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Pension Plans and the Retirement Replacement Rates in the Netherlands

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Author Info
M. van Duijn
M. Lindeboom
P. Lundborg
M. Mastrogiacomo ()

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Abstract

This study examines the expected retirement replacement rates of several cohorts of Dutch employees at the time of their planned retirement. It also imputes the actual replacement rates based on available pension records. We find that using reasonable indexation rates, the expected replacement rate is higher than the one we compute. Larger discrepancies are found for younger cohorts. We decompose the difference between the two replacement rates and find that the mismatch is related to poor institutional knowledge for the whole sample. We also show the role of assumptions on institutions and wage profiles in determining our results.

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Paper provided by CPB Netherlands Bureau for Economic Policy Analysis in its series CPB Discussion Papers with number 118.

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Date of creation: Jan 2009
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Handle: RePEc:cpb:discus:118

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Related research
Keywords: Replacement rate; expected retirement; Oaxaca decomposition;

Find related papers by JEL classification:
J2 - Labor and Demographic Economics - - Demand and Supply of Labor
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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  1. Charles F. Manski, 2004. "Measuring Expectations," Econometrica, Econometric Society, vol. 72(5), pages 1329-1376, 09. [Downloadable!] (restricted)
  2. Michael Hurd & Susann Rohwedder, 2003. "The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement," Working Papers 03-12, RAND Corporation Publications Department. [Downloadable!]
    Other versions:
  3. F. Thomas Juster & Joseph P. Lupton & James P. Smith & Frank Stafford, 2006. "The Decline in Household Saving and the Wealth Effect," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 20-27, January. [Downloadable!] (restricted)
    Other versions:
  4. A. Bovenberg, 2005. "Balancing Work and Family Life during the Life Course," De Economist, Springer, vol. 153(4), pages 399-423, December. [Downloadable!] (restricted)
  5. van Rooij, Maarten C.J. & Kool, Clemens J.M. & Prast, Henriette M., 2007. "Risk-return preferences in the pension domain: Are people able to choose?," Journal of Public Economics, Elsevier, vol. 91(3-4), pages 701-722, April. [Downloadable!] (restricted)
    Other versions:
  6. Tito Boeri & Axel Börsch-Supan & Guido Tabellini, 2001. "Would you like to shrink the welfare state? A survey of European citizens," Economic Policy, CEPR, CES, MSH, vol. 16(32), pages 7-50, 04. [Downloadable!] (restricted)
  7. Kerkhofs, Marcel & Lindeboom, Maarten & Theeuwes, Jules, 1999. "Retirement, financial incentives and health," Labour Economics, Elsevier, vol. 6(2), pages 203-227, June. [Downloadable!] (restricted)
  8. Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2006. "Retirement expectations, pension reforms, and their impact on private wealth accumulation," Journal of Public Economics, Elsevier, vol. 90(12), pages 2187-2212, December. [Downloadable!] (restricted)
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  9. Richard V. Burkhauser & J. S. Butler & Gulcin Gumus, 2004. "Dynamic programming model estimates of Social Security Disability Insurance application timing," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(6), pages 671-685. [Downloadable!]
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