No Country for Old (Poor) Men: Fairness and Public Pensions

2020 ◽  
pp. 147892991988786
Author(s):  
Vincenzo Alfano ◽  
Pietro Maffettone
Keyword(s):  
Pension System ◽  
Welfare States ◽  
Public Pension ◽  
Public Pensions ◽  
Italian Case ◽  
Public Pension System ◽  
Working Lives ◽  
Actuarial Fairness ◽  
Fairness Concerns ◽  
Redistributive Effect

Public pensions are a ‘social technology’ at the heart of most welfare states. The basic goal pursued by a public pension system is to make sure that individuals do not outlive their savings. An increasing number of states have recently moved to a system that matches individuals’ contributions over their working lives to a specific stream of revenue during their retirement years (i.e. defining contributions rather than benefits). As a result, intragenerational fairness concerns have started to become more relevant. In this article, we shall claim that, irrespective of how one conceptualises the welfare state, most public pension systems violate actuarial fairness and any plausible account of distributive justice, and that they do so for structural reasons. Studying the Italian case, we offer insights on this regressive redistributive effect, based on regional data, and offer an implicit policy solution to obviate this problem.

Die Finanzierungslücke der Gesetzlichen Rentenversicherung in Deutschland – Eine Simulationsstudie zu Lösungsmöglichkeiten

2014 ◽  
Vol 63 (2) ◽  
Author(s):  
Steffen Bollacke
Keyword(s):  
Pension System ◽  
Population Aging ◽  
Financial Burden ◽  
Public Pension ◽  
Demographic Factor ◽  
Public Pensions ◽  
Calculation Formula ◽  
Pension Systems ◽  
Public Pension System ◽  
Reform Processes

AbstractPopulation aging challenges pay-as-you-go pension systems. Solving the associated funding problem constantly motivates reform processes. In addition to an aging population, specific regulations of the German public pension system lead to an increasing financial burden of national finances. To ensure sustainable funding of pensions, the calculation formula of the German public pension system will be investigated in this paper. It will be shown, that there are two alterable parameters, which are not optimally used regarding the funding of public pensions. Simulations show that a variable demographic factor to calculate public pensions can reduce the financial burden of national finances.

Public pensions and take-off

2003 ◽  
Vol 2 (1) ◽  
pp. 25-39 ◽  
Author(s):  
KAZUTOSHI MIYAZAWA
Keyword(s):  
Growth Rate ◽  
Pension System ◽  
National Income ◽  
Empirical Finding ◽  
Public Pension ◽  
Public Pensions ◽  
Income Growth ◽  
Public Pension System ◽  
Growth Equilibrium

This paper examines the effects of unfunded public pensions on national income, growth rate, and employment in a model à la Lucas (1988) consistent with the empirical finding in Schoeni (1997). Our model shows that a public pension system can lead to a take-off from a low growth trap to a higher growth equilibrium.

scholarly journals Challenges for the Romanian Public Pensions System in the Current Economic and Financial Crisis

2010 ◽  
Author(s):  
Anca Sava
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Pension System ◽  
Aging Population ◽  
Public Pension ◽  
Public Pensions ◽  
Dependency Ratio ◽  
Public Pension System ◽  
Economic And Financial Crisis

This paper aims to address the challenges for the Romanian public pensions system in the current economic and financial crisis. Firstly, are presented the defining indicators of the Romanian public pension system, such as number of pensioners, the number of taxpayers, the dependency ratio pensioners/contributors, public pension expenditure as a percentage of GDP, etc. The article illustrates the challenges regarding the sustainability of the pension system to the aging population and the main predictions of specialized financial institutions on public pension expenditure for the next period. It also presents the current abuses of public pension system and the measures taken by the Romanian<br />authorities to reform it.

scholarly journals Some Reflections Regarding the Public Pension and The Number of Pensioners in Romania, in The Period 2010-2021

2021 ◽  
Vol 8 (1) ◽  
pp. 90-103
Author(s):  
Maria-Cristina Bălăneasa ◽  
Cătălina Dogotari
Keyword(s):  
Pension System ◽  
Public Pension ◽  
Public Pensions ◽  
Public System ◽  
The Public ◽  
Main Form ◽  
Public Pension System

The current importance of public pensions is given by the fact that this is the main form of support for inactive or unemployed people.Through this article we aim to review, in a brief way, the evolution and particularities of public pension.In particular, we want to analyze the evolution of the number of retirees in the public system, of the average pension but also of the service pensions during the years 2010-2021, in order to identify some directions for improving the public pension system.

scholarly journals Public pensions in the national accounts and public finance targets

2005 ◽  
Vol 4 (3) ◽  
pp. 291-312 ◽  
Author(s):  
HEIKKI OKSANEN
Keyword(s):  
Public Finance ◽  
Public Debt ◽  
Pension System ◽  
Public Pension ◽  
Public Pensions ◽  
National Accounts ◽  
Corporate Sector ◽  
The Public ◽  
Public Pension System ◽  
Pension Liabilities

Preparations are underway to revise national accounting to implement actuarial recording of pension liabilities for corporations and government as an employer. This paper extends this to unfunded public pensions with the help of ‘implicit tax’ in pension contributions. The clearest advantages of the revision appear in situations where pension liabilities are shifted from the corporate sector to government, and where part of the public pension system is privatized. The proposed revision raises public debt and deficit to new orders of magnitude. The paper provides a framework for setting the debt and deficit targets under both current and proposed definitions.

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