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The Value of Pension Entitlements: A Model of Nine OECD Countries

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  • Edward Whitehouse

Abstract

Pension systems are complex and comparing them across countries is therefore difficult. This paper adopts standard methodology to calculate prospective pension entitlements in nine countries. The modeling ncludes universal and resource-tested schemes, public and private earnings-related plans and mandatory efined contribution schemes. The results show gross pension benefits for workers on different levels of arnings and pension benefits net of tax. The paper also provides a detailed description of the parameters f the pension system.Retirement-income systems are about social protection, but this paper shows that countries interpret this oal very differently. Some focus on ensuring that pensioners have an adequate retirement income (in bsolute terms). Others base their systems on ensuring pensioners have an adequate income relative to their re-retirement income (or ‘replacement rate’). In Finland and the Netherlands, for example, mandatory ccupational pensions have no ceiling on ... Les systèmes de pensions de retraite sont complexes et procéder à une comparaison des différents pays emeure par conséquence difficile. Ce document suit une méthodologie standard de calcul des droits ventuels de pension de retraite dans neuf pays. Le modèle utilisé inclut des régimes universels et calculés ur les ressources, des plans de pension proportionnels aux salaires (dans le secteur public comme dans le rivé), et des régimes de cotisations définis obligatoires. Ce document fournit également une description étaillée des paramètres du système de pension de retraite.Les systèmes de revenus de retraite concernent la protection sociale, mais ce document montre que les pays nterprètent cet objectif différemment. Certains se concentrent sur des revenus de retraite suffisants pour es retraités (en termes absolus). D’autres basent leurs systèmes selon lequel les retraités ont un revenue uffisant relatif à leur revenu de préretraite (ou « taux de substitution »). En Finlande et aux ...

Suggested Citation

  • Edward Whitehouse, 2003. "The Value of Pension Entitlements: A Model of Nine OECD Countries," OECD Social, Employment and Migration Working Papers 9, OECD Publishing.
    • Handle: RePEc:oec:elsaab:9-en
    DOI: 10.1787/232728581604
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    Citations

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    Cited by:

    1. Juergen Jung & Chung Tran, 2016. "Market Inefficiency, Insurance Mandate and Welfare: U.S. Health Care Reform 2010," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 132-159, April.
    2. Minchung Hsu, 2013. "Health Insurance and Precautionary Saving: A Structural Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(3), pages 511-526, July.
    3. Grech, Aaron George, 2013. "How best to measure pension adequacy," LSE Research Online Documents on Economics 51270, London School of Economics and Political Science, LSE Library.
    4. Edward Whitehouse & Richard Disney, 2002. "The Economic Well-Being of Older People in International Perspective: A Critical Review," LIS Working papers 306, LIS Cross-National Data Center in Luxembourg.
    5. Juergen Jung & Chung Tran, 2008. "The Macroeconomics of Health Savings Accounts," CAEPR Working Papers 2007-023, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    6. Gabrielle Demange, 2005. "Free choice of unfunded systems: a first assessment," PSE Working Papers halshs-00590861, HAL.
    7. Whitehouse, Edward, 2001. "Pension systems in 15 countries compared: the value of entitlements," MPRA Paper 14751, University Library of Munich, Germany.
    8. Jeske, Karsten & Kitao, Sagiri, 2009. "U.S. tax policy and health insurance demand: Can a regressive policy improve welfare?," Journal of Monetary Economics, Elsevier, vol. 56(2), pages 210-221, March.
    9. repec:cep:sticas:/172 is not listed on IDEAS
    10. Attanasio Orazio P. & Kitao Sagiri & Violante Giovanni L., 2006. "Quantifying the Effects of the Demographic Transition in Developing Economies," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(1), pages 1-44, April.
    11. Karsten Jeske & Sagiri Kitao, 2005. "Health insurance and tax policy," FRB Atlanta Working Paper 2005-14, Federal Reserve Bank of Atlanta.
    12. Attanasio, Orazio & Kitao, Sagiri & Violante, Giovanni L., 2007. "Global demographic trends and social security reform," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 144-198, January.
    13. Grech, Aaron George, 2014. "Evaluating the possible impact of pension reforms on elderly poverty in Europe," MPRA Paper 57639, University Library of Munich, Germany.
    14. Gabrielle Demange, 2008. "Competition between unfunded systems: A European Union challenge," PSE-Ecole d'économie de Paris (Postprint) halshs-00576805, HAL.
    15. Grech, Aaron George, 2013. "Pension reform sustainability in the EU: a pension wealth-based framework," MPRA Paper 48800, University Library of Munich, Germany.
    16. Hubert P. Janicki, 2011. "Distributional Effects of Public Health Insurance Reform," 2011 Meeting Papers 423, Society for Economic Dynamics.
    17. M. Dolores Collado & Iñigo Iturbe Ormaetxe, 2008. "Public Transfers to the Poor: Is Europe really more Generous than the United States?," Working Papers. Serie AD 2008-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    18. Janicki, Hubert P., 2014. "The role of asset testing in public health insurance reform," Journal of Economic Dynamics and Control, Elsevier, vol. 44(C), pages 169-195.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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