The Rationale for Occupational Pensions
AbstractEmployers and employees have no incentive to include pensions as part of employment contracts unless the pension completes a missing market, or ameliorates an imperfection in existing capital or labour markets. We examine the influence on the choice and design of occupational pensions of capital- and labour-market imperfections. In capital markets, we focus on basis risks, taxation, employer default risks, transactions costs, portfolio restrictions, and liquidity constraints. Aspects of labour markets affecting occupational pensions may be the presence of firm-specific human capital, asymmetric information between firms and potential hires, the presence of moral hazard, and internal labour markets in firms which cause employers to attempt to control the retirement behaviour of workers. The implications of this analysis of occupational pensions for public policy towards pensions are briefly examined. Copyright 2006, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 22 (2006)
Issue (Month): 1 (Spring)
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- Callan, Tim & Keane, Claire & Walsh, John R., 2009. "Pension Policy: New Evidence on Key Issues," Research Series, Economic and Social Research Institute (ESRI), number RS14.
- Nicholas Barr, 2006. "Pensions: overview of the issues," LSE Research Online Documents on Economics 2631, London School of Economics and Political Science, LSE Library.
- Kathrin Dummann, 2007. "What Determines the Demand for Occupational Pensions in Germany?," SOEPpapers on Multidisciplinary Panel Data Research 67, DIW Berlin, The German Socio-Economic Panel (SOEP).
- Johansen, Kathrin, 2010. "Multiple information search and employee participation in occupational pension plans," Thuenen-Series of Applied Economic Theory 114, University of Rostock, Institute of Economics.
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