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Taming pension fund capitalism in Europe: collective and state regulation in times of crisis

Author

Listed:
  • Bernhard Ebbinghaus

    (University of Mannheim, ebbinghaus@uni-mannheim.de)

  • Tobias Wiß

    (Mannheim Centre for European Social Research (MZES))

Abstract

The recent financial crisis has led to major losses among many pension funds across Europe, showing the problems in shifting responsibility for old-age income to private actors without sufficient regulation. The impact of the crisis on pension funds and future retirement benefits depends on good governance and effective regulation. There is a large cross-national variation in pension fund capitalism and its regulation across Europe. We compare private supplementary pensions in six countries (Denmark, Germany, the Netherlands, Sweden, Switzerland and the UK) and analyse how these different systems have reacted to the crisis. Whereas higher contributions and delayed indexation may be temporary measures, more important are the long-term consequences for individuals, in particular the diminished rates of return leading to lower pensions. The sponsoring firms, pension funds, the social partners and the state therefore need to adapt investment strategies and strengthen the supervisory mechanisms.

Suggested Citation

  • Bernhard Ebbinghaus & Tobias Wiß, 2011. "Taming pension fund capitalism in Europe: collective and state regulation in times of crisis," Transfer: European Review of Labour and Research, , vol. 17(1), pages 15-28, February.
    • Handle: RePEc:sae:treure:v:17:y:2011:i:1:p:15-28
    DOI: 10.1177/1024258910390840
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    References listed on IDEAS

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    1. Josef Lakonishok & Andrei Shleifer & Robert W. Vishny, 1992. "The Structure and Performance of the Money Management Industry," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1992 Micr), pages 339-391.
    2. Pablo Antolín & Fiona Stewart, 2009. "Private Pensions and Policy Responses to the Financial and Economic Crisis," OECD Working Papers on Insurance and Private Pensions 36, OECD Publishing.
    3. Ebbinghaus, Bernhard (ed.), 2011. "The Varieties of Pension Governance: Pension Privatization in Europe," OUP Catalogue, Oxford University Press, number 9780199586028.
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    Cited by:

    1. Anne Skevik Grødem & Anniken Hagelund & Jon M Hippe & Christine Trampusch, 2018. "Beyond coverage: the politics of occupational pensions and the role of trade unions. Introduction to special issue," Transfer: European Review of Labour and Research, , vol. 24(1), pages 9-23, February.

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