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Pension Policy in EU25 and its Possible Impact on Elderly Poverty

  • Michael Fuchs
  • Aaron George Grech
  • Asghar Zaidi

This paper reviews changes in pension policies in EU countries between 1995 and 2005 and describes how they might affect risk of poverty for future pensioner populations. The pension landscape in Europe has changed considerably in the past decade and the paper highlights commonalities as well as differences in pension reforms across these countries. A common trend is that the retirement incomes drawn from the public pension systems are on the decline, the changes are likely to shift more risks towards individuals, and there are fewer possibilities of redistribution in favour of the lower income individuals. The paper includes exploratory projections of how the risk of elderly poverty might evolve in the future. The countries where the benefit ratio is set to decline significantly, as expected, would see at-risk-poverty rates increase quite substantially, especially during the period 2025-2050, when the bulk of the decline is expected. This analysis points towards the importance of a more comprehensive assessment of the reforms, in particular in their impact on vulnerable groups (such as women and disabled people with disruptive work history) and in the clarity of the signals they give to individuals in extending their working career if they want to avoid greater risks of poverty during retirement.

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File URL: http://sticerd.lse.ac.uk/dps/case/cp/CASEpaper116.pdf
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Paper provided by Centre for Analysis of Social Exclusion, LSE in its series CASE Papers with number case116.

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Date of creation: Dec 2006
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Handle: RePEc:cep:sticas:case116
Contact details of provider: Web page: http://sticerd.lse.ac.uk/case/_new/publications/default.asp

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  1. Giuseppe Carone, 2005. "Long-Term Labour Force Projections for the 25 EU Member States:A set of data for assessing the economic impact of ageing," Labor and Demography 0512006, EconWPA.
  2. Markus Knell, 2005. "Demographic Fluctuations, Sustainability Factors and Integenerational Fairness – An Assessment of Austria's New Pension System," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 23–42.
  3. Wehlau, Diana & Sommer, Jörg, 2004. "Pension policies after EU enlargement: Between financial market integration and sustainability of public finances," Working papers of the ZeS 10/2004, University of Bremen, Centre for Social Policy Research (ZeS).
  4. Whitehouse, Edward, 2000. "Paying for pensions: An international comparison of administrative charges in funded retirement-income systems," MPRA Paper 14171, University Library of Munich, Germany.
  5. Grech, Aaron George, 2007. "Pension policy in EU25 and its impact on pension benefits," MPRA Paper 33669, University Library of Munich, Germany.
  6. Gábor Orbán & Dániel Palotai, 2005. "The sustainability of the Hungarian pension system: a reassessment," MNB Occasional Papers 2005/40, Magyar Nemzeti Bank (the central bank of Hungary).
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