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The Swedish Experience with Pension Reform

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  • Annika Sunde´n

Abstract

Sweden is one of few countries in Europe to have introduced a comprehensive pension reform. In 1998, Sweden passed legislation that transformed its public pension system to a notional defined-contribution (NDC) plan-- that is, a defined-contribution plan financed on a pay-as-you-go basis. In addition, a second tier of funded individual accounts was introduced. The reform had broad political support with more than 80 per cent of the votes in parliament. This paper discusses the trends in retirement in Sweden and assesses the experience with pension reform. The objective was to design a fiscally sustainable system tied to economic growth with a clear link between contributions and benefits. We discuss the challenges in meeting this goal, the extent to which the Swedish reform has succeeded, and how the system affects beneficiaries. The paper evaluates the experience of the individual funded accounts to date and concludes with an outlook for the future. Copyright 2006, Oxford University Press.

Suggested Citation

  • Annika Sunde´n, 2006. "The Swedish Experience with Pension Reform," Oxford Review of Economic Policy, Oxford University Press, vol. 22(1), pages 133-148, Spring.
  • Handle: RePEc:oup:oxford:v:22:y:2006:i:1:p:133-148
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    Cited by:

    1. Sarah Cattan & Daniel A. Kamhöfer & Martin Karlsson & Therese Nilsson, 2017. "The short- and long-term effects of student absence: evidence from Sweden," IFS Working Papers W17/21, Institute for Fiscal Studies.
    2. Hagen, Johannes, 2013. "A History of the Swedish Pension System," Working Paper Series, Center for Fiscal Studies 2013:7, Uppsala University, Department of Economics.
    3. Cattan, Sarah & Kamhöfer, Daniel A. & Karlsson, Martin & Nilsson, Therese, 2017. "The Short- and Long-Term Effects of Student Absence: Evidence from Sweden," IZA Discussion Papers 10995, Institute for the Study of Labor (IZA).
    4. Betermier, Sebastien & Jansson, Thomas & Parlour, Christine & Walden, Johan, 2012. "Hedging labor income risk," Journal of Financial Economics, Elsevier, vol. 105(3), pages 622-639.
    5. Timothy Smeeding & Eva Sierminska & Andrea Brandolini, 2006. "Cross National Comparison of Income and Wealth Status in Retirement: First Results from the Luxembourg Wealth Study (LWS)," LWS Working papers 2, LIS Cross-National Data Center in Luxembourg.
    6. Bhalotra, Sonia R. & Karlsson, Martin & Nilsson, Therese & Schwarz, Nina, 2016. "Infant Health, Cognitive Performance and Earnings: Evidence from Inception of the Welfare State in Sweden," IZA Discussion Papers 10339, Institute for the Study of Labor (IZA).
    7. Le Blanc, Julia & Scholl, Almuth, 2017. "Optimal Savings For Retirement: The Role Of Individual Accounts," Macroeconomic Dynamics, Cambridge University Press, vol. 21(06), pages 1361-1388, September.
    8. Cattan, Sarah & Kamhofer, Daniel A. & Karlsson, Martin & Nilsson, Therese, 2017. "The Short- and Long-term Effects of Student Absence: Evidence from Sweden," Working Paper Series 1188, Research Institute of Industrial Economics.
    9. Callan, Tim & Keane, Claire & Walsh, John R., 2009. "Pension Policy: New Evidence on Key Issues," Research Series, Economic and Social Research Institute (ESRI), number RS14.

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