Actuarial Neutrality across Generations Applied to Public Pensions under Population Ageing: Effects on Government Finances and National Saving
In welfare states, collective saving has declined to a persistently negative level, while reduced fertility and increasing longevity are leading to increasing pension liabilities. Actuarial neutrality across generations is presented as a benchmark for designing pension reforms to meet the challenges of population ageing. It is shown that this condition can be respected by a wide range of pension reforms, with very different consequences for public finance target setting. The rules for public pensions in national accounting are also discussed. Finally, the combined effects of population ageing and public pension rules on national saving are discussed.
|Date of creation:||Jan 2006|
|Date of revision:|
|Note:||The Second International Workshop on the Balance Sheet of Social Security Pensions, Hitotsubashi Collaboration Center, Tokyo, 15 December, 2005|
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- Axel Börsch-Supan & Jens Köke & Joachim Winter, 2004.
"Pension reform, savings behavior and capital market performance,"
MEA discussion paper series
04053, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
- B Rsch-Supan, Axel H. & Jens K Ke, F. & Winter, Joachim K., 2005. "Pension reform, savings behavior, and capital market performance," Journal of Pension Economics and Finance, Cambridge University Press, vol. 4(01), pages 87-107, March.
- Salvador Valdés-Prieto, 2005. "Securitization of taxes implicit in PAYG pensions," Economic Policy, CEPR;CES;MSH, vol. 20(42), pages 215-265, 04.
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