Pension Entitlements and Wealth Accumulation

Erik Hernæs () and Weizhen Zhu
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Erik Hernæs: Ragnar Frisch Centre of Economic Research, Postal: Gaustadalleen 21 , 0349 Oslo, Norway
Weizhen Zhu: Ragnar Frisch Centre of Economic Research, Postal: Gaustadalleen 21 , 0349 Oslo, Norway

No 12/2007, Memorandum from Oslo University, Department of Economics

Abstract: Variation in non-pension wealth accumulation with the level of expected pensions is investigated with a register based, linked employer-employee dataset. This includes wealth components, earnings history and demographic information, supplemented with detailed calculations of public and occupational pension entitlements, allowing construction of full life time income trajectories. Regressions are run on the half of the population with some wealth and therefore the option of consumption smoothing. The results imply substantial offsets of pension wealth against other private wealth, mostly financial. Although pension benefits are related to earnings, the regressive structure of the public pension and incomplete coverage of occupational pensions provide independent variation in pensions. Panel estimation provides support for the cross section results. Heterogeneity and selection bias are investigated with estimation on a variety of sub-samples.

Keywords: Wealth accumulation; Pensions (search for similar items in EconPapers)
JEL-codes: D14 D91 (search for similar items in EconPapers)
Pages: 52 pages
Date: 2009-02-02
New Economics Papers: this item is included in nep-age
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