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Towards an equitable and sustainable points system. A proposal for pension reform in Belgium

Author

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  • Schokkaert, Erik
  • Devolder, Pierre
  • Hindriks, Jean
  • Vandenbroucke, Frank

Abstract

We describe the points system as proposed by the Belgian Commission for Pension Reform 2020–2040. Intragenerational equity can be realised through the allocation of points within a cohort. The intergenerational distribution is determined by fixing the value of a point for the newly retired and a sustainability parameter for the actual retirees. The value of the point links pensions to the average living standard of the employed population. We propose an automatic adjustment mechanism, in which a key role is played by the career length. This mechanism induces a balanced distribution of the burden of demographic and economic shocks over the different cohorts.
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Suggested Citation

  • Schokkaert, Erik & Devolder, Pierre & Hindriks, Jean & Vandenbroucke, Frank, 2020. "Towards an equitable and sustainable points system. A proposal for pension reform in Belgium," LIDAM Reprints CORE 3121, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:3121
    Note: In : Journal of Pension Economics and Finance, Vol. 19, no.1, p. 49-79 (2020)
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    Cited by:

    1. Antoine Bozio & Simon Rabaté & Audrey Rain & Maxime To, 2019. "Quelles règles de pilotage pour un système de retraite à rendement défini?," PSE-Ecole d'économie de Paris (Postprint) halshs-02514738, HAL.
    2. Pierre Devolder & Inmaculada Domínguez-Fabián, 2020. "Thinking in Vertical: A Practical Application of the Two-Stage Pension System in Spain," Sustainability, MDPI, vol. 12(23), pages 1-18, November.
    3. András Simonovits, 2020. "Indexing Public Pensions in Progress to Wages or Prices," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 12(2), pages 171-194, June.
    4. BAURIN Arno, & HINDRIKS Jean,, 2020. "Pension financing and individual retirement account," LIDAM Discussion Papers CORE 2020004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Cetin, Sefane & Hindriks, Jean, 2023. "Sustainability of pension reforms: An EU-wide political stress," LIDAM Discussion Papers CORE 2023016, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. Andras Simonovits, 2020. "Indexing public pensions in progress to wages or prices," CERS-IE WORKING PAPERS 2015, Institute of Economics, Centre for Economic and Regional Studies.

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