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A Case for Partial Funding of Pensions with an Application to the EU Candidate Countries

  • Heikki Oksanen
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    The paper examines the effects of ageing and makes a case for partial pre-funding of pensions. The argument is based on inter-generational fairness in a situation where pension expenditure as compared to wages increases due to low fertility and increasing longevity. We illustrate the approach by using data representing a typical EU Candidate Country of Central and Eastern Europe with a relatively high pension replacement rate. Pre-funding can take place within the public sector or in a privatised second pillar. We emphasise the need for a consistent framework to cover the many different institutional options available for pension financing.

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    File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2001/wp-cesifo-2001-04/cesifo_wp466.pdf
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    Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 466.

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    Date of creation: 2001
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    Handle: RePEc:ces:ceswps:_466
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    1. Jukka Lassila & Tarmo Valkonen, 2002. "Prefunding in a Defined Benefit Pension System: The Finnish Case," NBER Chapters, in: Social Security Pension Reform in Europe, pages 263-290 National Bureau of Economic Research, Inc.
    2. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
    3. Jukka Lassila & Tarmo Valkonen, 2001. "Pension Prefunding, Ageing, and Demographic Uncertainty," International Tax and Public Finance, Springer, vol. 8(4), pages 573-593, August.
    4. Hans-Werner Sinn, 1997. "The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal for a Partial Transition to a Funded System," NBER Working Papers 6229, National Bureau of Economic Research, Inc.
    5. N. A. Barr, 2000. "Reforming Pensions; Myths, Truths, and Policy Choices," IMF Working Papers 00/139, International Monetary Fund.
    6. Robin Brooks, 2000. "What Will Happen To Financial Markets When The Baby Boomers Retire?," Computing in Economics and Finance 2000 92, Society for Computational Economics.
    7. Sheetal K. Chand & Albert Jaeger, 1996. "Aging Populations and Public Pension Schemes," IMF Occasional Papers 147, International Monetary Fund.
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