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Social and Provision Models of Pension Insurance and Savings

Jaroslav Vostatek ()
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Jaroslav Vostatek: University of Finance and Administration/CESTA (Center of Economic Studies and Analyses)

ACTA VSFS, 2015, vol. 9, issue 1, 74-103

Abstract: The social models (welfare regimes) typology makes it possible to understand the basic pension scheme concepts, key role of social policy in this regard, determined on the basis of public choice. However, pension provision systems also play a significant role in practice; provision model of a pension pillar or tier may considerably affect the results of application of the relevant social model. Analyses confirm the failure of annuity markets – not even government regulation could successfully reduce annuity costs to a sustainable level in any country, comparable to the provision of public pensions. Therefore, the private sector can only offer pensions savings, moreover with crucial government regulation. Occupational schemes converge to either mandatory or quasi-mandatory schemes throughout the world, or transform to workplace pensions as a new provision model that represents a soft compulsion neoliberal system in combination with auto-enrolment. In addition to analyzing social and provision models from the general perspective, with key emphasis on representative countries’ experience, the paper concentrates on individual pillars of the Czech pension system that have recently undergone a number of reforms, usually resulting in no improvement in their efficiency. All pension pillars in the Czech Republic are thus in need of a major reform.

Keywords: retirement pension; welfare regimes; pension savings; occupational pensions; administration; annuity markets; financial intermediaries (search for similar items in EconPapers)
JEL-codes: H55 G22 J26 H53 (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:prf:journl:v:9:y:2015:i:1:p:74-103