "Fiscal sustainability and policy rules under changing demographic forecasts," Discussion Papers 1265, The Research Institute of the Finnish Economy.

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