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Microsimulation of Pension Reforms: Behavioural versus Nonbehavioural Approach

  • Margherita Borella

    ()

    (University of Turin and CeRP-Collegio Carlo Alberto, Turin)

  • Flavia Coda Moscarola

    ()

    (CeRP-Collegio Carlo Alberto, Turin)

We analyse the impact of various pension regimes, as shaped by recent Italian reforms, on retirement age, adequacy issues, and redistribution. We add to the literature on microsimulation by accounting for individuals’ reactions to financial incentives when deciding to retire. We find that shifting from a generous defined benefit (DB) system to an actuarially fair notional defined contribution (NDC) system induces individuals, particularly men, to postpone retirement. Voluntary postponement of retirement and, above all, participation in the second pillar would grant a comprehensive replacement rate (first plus second pillars) comparable to that obtained with the first pillar alone in the pre-reform DB regime.

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Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 86.

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Length: 38 pages
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:crp:wpaper:86
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