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Differentiating Indexation in Dutch Pension Funds

  • Roel M. W. J. Beetsma
  • Alessandro Bucciol

We investigate numerically how indexation of funded pensions for inflation can be differentiated across the various groups of fund participants. The pension arrangement is modelled after the Dutch situation. While the aggregate welfare consequences are small, group-specific consequences are more substantial with the workers and future born losing and retirees benefitting from a shift away from uniform indexation. Those welfare shifts result from systematic redistribution of welfare rather than shifts in the benefit of risk sharing provided by the system.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2010/wp-cesifo-2010-12/cesifo1_wp3305.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3305.

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Date of creation: 2010
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Handle: RePEc:ces:ceswps:_3305
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  1. Robert C. Merton, 1983. "On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable," NBER Chapters, in: Financial Aspects of the United States Pension System, pages 325-358 National Bureau of Economic Research, Inc.
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  7. Loriana Pelizzon & Guglielmo Weber, 2007. "Efficient Portfolios when Housing Needs Change over the Life-Cycle," Working Papers 2007_31, Department of Economics, University of Venice "Ca' Foscari".
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  9. Ponds, E.H.M., 2008. "Naar meer Jong en Oud in Collectieve Pensioenen," Other publications TiSEM a2185565-3ea5-442d-ba67-b, Tilburg University, School of Economics and Management.
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  11. Alessandro Bucciol & Roel M.W.J. Beetsma, 2010. "Inter- and Intra-generational Consequences of Pension Buffer Policy under Demographic, Financial, and Economic Shocks," CESifo Economic Studies, CESifo, vol. 56(3), pages 366-403, September.
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  16. repec:ner:tilbur:urn:nbn:nl:ui:12-378198 is not listed on IDEAS
  17. Qiang Dai & Kenneth J. Singleton, 2000. "Specification Analysis of Affine Term Structure Models," Journal of Finance, American Finance Association, vol. 55(5), pages 1943-1978, October.
  18. Charles L. Evans & David A. Marshall, 1997. "Monetary policy and the term structure of nominal interest rates: evidence and theory," Working Paper Series, Macroeconomic Issues WP-97-10, Federal Reserve Bank of Chicago.
  19. Hansen, G.D., 1991. "The Cyclical and Secular Behavior of the Labor Input : Comparing Efficiency Units and Hours Worked," Papers 36, California Los Angeles - Applied Econometrics.
  20. Erik Hurst & Paul Willen, 2004. "Social Security and Unsecured Debt," NBER Working Papers 10282, National Bureau of Economic Research, Inc.
  21. Jan Bonenkamp & Ed Westerhout, 2010. "Intergenerational risk sharing and labour supply in collective funded pension schemes with defined benefits," CPB Discussion Paper 151, CPB Netherlands Bureau for Economic Policy Analysis.
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