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NDC : The Generic Old-Age Pension Scheme

Author

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  • Góra,Marek
  • Palmer,Edward

Abstract

This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs designated as either defined contribution (DC) or defined benefit (DB), and financial or nonfinancial. With individual DC accounts, the ball is in the individual?s court. The transparent link between contributions and retirement income is the enabler of efficiency that through marginal decisions to choose formal work over informal work or leisure and to postpone retirement marginally toward the end of the working life, supports affordability and sustainability for a chosen level of adequacy. Hence, UPPS-DC designs are found superior to UPPS-DB designs.

Suggested Citation

  • Góra,Marek & Palmer,Edward, 2019. "NDC : The Generic Old-Age Pension Scheme," Social Protection Discussion Papers and Notes 136551, The World Bank.
    • Handle: RePEc:wbk:hdnspu:136551
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    Cited by:

    1. Manor Moshe & Ratajczak Joanna, 2020. "Shift to private pension system: The case of Poland and Israel," Economics and Business Review, Sciendo, vol. 6(1), pages 82-102, March.
    2. Barr, Nicholas, 2019. "Gender and family: conceptual overview," LSE Research Online Documents on Economics 101237, London School of Economics and Political Science, LSE Library.
    3. Wilke, Christina Benita & FOM Hochschule für Oekonomie & Management, KompetenzCentrum für angewandte (ed.), 2024. "Pension Reforms in the Nordic Countries and Germany: Conference Proceedings of the 2024 Annual Meeting of the German Society for Demography (DGD) by the Working Group on Demographic and Social Developments," KCV Schriftenreihe, FOM Hochschule für Oekonomie & Management, KCV KompetenzCentrum für angewandte Volkswirtschaftslehre, volume 8, number 307058, December.

    More about this item

    Keywords

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    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • 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
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy

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