AbstractThis article, based on two books (2008, forthcoming), sets out principles for pension design: pension systems have multiple objectives, analysis should consider the pension system as a whole, analysis should be in a second-best context, different systems share risks differently and have different effects by generation and by gender. The article considers policy implications: there is no single best pension design; earlier retirement does not reduce unemployment; unsustainable pension promises should be addressed directly; adding funding in a PAYG mandatory system may or may not be welfare improving; and implementation matters – design should not exceeds a country’s capacity to implement.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2523.
Date of creation: 2009
Date of revision:
pension; social security;
Other versions of this item:
- Nicholas Barr & Peter Diamond, 2008. "Reforming Pensions," Working Papers, Center for Retirement Research at Boston College wp2008-26, Center for Retirement Research.
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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