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A comparison of catching-up premium rate models

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  • Jan Bonenkamp

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    Abstract

    The total pension premium rate consists of two components, the contribution rate and the catching-up premium rate. The contribution rate finances the accrual of pension rights while the catching-up premium finances (possible) wealth deficits of a pension fund. The contribution rate and the catching-up premium rate have a different effect on the economy. The models are different in that the PA model is a solution to a static optimisation problem, while the optimisation problem in the LQR model is dynamic. With respect to the economic principle of premium smoothing, it turns out that the LQR model is the preferable model. In addition, the simulation outcomes of this model are more consistent with the institutions of the Dutch pension system.

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    Bibliographic Info

    Paper provided by CPB Netherlands Bureau for Economic Policy Analysis in its series CPB Memorandum with number 127.

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    Date of creation: Nov 2005
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    Handle: RePEc:cpb:memodm:127

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    Cited by:
    1. Nick Draper & Alex Armstrong, 2007. "GAMMA; a simulation model for ageing, pensions and public finances," CPB Document 147, CPB Netherlands Bureau for Economic Policy Analysis.

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