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Differential mortality and redistribution in the Italian notional defined contribution system

  • MAZZAFERRO, CARLO
  • MORCIANO, MARCELLO
  • SAVEGNAGO, MARCO

In this paper we assess, through a financial measure (Net Present Value Ratio), the extent of the lifetime earning redistribution operated by the Notional Defined Contribution in a sample of individuals representative of the Italian population born from 1975 to 2000. Controlling mortality by the level of education we identify at least three channels of redistribution: among genders (from men to women), along educational lines (from low to high educated) and among income quintiles (from poor to rich). This happens because some groups systematically live less than average (men, loweducated and poor) while others live more than average (women, high educated and rich). This finding is not trivial: even if the NDC system assure long term financial sustainability, it harms the most disadvantaged groups like poor and low-educated people.

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Article provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.

Volume (Year): 11 (2012)
Issue (Month): 04 (October)
Pages: 500-530

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Handle: RePEc:cup:jpenef:v:11:y:2012:i:04:p:500-530_00
Contact details of provider: Postal: Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK
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  1. Graziella Caselli & Franco Peracchi & Elisabetta Barbi & Rosa Maria Lipsi, 2002. "Differential Mortality And The Design Of The Italian System Of Public Pensions," CHILD Working Papers wp07_02, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY.
  2. Carlo Mazzaferro & Marcello Morciano, 2008. "CAPP_DYN: A Dynamic Microsimulation Model for the Italian Social Security System," Department of Economics 0595, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
  3. Lillard, L.A. & Waite, L.J., 1993. "'Til Death Do Us Part: Marital Disruption and Mortality," Papers 93-10, RAND - Labor and Population Program.
  4. Jeffrey Brown, 2002. "Differential Mortality and the Value of Individual Account Retirement Annuities," NBER Chapters, in: The Distributional Aspects of Social Security and Social Security Reform, pages 401-446 National Bureau of Economic Research, Inc.
  5. Monika Queisser & Edward R. Whitehouse, 2006. "Neutral or Fair?: Actuarial Concepts and Pension-System Design," OECD Social, Employment and Migration Working Papers 40, OECD Publishing.
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