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The Spanish Pension System: Issues Of Introducing Notional Defined Contribution Accounts

  • CARLOS VIDAL-MELIÁ

    (University of Valencia Spain)

  • INMACULADA DOMÍNGUEZ-FABIAN

    (University of Extremadura Spain)

There are two aims to this paper: firstly, to provide an objective technical assessment of the current situation of the contributory pension system in Spain and its prospects for the future, and secondly, to look at the issues surrounding the introduction of a system of notional defined contribution accounts. To this end we explain the basic elements upon which the current system is based and show its main indicators, then set out some of its fundamental problems. Following this we look at the most relevant research work, where forecasts can be found that will give us a clear idea of the system's financial sustainability. Finally we put forward an argument as to why a notional accounts system could be a valid alternative for reforming the current system, and suggest which formula or group of formulas would best fit the profile of contributor-beneficiary risk and what the transition process would be

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Paper provided by EconWPA in its series Public Economics with number 0504006.

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Length: 27 pages
Date of creation: 18 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwppe:0504006
Note: Type of Document - pdf; pages: 27. Forthcoming in R. Holzmann & E. Palmer (Eds) “Financial Defined Contribution (NDC) Pension Schemes: Concept, Issues, Implementation, Prospects”. The World Bank and Riksforsakrings Verket. (2005)
Contact details of provider: Web page: http://128.118.178.162

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  1. Michele Boldrin & Sergi Jiménez-Martín & Franco Peracchi, 2004. "Micro-Modeling of Retirement Behavior in Spain," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 499-578 National Bureau of Economic Research, Inc.
  2. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
  3. Robert Holzmann & Mitchell Orenstein & Michal Rutkowski, 2003. "Pension Reform in Europe : Process and Progress," World Bank Publications, The World Bank, number 15132, September.
  4. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  5. José M. Bailén & Joan Gil., . "Transitional Effects of a Pension System Change in Spain," Working Papers 96-24, FEDEA.
  6. Holger Bonin & Joan Gil & Concepció Patxot, . "Beyond the Toledo agreement: The intergenerational impact of the Spanish pension reform," Studies on the Spanish Economy 38, FEDEA.
  7. Boldrin Michele & Jiménez-Martín Sergi & Peracchi Franco, 2001. "Sistema de pensiones y mercado de trabajo en España," Books, Fundacion BBVA / BBVA Foundation, edition 1, number 201120.
  8. Michele Boldrin & Sergi Jimenez-Martin & Franco Peracchi, 1999. "Social Security and Retirement in Spain," NBER Chapters, in: Social Security and Retirement around the World, pages 305-353 National Bureau of Economic Research, Inc.
  9. Juan F. Jimeno & Omar Licandro, 1999. "La tasa interna de rentabilidad y el equilibrio financiero del sistema español de pensiones de jubilación," Investigaciones Economicas, Fundación SEPI, vol. 23(1), pages 129-143, January.
  10. Michele Boldrin & Juan J. Dolado & Juan F. Jimeno & Franco Peracchi, 1999. "The future of pensions in Europe," Economic Policy, CEPR;CES;MSH, vol. 14(29), pages 287-320, October.
  11. Carlos Vidal- Meliá & José E. Devesa- Carpio & Rosa Rodríguez- Barrera, 2002. "Assessing Administration Charges For The Affiliate In Individual Account Systems," Working Papers. Serie EC 2002-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  12. Holzmann, Robert, 1998. "Financing the transition to multipillar," Social Protection Discussion Papers 20052, The World Bank.
  13. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  14. Valdes-Prieto, Salvador, 2000. " The Financial Stability of Notional Account Pensions," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(3), pages 395-417, June.
  15. Juan F. Jimeno, . "Demografía, empleo, salarios y pensiones," Working Papers 2002-04, FEDEA.
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