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Reversing Retirement Systems

In: Allocating Pensions to Younger People

Author

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  • Gregory Ponthiere

    (UCLouvain)

Abstract

Age-based statistical discrimination favouring the young would lead us to a major reform of existing pension systems. Transferring ‘good things of life’, such as consumption and free time, to young ages, and ‘less good things of life’, such as labour, to older ages, implies that existing pension systems should be partly reversed: instead of having a unique retirement period at the end of the life cycle, one should offer also a period of retirement to all young adults before they start their career. Young adults would, during that initial retirement period, earn a pension allowance, which would be financed by postponing the age of final retirement for senior workers. This partial ‘reversal’ of pension systems would thus contribute to insure all citizens against the risk of a short life, because the retirement period would then be enjoyed by all persons at the beginning of adulthood, including the persons who will die prematurely. This chapter examines the demographic and technical conditions under which such a partial reversal of pension systems is possible. It is argued that the current age structure of the population in advanced economies, as well as the current technical conditions making labour less physically-demanding, are more favourable than ever before from the perspective of reversing pension systems. This Chapter examines the design of key parameters of the reform as well as various criticisms against this reform of pension systems.

Suggested Citation

  • Gregory Ponthiere, 2023. "Reversing Retirement Systems," Springer Books, in: Allocating Pensions to Younger People, chapter 0, pages 73-107, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-24748-4_4
    DOI: 10.1007/978-3-031-24748-4_4
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