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Pension Policy in EU25 and its Possible Impact on Elderly Poverty

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  • Michael Fuchs
  • Aaron George Grech
  • Asghar Zaidi

Abstract

This paper reviews changes in pension policies in EU countries between 1995 and 2005 and describes how they might affect risk of poverty for future pensioner populations. The pension landscape in Europe has changed considerably in the past decade and the paper highlights commonalities as well as differences in pension reforms across these countries. A common trend is that the retirement incomes drawn from the public pension systems are on the decline, the changes are likely to shift more risks towards individuals, and there are fewer possibilities of redistribution in favour of the lower income individuals. The paper includes exploratory projections of how the risk of elderly poverty might evolve in the future. The countries where the benefit ratio is set to decline significantly, as expected, would see at-risk-poverty rates increase quite substantially, especially during the period 2025-2050, when the bulk of the decline is expected. This analysis points towards the importance of a more comprehensive assessment of the reforms, in particular in their impact on vulnerable groups (such as women and disabled people with disruptive work history) and in the clarity of the signals they give to individuals in extending their working career if they want to avoid greater risks of poverty during retirement.

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File URL: http://sticerd.lse.ac.uk/dps/case/cp/CASEpaper116.pdf
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Bibliographic Info

Paper provided by Centre for Analysis of Social Exclusion, LSE in its series CASE Papers with number case116.

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Date of creation: Dec 2006
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Handle: RePEc:cep:sticas:case116

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Web page: http://sticerd.lse.ac.uk/case/_new/publications/default.asp

Related research

Keywords: Social Security and Public Pensions; Retirement; Retirement Policies; Private Pensions;

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References

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  1. Gábor Orbán & Dániel Palotai, 2005. "The sustainability of the Hungarian pension system: a reassessment," MNB Occasional Papers 2005/40, Magyar Nemzeti Bank (the central bank of Hungary).
  2. Giuseppe Carone, 2005. "Long-Term Labour Force Projections for the 25 EU Member States:A set of data for assessing the economic impact of ageing," Labor and Demography 0512006, EconWPA.
  3. Grech, Aaron George, 2007. "Pension policy in EU25 and its impact on pension benefits," MPRA Paper 33669, University Library of Munich, Germany.
  4. Markus Knell, 2005. "Demographic Fluctuations, Sustainability Factors and Integenerational Fairness – An Assessment of Austria's New Pension System," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 23–42.
  5. Whitehouse, Edward, 2000. "Paying for pensions: An international comparison of administrative charges in funded retirement-income systems," MPRA Paper 14171, University Library of Munich, Germany.
  6. Wehlau, Diana & Sommer, Jörg, 2004. "Pension policies after EU enlargement: Between financial market integration and sustainability of public finances," Working papers of the ZeS 10/2004, University of Bremen, Centre for Social Policy Research (ZeS).
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Citations

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Cited by:
  1. Aaron George Grech, 2013. "How best to measure pension adequacy," LSE Research Online Documents on Economics 51270, London School of Economics and Political Science, LSE Library.
  2. Aaron George Grech, 2012. "Evaluating the possible impact of pension reforms on future living standards in Europe," CASE Papers /161, Centre for Analysis of Social Exclusion, LSE.
  3. Poteraj, Jarosław, 2007. "Systemy emerytalne w Europie - Cypr
    [Pension systems in Europe - Cyprus]
    ," MPRA Paper 33159, University Library of Munich, Germany.
  4. Poteraj, Jarosław, 2008. "Pension systems in 27 EU countries," MPRA Paper 31053, University Library of Munich, Germany.
  5. Aaron George, Grech, 2014. "Pension policy design: The core issues," MPRA Paper 53662, University Library of Munich, Germany.
  6. Rod Hick, 2009. "The SocialWelfare Pensions in Ireland: Pensioner Poverty and Gender," Working Papers 200902, Geary Institute, University College Dublin.
  7. Grech, Aaron George, 2013. "Assessing the sustainability of pension reforms in Europe," MPRA Paper 51474, University Library of Munich, Germany.
  8. Peeters, Marga, 2011. "“Better Safe than Sorry” - Individual Risk-free Pension Schemes in the European Union - Macroeconomic Benefits, the Mobile Working Citizen’s Perspective and Why Nots," MPRA Paper 33571, University Library of Munich, Germany.
  9. Arie Kapteyn & Jinkook Lee & Gema Zamarro, 2013. "Does Retirement Induced through Social Security Pension Eligibility Influence Subjective Well-being? A Cross-Country Comparison," Working Papers wp301, University of Michigan, Michigan Retirement Research Center.
  10. repec:ese:emodwp:em7-11 is not listed on IDEAS
  11. repec:cep:sticas:case161 is not listed on IDEAS
  12. Marga Peeters, 2012. "Better Safe than Sorry - Individual Risk-free Pension Schemes in the European Union," Contemporary Economics, University of Finance and Management in Warsaw, vol. 6(3), September.

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