The growth, equity, and risk implications of different retirement income policies

Andrew Coleman

New Zealand Economic Papers, 2014, vol. 48, issue 2, 226-239

Abstract: This paper evaluates four retirement income policies that could be adopted in response to increasing longevity in terms of their marginal effects on economic performance, equity, and risk. Compared to three alternative save-as-you-go funded retirement income policies (voluntary saving, a prefunded government superannuation scheme, or a supplementary mandatory saving scheme), a pay-as-you-go funded expansion of New Zealand Superannuation has disadvantages for all generations except currently middle-aged people. The other schemes provide different trade-offs between risk, economic growth, and equity. This paper considers arguments for the use of structured savings schemes in addition to New Zealand Superannuation.

Date: 2014
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DOI: 10.1080/00779954.2013.874390

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