Decomposing Notional Defined-Contribution Pensions: Experience of OECD Countries' Reforms
This paper compares notional defined-contribution pension schemes (also known as notional accounts) with two alternative designs of earnings-related pension schemes: points systems and definedbenefit plans. It examines, in detail, four economic advantages of notional accounts that deliver retirement...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Social, Employment and Migration Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper compares notional defined-contribution pension schemes (also known as notional accounts) with two alternative designs of earnings-related pension schemes: points systems and definedbenefit plans. It examines, in detail, four economic advantages of notional accounts that deliver retirement incomes in an equitable and economically efficient manner. The issue of equity arises in the treatment of people who draw their pensions at different ages and contribute for a different number of years. The issue of economic efficiency arises because pension systems can and do distort individual decisions to work and save. First, benefits are based on lifetime earnings, rather than a subset of "best" or "final" years' pay. Secondly, an extra year's contribution gives rise to an additional benefit. Thirdly, benefits are reduced to reflect the longer expected duration of payment for people who retire early and, similarly, increased for people who retire late. Finally, benefits are reduced as life expectancy increases, again to reflect the longer duration for which benefits would be paid. An analysis of OECD countries' pension systems - of all different types - shows that most have already achieved most of these objectives, but without adopting notional accounts |
| Beschreibung: | 1 Online-Ressource (26 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5km68fw0t60w-en |
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| spelling | Whitehouse, Edward Verfasser aut Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms Edward Whitehouse Paris OECD Publishing 2010 1 Online-Ressource (26 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Social, Employment and Migration Working Papers This paper compares notional defined-contribution pension schemes (also known as notional accounts) with two alternative designs of earnings-related pension schemes: points systems and definedbenefit plans. It examines, in detail, four economic advantages of notional accounts that deliver retirement incomes in an equitable and economically efficient manner. The issue of equity arises in the treatment of people who draw their pensions at different ages and contribute for a different number of years. The issue of economic efficiency arises because pension systems can and do distort individual decisions to work and save. First, benefits are based on lifetime earnings, rather than a subset of "best" or "final" years' pay. Secondly, an extra year's contribution gives rise to an additional benefit. Thirdly, benefits are reduced to reflect the longer expected duration of payment for people who retire early and, similarly, increased for people who retire late. Finally, benefits are reduced as life expectancy increases, again to reflect the longer duration for which benefits would be paid. An analysis of OECD countries' pension systems - of all different types - shows that most have already achieved most of these objectives, but without adopting notional accounts Employment Social Issues/Migration/Health https://doi.org/10.1787/5km68fw0t60w-en Verlag kostenfrei Volltext |
| spellingShingle | Whitehouse, Edward Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms Employment Social Issues/Migration/Health |
| title | Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms |
| title_auth | Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms |
| title_exact_search | Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms |
| title_exact_search_txtP | Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms |
| title_full | Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms Edward Whitehouse |
| title_fullStr | Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms Edward Whitehouse |
| title_full_unstemmed | Decomposing Notional Defined-Contribution Pensions Experience of OECD Countries' Reforms Edward Whitehouse |
| title_short | Decomposing Notional Defined-Contribution Pensions |
| title_sort | decomposing notional defined contribution pensions experience of oecd countries reforms |
| title_sub | Experience of OECD Countries' Reforms |
| topic | Employment Social Issues/Migration/Health |
| topic_facet | Employment Social Issues/Migration/Health |
| url | https://doi.org/10.1787/5km68fw0t60w-en |
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