There are two aims to this paper: firstly, to provide an objective technical assessment of the current situation of the contributory pension system in Spain and its prospects for the future, and secondly, to look at the issues surrounding the introduction of a system of notional defined contribution accounts. To this end we explain the basic elements upon which the current system is based and show its main indicators, then set out some of its fundamental problems. Following this we look at the most relevant research work, where forecasts can be found that will give us a clear idea of the system's financial sustainability. Finally we put forward an argument as to why a notional accounts system could be a valid alternative for reforming the current system, and suggest which formula or group of formulas would best fit the profile of contributor-beneficiary risk and what the transition process would be
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Paper provided by EconWPA in its series Public Economics with number
0504006.
Length: 27 pages Date of creation: 18 Apr 2005 Date of revision: Handle: RePEc:wpa:wuwppe:0504006
Note: Type of Document - pdf; pages: 27. Forthcoming in R. Holzmann & E. Palmer (Eds) “Financial Defined Contribution (NDC) Pension Schemes: Concept, Issues, Implementation, Prospects”. The World Bank and Riksforsakrings Verket. (2005) Contact details of provider: Web page: http://129.3.20.41
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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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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Michele Boldrin & Sergi Jimenez-Martin & Franco Peracchi, 1999.
"Social Security and Retirement in Spain,"
NBER Chapters,
in: Social Security and Retirement around the World, pages 305-353
National Bureau of Economic Research, Inc.
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Agar Brugiavini & Franco Peracchi, 2004.
"Micro-Modeling of Retirement Behavior in Italy,"
NBER Chapters,
in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 345-398
National Bureau of Economic Research, Inc.
[Downloadable!]
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