The advantages and disadvantages of different pension system designs

Ian Koetsier

Chapter 5 in Public or Private Goods?, 2017, pp 77-94 from Edward Elgar Publishing

Abstract: This chapter provides an overview of the advantages and disadvantages of different pension system designs. The public unfunded pillar and private funded pillar are affected in different directions when some economic shocks occur, even though they do face some of the same risks. They are not equally exposed to demographic change or turmoil in the financial markets. Pensions have a very long time-horizon. This makes it impossible to predict which risks will materialize and which will not. Therefore, this chapter concludes that a multi-pillar system facilitates maximal risk sharing as adverse outcomes in one pillar could be balanced by another pillar.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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