A balancing approach: using the living standards framework to assess different retirement income policies

Andrew Coleman ()
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Andrew Coleman: Department of Economics, University of Otago, New Zealand

No 1703, Working Papers from University of Otago, Department of Economics

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, risk, social infrastructure, and sustainability. Compared to three policies involving save-as-you-go funding (voluntary saving, government prefunding, or a supplementary mandatory saving scheme), a pay-as-you-go funded expansion New Zealand Superannuation is unattractive as it has the most disadvantages for all but current middle-aged people. The other schemes provide different tradeoffs between risk, economic growth, and equity. There are many good arguments to use structured saving schemes in addition to New Zealand Superannuation.

Keywords: Retirement income policy; intergenerational economics; Treasury Living Standards framework (search for similar items in EconPapers)
JEL-codes: E21 H55 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2017-03, Revised 2017-03
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