Welfare effects of alternative pension reforms: Assessing the transition costs for French socio-occupational groups

Pierre-Yves Hénin and Thomas Weitzenblum ()
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Thomas Weitzenblum: CEPREMAP - Centre pour la recherche économique et ses applications - ECO ENS-PSL - Département d'économie de l'ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres, EURIsCO - Équipe Universitaire de Recherche "Institutions: Coordination, Organisation" - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: In this paper, we assess the welfare costs and gains of different scenarios of pension reforms in France, using a life-cycle model including various sources of heterogeneity and distinguishing between socio-occupational groups. The pension reforms considered combine features regarding the generosity of the pension system as well as features regarding the financing schemes: PAYG, the build-up of a temporary fund and that of a permanent one. We focus on both macro and distributional issues. It appears that (i) a considerable increase in savings is to be expected, even in the case where pensions remain generous, (ii) a considerable crowding-out effect would occur in the case of the constitution of a fund trust, (iii) reducing the generosity of pension seems relatively more beneficial to low-income low-life expectancy agents, while (iv) postponing the legal retirement age benefits relatively more high-income high-life expectancy agents.

Date: 2005-11
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Published in Journal of Pension Economics and Finance, 2005, 4 (3), pp.249-271. ⟨10.1017/S1474747205001927⟩

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Related works:
Working Paper: Welfare Effects of Alternative Pension Reforms: Assessing the Transition Costs for French Socio-Occupational Groups (2010)
Journal Article: Welfare effects of alternative pension reforms: Assessing the transition costs for French socio-occupational groups (2005)
Working Paper: Welfare effects of alternative pension reforms: Assessing the transition costs for French socio-occupational groups (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-00326600

DOI: 10.1017/S1474747205001927

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