The Sustainability Factor: How Much Do Pension Expenditures Improve in Spain?

The reform of 2013 represented a qualitative leap in the reform of the Spanish pension system. Unlike its predecessors, it introduced two automatic resetting mechanisms similar to those of other European countries. The first is the sustainability factor, scheduled to come into effect in 2019 but delayed until 2023, and its ultimate reversal cannot be ruled out. The objective of this study was to quantify the savings, or the lowest expenditure, that can be achieved in the Spanish public contributory pension system by applying it. These savings are measured in terms of cash—of annual expenditure—and in terms of accrual by calculating its present actuarial value. Combining these two methods is one of the contributions of this work. This work was only intended to analyze the impact of the Sustainability Factor, therefore, it did not take into account the impact of the Pension Revaluation Index, which is the second mechanism introduced in the reform of the pension to 2013. An ad hoc projection method was used, combining microdata from the Continuous Sample of Working Lives (MCVL), aggregate data from the pension system, the financial-actuarial projection method, and actuarial techniques. The diversity of the data used is the second contribution of this work. The application of the sustainability factor would improve the viability of the system, since the savings that could be achieved, measured in terms of GDP for each year, would be 1.029% by 2050; 1.094% in 2057, the maximum; and 1.026% in the last year of projection. In terms of the present actuarial value and as a function of annual GDP, in 2050, the savings would be 1.27%, 1.40% in 2044, the maximum, and in 2067 it would decrease to 0.98%.

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FINANCIAL PROVISION OF THE PENSION SYSTEM IN THE EUROPEAN COUNTRIES AND UKRAINE UNDER GLOBALIZATION

Science and Studies of Accounting and Finance Problems and Perspectives ◽

10.15544/ssaf.2012.10 ◽

2012 ◽

Vol 8 (1) ◽

pp. 73-80

Author(s):

Tetiana Ivashchenko

Keyword(s):

Pension System ◽

Negative Impact ◽

Financial Economic ◽

European Countries ◽

Pension Insurance ◽

Pension Systems ◽

The Social ◽

System Functioning ◽

The Impact

The most contradictions arise today over the pension system reforming. Each year the states spent significant resources to finance social and economic needs of the population. The positive effect of the nominal growth of the social and economic guarantees in Ukraine leveled nowadays in terms of financial, economic and political instability. Also the processes of depopulation have a very negative impact on the financial viability of the PAYG pension system. Given this, the research aim was to study and discuss tendencies in financial provision of the pension systems in the European countries and Ukraine under globalization. As a result in the process of research the main features of functioning and providing of the pension insurance systems in European countries and Ukraine were examined; the impact of the depopulation processes on the financial provision of the pension systems was determined; problems, related to introduction of the funded system of pension insurance were analyzed; the role of the minimum pension institute in provision of the effective pension system functioning was disclosed and recommendations in relation to optimization of pension insurance and providing сo-operation under globalization were developed.

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Disparities in pension systems and financial flows among European countries

Journal of Pension Economics and Finance ◽

10.1017/s1474747208003569 ◽

2008 ◽

Vol 8 (1) ◽

pp. 1-33 ◽

Cited By ~ 2

Author(s):

JEAN CHATEAU ◽

XAVIER CHOJNICKI ◽

RICCARDO MAGNANI

Keyword(s):

General Equilibrium ◽

Capital Accumulation ◽

Pension System ◽

European Countries ◽

Financial Flows ◽

The United Kingdom ◽

Long Run ◽

Retirement Systems ◽

System Sustainability ◽

The Impact

AbstractWe present a quantitative analysis of the impact of differential ageing and pension reforms on capital and labor market and, in particular, on intra-European capital flows. To this end, we develop a stylized general equilibrium model with overlapping generations of heterogeneous agents for the three largest European countries: France, Germany and the United Kingdom. The model presents a structure halfway between pure general equilibrium models with rigorous microeconomic foundations and accounting models where the macroeconomic environment remains exogenous. We show that the dynamics of capital accumulation and pension system sustainability are totally different depending on the assumption concerning economic openness. Finally, in the long run, resorting to debt financing seems to be a dead end to finance retirement systems.

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Fair Cuts? The Impact of British Public Service Pension Reform on Workers in the Main Occupations

Social Policy and Society ◽

10.1017/s1474746412000541 ◽

2012 ◽

Vol 12 (1) ◽

pp. 105-122

Author(s):

Paul Bridgen ◽

Traute Meyer

Keyword(s):

Public Sector ◽

Public Service ◽

Pension System ◽

Pension Reform ◽

Average Salary ◽

Reform Initiatives ◽

Working Lives ◽

Recent Reform ◽

Post War ◽

The Impact

Public service pensions have been a fundamental component of the British pension system in the post-war period and recent reform initiatives have caused political controversy. This article assesses the impact of the Conservative/Liberal government's public sector pension reform plans of 2011 for different public sector workers. It simulates their projected pension outcomes, assuming people contribute to the new system throughout their working lives. In particular, we examine the government's claim that the move away from final to average salary schemes will make pensions fairer for women and lower paid workers. The article shows that the reforms are indeed fair, if measured by the government's standards: retirement is delayed for all, but the lowest skilled and women lose least and some even gain higher pensions without paying proportionately more. Despite austerity, recent British pension reforms reflect a greater awareness of social inequality than many would expect and they have been built on more cross-party agreement than apparent at first sight.

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The Demographic Factor in the Sustainability of Spain’s Pension System

Perspectives Demogràfiques ◽

10.46710/ced.pd.eng.9 ◽

2018 ◽

pp. 1-4

Author(s):

Albert Esteve ◽

Daniel Devolder ◽

Amand Blanes

Keyword(s):

Baby Boomers ◽

Death Rate ◽

Pension System ◽

Falling Number ◽

Demographic Situation ◽

The Past ◽

To Come ◽

The Impact ◽

The Relationship ◽

Number Of Births

The falling number of births, increased life expectancy and future retirement of the baby-boomers represent a challenge for the sustainability of the pension system in Spain because the relationship between contributors and pensioners is now smaller. In this issue of Perspectivas Demográficas we shall examine the impact of these factors on the demographic sustainability of the pension system and the effects that several scenarios of death rate, fertility and immigration might have in times to come. The demographic conditions of the past, which were very favourable to the system, will not be repeated in future. However, the coming demographic situation need not be an obstacle for maintaining a sustainable, solidary and adequate pensions system based on the idea of distribution (pay-as-you-go pension system).

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Tennis Coaches’ Perceptions of Covid-19 Impact on Their Health and Professional Activity: A Multi-Cultural Approach

Sustainability ◽

10.3390/su13105554 ◽

2021 ◽

Vol 13 (10) ◽

pp. 5554

Author(s):

Miguel Crespo ◽

Rafael Martínez-Gallego ◽

Jesús Ramón-Llin

Keyword(s):

Latin American ◽

Ad Hoc ◽

European Countries ◽

Professional Activity ◽

Future Research ◽

Practical Applications ◽

Latin American Region ◽

Professional Development Training ◽

Considerable Impact ◽

The Impact

Tennis coaches are facing considerable challenges as the game is disrupted by the COVID-19 pandemic. The long tradition of tennis in the Latin American region and in Spanish- and Portuguese-speaking European countries makes comparing these regions particularly interesting. The purpose of this research was to study the perceptions of Spanish- and Portuguese-speaking tennis coaches working in Latin American and European countries regarding the impacts of the COVID-19 pandemic on their health, professional, and economic circumstances. The perceptions of 655 coaches from 19 Latin American and European countries were collected using an ad-hoc questionnaire. Coaches reported on the incidence of the virus in terms of infection and quarantine, the impact on their coaching programs, and on their professional development, training, and education. They were also asked about their perception of the overall situation as a threat. The results showed that the COVID-19 pandemic has had a considerable impact on the health and the profession of tennis coaches. Although Latin American coaches reported a greater impact on their health, economic, and professional circumstances, they viewed the pandemic as an opportunity for professional improvement and training as compared to the perceptions of European coaches. In light of these results, implications, practical applications, and future research are proposed.

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Modelling election dynamics and the impact of disinformation

Information Geometry ◽

10.1007/s41884-019-00021-2 ◽

2019 ◽

Vol 2 (2) ◽

pp. 209-230 ◽

Cited By ~ 2

Author(s):

Dorje C. Brody

Keyword(s):

Information Management ◽

Ad Hoc ◽

Dynamical Behaviour ◽

Random Evolution ◽

Driven Systems ◽

Election Prediction ◽

Election Poll ◽

To Come ◽

The Impact ◽

Flow Of Information

Abstract Complex dynamical systems driven by the unravelling of information can be modelled effectively by treating the underlying flow of information as the model input. Complicated dynamical behaviour of the system is then derived as an output. Such an information-based approach is in sharp contrast to the conventional mathematical modelling of information-driven systems whereby one attempts to come up with essentially ad hoc models for the outputs. Here, dynamics of electoral competition is modelled by the specification of the flow of information relevant to election. The seemingly random evolution of the election poll statistics are then derived as model outputs, which in turn are used to study election prediction, impact of disinformation, and the optimal strategy for information management in an election campaign.

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“Scrap-Heap Storiesˮ: Oral Narratives of Labour and Loss in Scottish Mining and Manufacturing

BIOS – Zeitschrift für Biographieforschung Oral History und Lebensverlaufsanalysen ◽

10.3224/bios.v31i2.02 ◽

2020 ◽

Vol 31 (2-2018) ◽

pp. 8-21

Author(s):

Arthur McIvor

Keyword(s):

Working Class ◽

Lived Experience ◽

Oral History ◽

Job Loss ◽

Sense Of Self ◽

Oral Narratives ◽

Industrial Work ◽

Working Lives ◽

Plant Closures ◽

The Impact

This article is an attempt to comprehend deindustrialisation and the impact of plant downsizing and closures in Scotland since the 1970s through listening to the voices of workers and reflecting on their ways of telling, whilst making some observations on how an oral history methodology can add to our understanding. It draws upon a rich bounty of oral history projects and collections undertaken in Scotland over recent decades. The lush description and often intense articulated emotion help us as academic “outsidersˮ to better understand how lives were profoundly affected by plant closures, getting us beyond statistical body counts and overly sentimentalised and nostalgic representations of industrial work to more nuanced understandings of the meanings and impacts of job loss. In recalling their lived experience of plant run-downs and closures, narrators are informing and interpreting; projecting a sense of self in the process and drawing meaning from their working lives. My argument here is that we need to listen attentively and learn from those who bore witness and try to make sense of these diverse, different and sometimes contradictory stories. We should take cognisance of silences and transgressing voices as well as dominant, hegemonic narratives if we are to deepen the conversation and understand the complex but profound impacts that deindustrialisation had on traditional working-class communities in Scotland, as well as elsewhere.

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