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January 2023

06Jan

Standardized, Unitized, Accretive Longevity Insurance: Lessons from the Differing Demand for Annuities and Life Insurance

By Andrew Stumpff Morrison The historic U.S. shift from defined-benefit to defined-contribution employer-sponsored retirement plans has produced, among other things, a reduction in sharing of the risk of outliving one’s retirement savings. Commercial annuity contracts are available to insure this risk, but despite efforts to encourage their acquisition, few people own them. Close comparison with another life-cycle risk – that addressed by life insurance, which is more widely purchased by consumers – highlights as a probable reason for this low...

January 6, 2023
Articles, Pension design, , , ,
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06Jan

Optimal Retirement with Disability Pensions

By Hans Fehr & Adrian Fröhlich This paper develops a general equilibrium life-cycle model with endogenous retirement and disability risk, in order to quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions (DP) or old-age pensions (OAP), de-pending on eligibility rules and the generosity of the two programs. Our policy analysis focus on the increase in the normal retirement age (NRA) from age 65 to 67 (Reform 2007) and the recent...

January 6, 2023
Articles, Pension design,
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06Jan

The Effect of Pension Wealth on Employment

By Sebastian Becker, Hermann Buslei, Johannes Geyer & Peter Haan This study provides novel evidence about the pension wealth elasticity of employment. For the identification we exploit reform-induced variation of pension wealth that is related to the number of children but which does not affect the implicit tax rate of employment. We use a difference-in-differences estimator based on administrative data from the German pension insurance and find that, on average, the negative employment effect of pension wealth is significant and economically...

January 6, 2023
Articles, Pension design, , ,
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December 2022

Conversion from DB to DC: The EU Pension Custodian
20Dec

Conversion from DB to DC: The EU Pension Custodian

By: Hans van Meerten Worldwide we see a move to DC schemes. Most – if not all countries – choose the operate DB next to DC. However, in The Netherlands, the legislator choose for so-called conversion: transforming 'old' DB- to 'new' DC. In 2011, the Dutch legislator introduced the so called 'Pension Custodian'. It could only be used for the Dutch 2nd pillar DC IORP, the PPI. This Pension Custodion should *not* be confused with the IORP II Custodian. However, with the implementation of...

December 20, 2022
Articles, Pension design, , , ,
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Spending Trajectories after Age 65: Variation by Initial Wealth
20Dec

Spending Trajectories after Age 65: Variation by Initial Wealth

By: M Hurd & Susann Rohwedder   There has been extensive research on the importance of saving for retirement and on tools to support the accumulation of retirement wealth. Much less attention has been paid to the decumulation phase, that is, the spending down of wealth following retirement. Understanding the decumulation phase requires information about the spending patterns of older households and how those patterns evolve with age. This study uses comprehensive longitudinal data on total household spending from a survey...

December 20, 2022
Articles, Pension design, Savings, ,
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02Dec

Are Retirement Planning Tools Substitutes or Complements to Financial Capability?

By Gopi Goda, Matthew Levy, Colleen Flaherty Manchester, Aaron Sojourner, Joshua Tasoff & Jiusi Xiao We conduct a randomized controlled trial to understand how a web-based retirement saving calculator affects workers' retirement-savings decisions. In both conditions, the calculator projects workers' retirement income goal. In the treatment condition, it also projects retirement income based on defined-contribution savings, prominently displays the gap between projected goal and actual retirement income, and allows users to interactively explore how alternative, future contribution choices would affect...

December 2, 2022
Articles, Labor Market, Pension design, , ,
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02Dec

Inequities in the Golden Years: How Wealth Shapes Healthy and Work-Free Life

By Hessam Bavafa, Anita Mukherjee & Tyler Welch Recent work has established that the gradient of life expectancy with respect to wealth is large and widening. We make three contributions to build on that result using two recent decades of data from the United States. First, the additional years are in healthy, disability-free years, indicating substantial gains for the wealthy. Second, the return to wealth in achieving these healthy years is increasing over two recent decades for all but the...

December 2, 2022
Articles, Pension design, ,
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01Dec

OECD Pensions Outlook 2022

The OECD Pensions Outlook discusses how to introduce, develop and strengthen asset-backed pension arrangements, the role that employers can play in their provision, and the implication of different fee structures on individuals saving for retirement and on providers. The 2022 edition focuses on describing best practices for developing mortality tables and providing policy guidance on how to design, implement and continue the operation of non-guaranteed lifetime retirement income arrangements. Get the report here

December 1, 2022
Books, Books, Pension design, Pension Management, Pension Reform, Regulation, Reports, Slider, Slider, System Sustainability, , , , ,
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November 2022

25Nov

PEPP: Catalyst for Pension Innovation?

By Hans van Meerten & T.J.B. Hulshoff In the past two decades, several traditional markets have been 'disrupted' by parties with new business concepts, new technology and, above all, a big focus on consumer experience. Music, video, books, taxi, hotels, banks, meal delivery; examples abound. Is the personal pension savings market up for grabs? If it is up to the EU, yes. Through new PEPP legislation. But will this actually happen? Are providers and consumers ready for this? And what...

November 25, 2022
Articles, Pension design, , ,
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11Nov

Preparing for Retirement Reforms

By Karen E. Smith, Eugene Steurele, Damir Cosic Each of the three pillars of the US retirement system—Social Security, employer pensions, and private savings—suffers from serious problems that could threaten the financial security of future retirees. Social Security is at risk of becoming insolvent. If policymakers fail to act, Social Security benefits will be cut by about 25 percent starting in 2035, and even with reform, some combination of a slowdown in benefit growth for retirees and higher taxes on...

November 11, 2022
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