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Pension systems in 15 countries compared: the value of entitlements

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  • Whitehouse, Edward

Abstract

This paper calculates prospective pension entitlements for illustrative workers at different income levels in 15 OECD countries. The modelling includes universal and resource tested schemes, public and private earnings-related plans and mandatory defined contribution schemes. The paper includes a detailed description of pension systems, gross pension benefits and benefits net of tax. The results show considerable differences in the philosophy of different countries pension schemes, particularly in the importance of insurance and redistributive motives.

Suggested Citation

  • Whitehouse, Edward, 2001. "Pension systems in 15 countries compared: the value of entitlements," MPRA Paper 14751, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:14751
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    File URL: https://mpra.ub.uni-muenchen.de/14751/1/MPRA_paper_14751.pdf
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    References listed on IDEAS

    as
    1. Whitehouse, Edward, 1998. "Pension reform in Britain," Social Protection and Labor Policy and Technical Notes 20053, The World Bank.
    2. Disney, Richard & Whitehouse, Edward, 1999. "Pension plans and retirement incentives," Social Protection and Labor Policy and Technical Notes 20851, The World Bank.
    3. Sveinbjörn Blöndal & Stefano Scarpetta, 1999. "The Retirement Decision in OECD Countries," OECD Economics Department Working Papers 202, OECD Publishing.
    4. Gordon Keenay & Edward Whitehouse, 2003. "The Role of the Personal Tax System in Old-Age Support: A Survey of 15 Countries," Fiscal Studies, Institute for Fiscal Studies, vol. 24(1), pages 1-21, March.
    5. Richard Disney & Edward Whitehouse, 1992. "Personal pensions and the review of the contracting-out terms," Fiscal Studies, Institute for Fiscal Studies, vol. 13(1), pages 38-53, February.
    6. Richard Disney & Edward Whitehouse, 1994. "What are pension plan entitlements worth in Britain?," IFS Working Papers W94/01, Institute for Fiscal Studies.
    7. John McHale, 2001. "The Risk of Social Security Benefit-Rule Changes: Some International Evidence," NBER Chapters,in: Risk Aspects of Investment-Based Social Security Reform, pages 247-290 National Bureau of Economic Research, Inc.
    8. Pablo Antolín & Wim Suyker, 2001. "How Should Norway Respond to Ageing?," OECD Economics Department Working Papers 296, OECD Publishing.
    9. Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, number 9780521481625.
      • Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, number 9780521484718.
    10. Hazel Bateman & John Piggott, 1997. "Private Pensions in OECD Countries: Australia," OECD Labour Market and Social Policy Occasional Papers 23, OECD Publishing.
    11. Richard Disney & Costas Meghir & Edward Whitehouse, 1994. "Retirement behaviour in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 15(1), pages 24-43, February.
    12. Whitehouse, Edward, 2000. "How poor are the old? a survey of evidence from 44 countries," Social Protection and Labor Policy and Technical Notes 23141, The World Bank.
    13. Disney, Richard & Whitehouse, Edward, 2001. "Cross-country comparisons of pensioners’ incomes," MPRA Paper 16345, University Library of Munich, Germany.
    14. Richard Disney, 1995. "Occupational pension schemes: prospects and reforms in the UK," Fiscal Studies, Institute for Fiscal Studies, vol. 16(3), pages 19-39, September.
    15. Olivia S. Mitchell, "undated". "New Trends in Pension Benefit and Retirement Provisions," Pension Research Council Working Papers 2000-1, Wharton School Pension Research Council, University of Pennsylvania.
    16. Gordon Keenay & Edward R. Whitehouse, 2003. "Financial Resources and Retirement in Nine OECD Countries: The Role of The Tax System," OECD Social, Employment and Migration Working Papers 8, OECD Publishing.
    17. Bateman, Hazel & Piggott, John, 2001. "Australia's mandatory retirement saving policy : a view from the new millennium," Social Protection and Labor Policy and Technical Notes 23160, The World Bank.
    18. Amanda Gosling & Stephen Machin & Costas Meghir, 2000. "The Changing Distribution of Male Wages in the U.K," Review of Economic Studies, Oxford University Press, vol. 67(4), pages 635-666.
    19. Disney, Richard, 1999. "Notional accounts as a pension reform strategy : an evaluation," Social Protection and Labor Policy and Technical Notes 21302, The World Bank.
    20. Börsch-Supan, Axel & Reil-Held, Anette & Schnabel, Reinhold, 1998. "Pension Provision in Germany," Sonderforschungsbereich 504 Publications 98-07, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    21. Michael F. Förster, 2000. "Trends and Driving Factors in Income Distribution and Poverty in the OECD Area," OECD Labour Market and Social Policy Occasional Papers 42, OECD Publishing.
    22. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
    23. Whitehouse, Edward, 1999. "The tax treatment of funded pensions," MPRA Paper 14173, University Library of Munich, Germany.
    24. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany.
    25. Queisser, Monika, 1996. "Pensions in Germany," Policy Research Working Paper Series 1664, The World Bank.
    26. Peter Whiteford, 1995. "The Use of Replacement Rates in International Comparisons of Benefit Systems," Discussion Papers 0054, University of New South Wales, Social Policy Research Centre.
    27. A. Javier Hamann, 1997. "The Reform of the Pension System in Italy," IMF Working Papers 97/18, International Monetary Fund.
    28. Edward R. Whitehouse, 2003. "The Value of Pension Entitlements: A Model of Nine OECD Countries," OECD Social, Employment and Migration Working Papers 9, OECD Publishing.
    29. John Turner & Noriyasu Watanabe, 1995. "Private Pension Policies in Industrialized Countries: A Comparative Analysis," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number ppp, November.
    30. Dilnot, Andrew & Disney, Richard & Johnson, Paul & Whitehouse, Edward, 1994. "Pensions policy in the UK: An economic analysis," MPRA Paper 10478, University Library of Munich, Germany.
    31. Richard Disney & Edward Whitehouse, 1994. "Choice of private pension plan and pension benefits in the UK," IFS Working Papers W94/02, Institute for Fiscal Studies.
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    Citations

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    Cited by:

    1. Hans Fehr & Sabine Jokisch & Larry Kotlikoff, 2003. "The Developed World's Demographic Transition - the Roles of Capital Flows, Immigration, and Policy," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-133, Boston University - Department of Economics.
    2. Hans Fehr & Sabine Jokisch & Laurence J Kotlikoff, 2006. "Will China Eat Our Lunch or Take Us to Dinner? Simulating the Transition Paths of the US, EU, Japan and China," RBA Annual Conference Volume,in: Christopher Kent & Anna Park & Daniel Rees (ed.), Demography and Financial Markets Reserve Bank of Australia.
    3. Jokisch, Sabine & Kotlikoff, Laurence J., 2007. "Simulating the Dynamic Macroeconomic and Microeconomic Effects of the FairTax," National Tax Journal, National Tax Association, vol. 60(2), pages 225-252, June.
    4. Disney, Richard & Whitehouse, Edward, 2002. "The economic well-being of older people in international perspective: a critical review," MPRA Paper 10333, University Library of Munich, Germany.
    5. Hans Fehr & Sabine Jokisch & Laurence J. Kotlikoff, 2004. "The Role of Immigration in Dealing with the Developed World's Demographic Transition," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 60(3), pages 296-296, September.
    6. Edward Whitehouse, 2007. "Pensions Panorama : Retirement-Income Systems in 53 Countries," World Bank Publications, The World Bank, number 7177, April.
    7. Fehr, Hans & Halder, Gitte & Jokisch, Sabine & Kotlikoff, Laurence J., 2003. "A simulation model for the demographic transition in the OECD: Data requirements, model structure and calibration," W.E.P. - Würzburg Economic Papers 45, University of Würzburg, Chair for Monetary Policy and International Economics.
    8. Hans Fehr & Sabine Jokisch & Laurence J. Kotlikoff, 2005. "Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China," NBER Working Papers 11668, National Bureau of Economic Research, Inc.
    9. Antón Pérez, José Ignacio, 2006. "The Reform of the Pension Systems in Easterm Europe and these Impact about the Efficiency and Equity/La reforma de los sistemas de pensiones en Europa del Este y su impacto sobre la eficiencia y la eq," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 24, pages 643(20á)-64, Agosto.

    More about this item

    Keywords

    pensions; retirement;

    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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