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Reforming Pensions

  • Nicholas Barr
  • Peter A. Diamond

This article, based on two books (2008, forthcoming), sets out principles for pension design: pension systems have multiple objectives, analysis should consider the pension system as a whole, analysis should be in a second-best context, different systems share risks differently and have different effects by generation and by gender. The article considers policy implications: there is no single best pension design; earlier retirement does not reduce unemployment; unsustainable pension promises should be addressed directly; adding funding in a PAYG mandatory system may or may not be welfare improving; and implementation matters – design should not exceeds a country’s capacity to implement.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2009/wp-cesifo-2009-01/cesifo1_wp2523.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2523.

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Date of creation: 2009
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Handle: RePEc:ces:ceswps:_2523
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  1. James J. Choi & David Laibson & Brigitte C. Madrian & Andrew Metrick, 2002. "Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance," JCPR Working Papers 257, Northwestern University/University of Chicago Joint Center for Poverty Research.
  2. Peter Diamond, 2000. "Social Security Reform," 'Angelo Costa' Lectures Serie, SIPI Spa, issue Lect. I.
  3. Martin Feldstein, 2005. "Structural Reform of Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 33-55, Spring.
  4. John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2005. "The importance of default options for retirement saving outcomes: evidence from the United States," CeRP Working Papers 43, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  5. Feldstein, Martin, 2005. "Structural Reform of Social Security," Scholarly Articles 2794830, Harvard University Department of Economics.
  6. Loewenstein, George & Ubel, Peter A., 2008. "Hedonic adaptation and the role of decision and experience utility in public policy," Journal of Public Economics, Elsevier, vol. 92(8-9), pages 1795-1810, August.
  7. Brigitte C. Madrian & Dennis F. Shea, 2000. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," NBER Working Papers 7682, National Bureau of Economic Research, Inc.
  8. repec:cup:cbooks:9780521844956 is not listed on IDEAS
  9. Richard H. Thaler & Shlomo Benartzi, 2004. "Save More Tomorrow (TM): Using Behavioral Economics to Increase Employee Saving," Journal of Political Economy, University of Chicago Press, vol. 112(S1), pages S164-S187, February.
  10. Waldo Tapia & Juan Yermo, 2007. "Implications of Behavioural Economics for Mandatory Individual Account Pension Systems," OECD Working Papers on Insurance and Private Pensions 11, OECD Publishing.
  11. Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336, May.
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