scholarly journals Intergenerational Actuarial Fairness When Longevity Increases: Amending the Retirement Age

2021 ◽  
Author(s):  
Jorge Miguel Bravo ◽  
Mercedes Ayuso ◽  
Robert Holzmann ◽  
Edward Palmer
Keyword(s):  
Retirement Age ◽  
Actuarial Fairness

Backward–Looking and Forward–Looking NDC Pension Schemes

2008 ◽  
Vol 26 (2) ◽  
pp. 93-108 ◽  
Author(s):  
Sandro Gronchi ◽  
Fulvio Gismondi
Keyword(s):  
Life Expectancy ◽  
Survival Rates ◽  
Retirement Age ◽  
Defined Contribution ◽  
Social Consensus ◽  
The Past ◽  
Pension Schemes ◽  
Actuarial Fairness ◽  
Conversion Coefficients ◽  
Notional Defined Contribution

Abstract In order to spread notional capital accrued at retirement by members of a cohort over their own life expectancy, pay-as-you-go notional-defined-contribution (payg-ndc) scheme uses multipliers (different by retirement age) called conversion coefficients. These are backward-looking (b.l.) in that they relay on survival rates observed for previous cohorts in the past. Under increasing longevity, b.l. coefficients undervalue life expectancies, thus preventing full implementation of actuarial fairness (benefits equivalent to contributions) which is the main objective of ndc scheme. They also engender chronic deficits.Forward-looking (f.l.) coefficients, relaying on forecast survival rates can improve actuarial fairness. Nevertheless, they face a rather serious political difficulty in that forecasting tools are fallible. This explains why switching to f.l. coefficients is unable to gain social consensus. Apart from this, the paper shows that f.l. coefficients produce ‘overshooting’. In fact, they generate chronic surpluses. The paper also shows that frontloading pension profile helps sustainability because it reduces both surpluses and deficits generated, respectively, by f.l. and b.l. coefficients.

scholarly journals Occupation-Based Life Expectancy: Actuarial Fairness in Determining Statutory Retirement Age

2021 ◽  
Vol 6 ◽  
Author(s):  
Dorly J.H. Deeg ◽  
Wouter De Tavernier ◽  
Sascha de Breij
Keyword(s):  
Life Expectancy ◽  
Population Based ◽  
Retirement Age ◽  
Health Differences ◽  
Actuarial Fairness ◽  
Longitudinal Aging Study Amsterdam ◽  
Aging Study ◽  
Health Accounts ◽  
And Gender ◽  
Academic Professions

This study examines occupation-based differences in life expectancy and the extent to which health accounts for these differences. Twentyseven-year survival follow-up data were used from the Dutch population-based Longitudinal Aging Study Amsterdam (n = 2,531), initial ages 55–85 years. Occupation was based on longest-held job. Results show that the non-skilled general, technical and transport domains had an up to 3.5-year shorter life expectancy than the academic professions, accounting for the compositional characteristics age and gender. Statutory retirement age could be made to vary accordingly, by allowing a proportionally greater pension build-up in the shorter-lived domains. Health accounted for a substantial portion of the longevity difference, ranging from 20 to 66%, depending on the health indicator. Thus, health differences between occupational domains today can be used as a means to tailor retirement ages to individuals’ risks of longevity. These data provide a proof of principle for the development of an actuarially fair method to determine statutory retirement ages.

Mandatory Retirement Age: Serving the Public Welfare?

1994 ◽  
Author(s):  
Frank J. Landy
Keyword(s):  
Public Welfare ◽  
Mandatory Retirement ◽  
Retirement Age ◽  
The Public

Review of the Default Retirement Age: Summary of Research Evidence

2010 ◽  
Author(s):  
Jane Carr
Keyword(s):  
Research Evidence ◽  
Retirement Age

Implications of higher retirement age for the labor market

2017 ◽  
pp. 22-39 ◽  
Author(s):  
M. Ivanova ◽  
A. Balaev ◽  
E. Gurvich
Keyword(s):  
Economic Growth ◽  
Labor Market ◽  
Labor Supply ◽  
Labor Force ◽  
Labor Demand ◽  
Retirement Age ◽  
Demographic Trends ◽  
Men And Women ◽  
Demographic Projections ◽  
The Impact

The paper considers the impact of the increase in retirement age on labor supply and economic growth. Combining own estimates of labor participation and demographic projections by the Rosstat, the authors predict marked fall in the labor force (by 5.6 million persons over 2016-2030). Labor demand is also going down but to a lesser degree. If vigorous measures are not implemented, the labor force shortage will reach 6% of the labor force by the period end, thus restraining economic growth. Even rapid and ambitious increase in the retirement age (by 1 year each year to 65 years for both men and women) can only partially mitigate the adverse consequences of demographic trends.

Development of retirement age prediction model for athletes

2019 ◽  
Vol 31 (2) ◽  
pp. 101-114
Author(s):  
채진석
Keyword(s):  
Prediction Model ◽  
Retirement Age ◽  
Age Prediction

STUDY OF THE IMPACT OF RAISING THE RETIREMENT AGE ON ECONOMIC GROWTH IN THE DIGITAL ECONOMY IN RUSSIA AND EUROPE

2020 ◽  
Author(s):  
Svetlana Apenko ◽  
◽  
Olga Kiriliuk ◽  
Elena Legchilina ◽  
Tatiana Tsalko ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Economic Growth ◽  
Economic Policy ◽  
Labor Relations ◽  
Pension Reform ◽  
Digital Economy ◽  
Institutional Changes ◽  
Retirement Age ◽  
The Impact

The article presents the results of a study of the impact of pension reform in Russia on economic growth and quality of life in a digital economy, taking into account the experience of raising the retirement age in Europe. The aim of the study was to identify and analyze the impact of raising the retirement age on economic growth in the context of the development of digitalization in Russia and a comparative analysis with European countries. Results: the studies conducted allowed us to develop a system of indicators characterizing the impact of raising the retirement age on economic growth and the quality of life of the population in the context of digitalization. The authors found that raising the retirement age leads to a change in labor relations in Russia and Europe. The application of the proposed indicators can be used in the formation of a balanced state socio-economic policy in the field of institutional changes in the field of labor relations and raising the retirement age. The study was carried out under a grant from the RFBR № 19-010-00362 А.

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