A Two-Steps Mixed Pension System: An Aggregate Analysis

Pierre Devolder (), Inmaculada Domínguez-Fabián (), Francisco del Olmo-García () and José A. Herce ()
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Pierre Devolder: Catholic University of Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences
Inmaculada Domínguez-Fabián: University of Extremadura
Francisco del Olmo-García: Universidad de Alcalá
José A. Herce: Afi Finance School

A chapter in Mathematical and Statistical Methods for Actuarial Sciences and Finance, 2018, pp 323-328 from Springer

Abstract: Abstract The change in the economic and sociodemographic context, framed by a continuous increase in longevity, the consequences of the economic crisis as well as the lack of adequate adjustments of the Social Security retirement pension systems everywhere, entail risks for workers and for the Social Security itself. Against the background of the change in agents’ behaviors throughout the life cycle and the presence of an adverse selection problem in the annuities market, we describe in this paper a ‘two-steps mixed pension system’ that tries to solve the pressure that increasing longevity is putting on conventional pension schemes to provide adequate and sustainable pensions for all. In our proposal, Social Security, preceded by a term-annuities scheme, is ‘reinvented’ to continue to ensure retirees’ incomes from their ‘grand age’ onwards.

Keywords: Two-steps mixed pension system; Term annuity; Aggregate analysis; Grand age (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-89824-7_58

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DOI: 10.1007/978-3-319-89824-7_58

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