Mar Devesa Carpio () (Universitat de València) José E. Devesa Carpio (Universitat de València)
Abstract
The present work defines a measure that allows one to determine the actuarial cost of delivering a monetary unit of pension in the case of a pay-as-you-go system. This cost is connected with the system's actuarial viability. The basis is the model used by Devesa & Devesa (2008b) to determine the actuarial imbalance of pay-as-you-go systems. The model is also applied to determining the imbalance and the unitary pension cost of the contributory pension system of the Spanish Social Security system, extending the study to all benefits and all regimes for five consecutive years from 2002 to 2006. Lastly, policy alternatives are presented that would allow the system to be brought back into balance in the sense of equating actuarially the cost to the value of the pension delivered. En el presente trabajo se define una medida que permite determinar, desde el punto de vista actuarial, el coste que supone entregar una unidad monetaria de pensión en el caso de un sistema de reparto, lo cual enlaza con la viabilidad financiero-actuarial del mismo. Para ello se parte del modelo que Devesa y Devesa (2008b) utilizan para determinar el desequilibrio financiero-actuarial de los sistemas de reparto. Además, dicho modelo se aplica para determinar el desequilibrio y el coste por pensión unitaria del sistema contributivo de pensiones de la Seguridad Social española, ampliando el estudio a todas las prestaciones y a todos los regímenes, para cinco años consecutivos desde 2002 hasta 2006. Por último, se presentan distintas alternativas que permitirían reequilibrar el mencionado sistema o, lo que es lo mismo, igualar actuarialmente el coste al valor de la pensión entregada.
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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number
2009-09.
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