Canadian Retirement Savings Plans and Italian Pension Reform
AbstractCanada has developed an extensive private pension system that accounts for more than half the government assisted resources available for retirement incomes. Private plans in Italy account for less than one percent of retirement resources, but it has recently provided pension reforms to encourage greater use of these plans. This paper examines these reforms in light of Canada's experience with its private savings plans. In general terms the Canadian plans available to firms and individuals are more integrated with one another than is allowed in Italy, and, as well, the private plans in Italy have less flexibility to address both pre-retirement cash needs and the ability to shift retirement assets between portfolio managers. There are also fewer post retirement options available in Italy. The greater choice and flexibility of Canadian plans are seen as attractive features to savers and further Italian reforms that provide these characteristics to retirement savings plans should lead to more rapid growth in Italian private plans.
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Bibliographic InfoPaper provided by University of Western Ontario, Economic Policy Research Institute in its series University of Western Ontario, Economic Policy Research Institute Working Papers with number 20027.
Date of creation: 2002
Date of revision:
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Postal: Economic Policy Research Institute, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/epri_workingpapers.html
pensions; flexibility; tax deferred savings;
Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
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