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Shattered Dreams: The Effects of Changing the Pension System Late in the Game

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Author Info

  • Grip Andries de
  • Lindeboom Maarten
  • Montizaan Raymond

    (ROA rm)

Abstract

This paper assesses the impact of a dramatic reform of the Dutch pension system on mental health, savings behavior and retirement expectations of workers nearing retirement age. The reform means that public sector workers born on January 1, 1950 or later face a substantial reduction in their pension rights while workers born before this threshold date may still retire under the old, more generous rules. We employ a unique matched survey and administrative data set comprising male public sector workers born in 1949 and 1950 and find strong ex ante effects on mental health for workers who are affected by the reform. This effect increases as birth dates approach the threshold date. Furthermore, the effects differ in accordance with worker characteristics. Finally, we find that the response of those affected by the reform is to work longer and to save more.1.

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Bibliographic Info

Paper provided by Maastricht : ROA, Research Centre for Education and the Labour Market in its series Research Memoranda with number 003.

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Date of creation: 2009
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Handle: RePEc:dgr:umaror:2009003

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Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm

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Keywords: education; training and the labour market;

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Cited by:
  1. van Ooijen, Raun & Mastrogiacomo, Mauro & Euwals, Rob, 2010. "Private Wealth and Planned Early Retirement: A Panel Data Analysis for the Netherlands, 1994-2009," IZA Discussion Papers 5339, Institute for the Study of Labor (IZA).
  2. Hélène Blake & Clémentine Garrouste, 2012. "Collateral effects of a pension reform in France," Working Papers halshs-00703706, HAL.
  3. Barbara Hanel & Regina T. Riphahn, 2012. "The Timing of Retirement - New Evidence from Swiss Female Workers," CESifo Working Paper Series 3814, CESifo Group Munich.
  4. Montizaan, Raymond & Vendrik, Maarten, 2012. "Misery Loves Company: Exogenous Shocks in Retirement Expectations and Social Comparison Effects on Subjective Well-Being," IZA Discussion Papers 6863, Institute for the Study of Labor (IZA).
  5. Bert Van Landeghem, 2012. "Panel Conditioning and Self-Reported Satisfaction: Evidence from International Panel Data and Repeated Cross-Sections," SOEPpapers on Multidisciplinary Panel Data Research 484, DIW Berlin, The German Socio-Economic Panel (SOEP).
  6. Helene Blake; & Clementine Garrouste, 2012. "Collateral effects of a pension reform in France," Health, Econometrics and Data Group (HEDG) Working Papers 12/16, HEDG, c/o Department of Economics, University of York.
  7. de Grip, Andries & Fouarge, Didier & Montizaan, Raymond, 2013. "How Sensitive Are Individual Retirement Expectations to Raising the Retirement Age?," IZA Discussion Papers 7269, Institute for the Study of Labor (IZA).
  8. Bissonnette, Luc & van Soest, Arthur, 2011. "The Future of Retirement and the Pension System: How the Public's Expectations Vary over Time and across Socio-Economic Groups," IZA Discussion Papers 5759, Institute for the Study of Labor (IZA).
  9. Bissonnette, L. & Soest, A.H.O. van, 2011. "The Future of Retirement and the Pension System: How the Public’s Expectations Vary over Time and across Socio-Economic Groups," Discussion Paper 2011-065, Tilburg University, Center for Economic Research.
  10. Hélène Blake & Clémentine Garrouste, 2012. "Collateral effects of a pension reform in France," PSE Working Papers halshs-00703706, HAL.
  11. Mauro Mastrogiacomo & Rob Euwals & Raun van Ooijen (DNB), 2010. "Private wealth and planned early retirement: A panel data analysis for the Netherlands 1994-2009," CPB Discussion Paper 160, CPB Netherlands Bureau for Economic Policy Analysis.

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