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Differential Mortality And The Design Of The Italian System Of Public Pensions

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  • Graziella Caselli

    ()

  • Franco Peracchi

    ()

  • Elisabetta Barbi

    ()

  • Rosa Maria Lipsi

    ()

Abstract

This paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the survival differences by gender, birth cohort and region of residence.3 Section 2 reviews the secular trends in elderly mortality in Italy, separately for men and women, and draws some implications for long-run demographic projections. It also considers regional differences in survival and their evolution over the last three decades. Section 3 evaluates the impact, on the conversion factors introduced by the Dini reform, of a further decline in elderly mortality over the next few decades, focusing on the period when the reform will be fully phased in. It also computes the conversion factors using a close approximation to the unknown formula employed in the Dini reform but allowing for gender- and region-specific survival probabilities. The distance between the original conversion factors and those obtained by allowing for differential survival across socio-demographic groups provides a quantitative assessment of the implicit redistributive impacts of the reform. Finally, Section 4 offers some conclusions.

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Bibliographic Info

Paper provided by CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY in its series CHILD Working Papers with number wp07_02.

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Length: 34 pages
Date of creation: Jan 2002
Date of revision:
Handle: RePEc:wpc:wplist:wp07_02

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Keywords: differential mortality; italian system public pension;

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Cited by:
  1. Agar Brugiavini & Franco Peracchi, 2010. "Youth Unemployment and Retirement of the Elderly: The Case of Italy," NBER Chapters, in: Social Security Programs and Retirement around the World: The Relationship to Youth Employment, pages 167-215 National Bureau of Economic Research, Inc.
  2. Carlo Mazzaferro & Marco Savegnago, 2008. "Differential Mortality and Redistribution in the Italian Notional Defined Contribution System," Center for the Analysis of Public Policies (CAPP) 0047, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.

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