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The financial well-being of older people in Europe and the redistributive effects of minimum pension schemes

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  • Figari, Francesco
  • Matsaganis, Manos
  • Sutherland, Holly

Abstract

This study analyses the financial well-being of elderly people across Europe. Using the European microsimulation model EUROMOD, which facilitates the identification of minimum pension schemes in a comparable way across countries, we show the extent to which these schemes serve to reduce the risk of poverty among elderly. The main findings show that there is a strong correlation between the resources allocated to the minimum pension schemes and the reduction in poverty risk among the elderly. Nevertheless, the financial well-being of older people depends crucially on the pension system as a whole. Countries with generous minimum pension schemes seem to allocate relatively fewer resources to other pillars of the pension system. On the one hand, they are more effective in reducing elderly poverty rates. On the other hand, they fail to ensure a level of financial well-being of older people in line with the overall population.

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Bibliographic Info

Paper provided by EUROMOD at the Institute for Social and Economic Research in its series EUROMOD Working Papers with number EM7/11.

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Date of creation: 23 Dec 2011
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Publication status: published
Handle: RePEc:ese:emodwp:em7-11

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  1. Mantovani, Daniela & Sutherland, Holly, 2003. "Social indicators and other income statistics using the EUROMOD baseline: a comparison with Eurostat and National Statistics," EUROMOD Working Papers EM1/03, EUROMOD at the Institute for Social and Economic Research.
  2. Grech, Aaron George, 2007. "Pension policy in EU25 and its impact on pension benefits," MPRA Paper 33669, University Library of Munich, Germany.
  3. Carlo V Fiorio & Francesco D'Amuri, 2006. "Tax Evasion In Italy: An Analysis Using A Tax-Benefit Microsimulation Model," The IUP Journal of Public Finance, IUP Publications, vol. 0(2), pages 19-37, May.
  4. Eva Sierminska & Andrea Brandolini & Timothy M. Smeeding, 2007. "Cross-National Comparison of Income and Wealth Status in Retirement: First Results From the Luxembourg Wealth Study (LWS)," Working Papers, Center for Retirement Research at Boston College wp2007-03, Center for Retirement Research, revised Feb 2007.
  5. Thai-Thanh Dang & Herwig Immervoll & Daniela Mantovani & Kristian Orsini & Holly Sutherland, 2006. "An Age Perspective on Economic Well-Being and Social Protection in Nine OECD Countries," OECD Social, Employment and Migration Working Papers 34, OECD Publishing.
  6. Peter Whiteford & Edward Whitehouse, 2006. "Pension Challenges and Pension Reforms in Oecd Countries," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 22(1), pages 78-94, Spring.
  7. Asghar Zaidi & Aaron George Grech & Michael Fuchs, 2006. "Pension policy in EU25 and its possible impact on elderly poverty," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 6225, London School of Economics and Political Science, LSE Library.
  8. repec:ese:iserwp:2008-18 is not listed on IDEAS
  9. Holly Sutherland & Ruth Hancock & John Hills & Francesca Zantomio, 2008. "Keeping up or Falling behind? The Impact of Benefit and Tax Uprating on Incomes and Poverty," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 29(4), pages 467-498, December.
  10. Atkinson, Tony, et al, 2002. "Microsimulation of Social Policy in the European Union: Case Study of a European Minimum Pension," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 69(274), pages 229-43, May.
  11. Kenworthy, Lane, 2011. "Progress for the Poor," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199591527, October.
  12. Callan, Tim & Leventi, Chrysa & Levy, Horacio & Matsaganis, Manos & Paulus, Alari & Sutherland, Holly, 2011. "The distributional effects of austerity measures: a comparison of six EU countries," EUROMOD Working Papers EM6/11, EUROMOD at the Institute for Social and Economic Research.
  13. Goedemé Tim & Van Lancker Wim, 2009. "A Universal Basic Pension for Europe's Elderly: Options and Pitfalls," Basic Income Studies, De Gruyter, De Gruyter, vol. 4(1), pages 1-26, August.
  14. Eckardt, Martina, 2003. "The Open Method of Co-ordination on Pensions - An Economic Analysis of its Effects on Pension Reforms," Thuenen-Series of Applied Economic Theory 39, University of Rostock, Institute of Economics.
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