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February 2024

02Feb

Redistributive effects of pension reforms: who are the winners and losers?

By Miguel Sánchez-Romero, Philip Schuster & Alexia Prskawetz As the heterogeneity in life expectancy by socioeconomic status increases, many pension systems imply a wealth transfer from short- to long-lived individuals. Various pension reforms aim to reduce inequalities that are caused by ex-ante differences in life expectancy. However, these pension reforms may induce redistribution effects. We introduce a dynamic general equilibrium-overlapping generations model with heterogeneous individuals that differ in their education, labor supply, lifetime income, and life expectancy. Within this framework we...

February 2, 2024
Articles, System Sustainability, ,
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02Feb

Home Equity and Retirement Funding: Challenges and Opportunities

By Vishaal Baulkaran & Pawan Jain We investigate the use of home equity to address the retirement saving crisis and funding shortfall. Using survey data from consumers and financial planners, we examine Canadian consumers’ views on equity release and gauge financial planners’ knowledge, attitudes, and perspectives toward recommending equity release products to their clients. Our findings indicate that a primary barrier for consumers is their lack of understanding about home equity release schemes. However, when these schemes are more cost-effective...

February 2, 2024
Articles, Pension design, ,
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02Feb

Climate Polarization and Green Investment

By Anders Anderson & David T. Robinson We build a nationally representative sample of retirement savers in Sweden to study how asymmetric updating of beliefs about climate change affects investment decisions. After the intense heat wave of 2018, respondents in regions dominated by a right-wing, anti-climate party grow less concerned about climate change, while respondents outside these regions grow more concerned. Those growing more concerned rebalance their retirement portfolios toward climate-friendly mutual funds; those growing less concerned rebalance out of...

February 2, 2024
Articles, Pension Management, , , ,
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02Feb

Gender Inequality Over the Life Cycle, Information Provision and Policy Preferences

By Alessandra Casarico, Jana Schuetz & Silke Uebelmesser We conduct a survey experiment with four thousand German respondents and provide information on two measures of gender inequality, separately or jointly: the gender gap in earnings and the gender gap in pensions. We analyze the effect of information provision on respondents’ views on the importance of reducing gender inequality and on their agreement with the adoption of policies targeted at different stages of the life cycle and aimed at reducing the...

February 2, 2024
Articles, Pension design, , , ,
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January 2024

26Jan

Asset Manager, Pension Fund & ESG

By René Maatman & Kleis Broekhuizen  When it comes to sustainability, much is expected of pension funds. Of course, they must ensure value-proof pensions. They are also expected to contribute to the environment, climate, human rights, social justice, and corporate governance. ESG must be factored into investment policy. But how and to what extent? There are varying preferences within the population of pension participants. Politicians, action groups and NGOs have their own beliefs. Pension fund boards must make complex trade-offs. How...

January 26, 2024
Articles, Pension Management, ,
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26Jan

Sustainable Finance and ESG: From Policy Concerns to Transformative Tools

By Peer C. Zumbansen  This article provides an in-depth summary of the inaugural Fall conference on ESG and Sustainable Finance at McGill University, November 2023. The conference was hosted by the SGI CIBC Office for Sustainable Finance (OSF) and the Business Law Platform at McGill’s Faculty of Law. OSF was established under the auspices of McGill’s Sustainable Growth Initiative, a cross-departmental research and collaboration platform committed to cutting-edge scholarship and training on sustainable finance, decarbonisation, green mobility, climate change and...

January 26, 2024
Articles, Pension Management, , ,
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26Jan

Collective Defined Contribution Pension with Stochastic Age-structured Models

By Fan Zhang We have reconfigured the Age-structured Model(ASM) model, leveraging its mathematical underpinnings rooted in cohort dynamics. This paper applies the novel ASM framework to the issue of Collective Defined Contribution Pension(CDC) pensions, providing a profound characterization of population dynamics and asset fluctuations at each time-age point within the pension context. This serves to substantiate the novel ASM framework as the key mathematical model for addressing CDC-related challenges. Furthermore, we have illustrated the distinct advantages of ASM through this...

January 26, 2024
Articles, Pension design,
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19Jan

Inter-Generational Spillovers in Labor Supply: Evidence from a Danish Retirement Reform

By Malene C. F. Laczek In this paper, I study how the labor supply of one generation affects the next. Utilizing longitudinal Danish register data and a large retirement reform, I document that parents’ retirement significantly affects the labor supply of their adult children. This inter-generational link is driven solely by mothers. Concretely, mothers’ retirement permanently increases their adult children’s income rank by 7 income rank points, driven by increased hours worked, participation in the labor force, improved occupational rank,...

January 19, 2024
Articles, Labor Market, , , ,
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19Jan

Social Security and Inequality in Belgium

By Giulia Klinges, Alain Jousten & Mathieu Lefebvre Over the years, the Belgian social security system has undergone substantial reform with a prime focus on increasing older worker labor force participation. The paper explores the effect of past reforms on inequality in old age. We distinguish two separate effects: The mechanical effect considers the change in inequality and expected benefit levels due to the reforms for a fixed retirement age distribution. The behavioral effect accounts for the endogenous change caused...

January 19, 2024
Articles, System Characterization, , , ,
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19Jan

Occupations Shape Retirement Across Countries

By Philip Sauré, Arthur Seibold, Elizaveta Smorodenkova & Hosny Zoabi We study how occupations shape individual and aggregate retirement behavior. First, we document large differences in individual retirement ages across occupations in U.S. data. We then show that retirement behavior among European workers is strongly correlated with U.S. occupational retirement ages, indicating an inherent association between occupations and retirement that is present across institutional settings. Finally, we find that occupational composition is an important determinant of aggregate retirement behavior across...

January 19, 2024
Articles, Labor Market, ,
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