Pension policy in EU25 and its impact on pension benefits

Grech, Aaron George (2007): Pension policy in EU25 and its impact on pension benefits. Published in: Benefits: The Journal of Poverty and Social Justice , Vol. 15, No. 3 (September 2007): pp. 299-311.

Abstract

This article provides a brief summary of the most recent changes in public pension policies in the countries of the European Union and describes how they affect pension benefits for future pensioners. The pension systems in Europe have been changing fast. The common trends are that the generosity of public pension benefits is on the decline, the changes are likely to shift more risks towards individuals and there are fewer possibilities of redistribution. Our analyses point towards the importance of a more comprehensive assessment of these reforms so as to reduce the risk of pensioner poverty in the future.

• Item Type: MPRA Paper
• Language: English
• Keywords: pension reform, elderly poverty
• Subjects: H - Public Economics > H5 - National Government Expenditures and Related Policies > H55 - Social Security and Public Pensions; J - Labor and Demographic Economics > J1 - Demographic Economics > J14 - Economics of the Elderly ; Economics of the Handicapped ; Non-Labor Market Discrimination; I - Health, Education, and Welfare > I3 - Welfare, Well-Being, and Poverty > I38 - Government Policy ; Provision and Effects of Welfare Programs

References

Capretta, J. (2006) ‘Building automatic solvency into US social security: insights from Sweden and Germany’, Policy Brief No 151, Washington DC: The Brookings Institution.

Carone, G. (2005) Long-term labour force projections for the 25 EU member states: A set of data for assessing the economic impact of ageing, European Commission Economic Paper No. 235, Brussels: European Commission, Directorate General for Economic and Financial Affairs.

Chlon-Dominczak, A. (2000) Pension reform and public information in Poland, Social Protection Discussion Paper Series, No.19, Washington DC: World Bank.

DWP (Department for Work and Pensions) (2006) Security in retirement: Towards a new pension system, Cm 6841, London: The Stationery Office

Economic Policy Committee (2006) The impact of ageing on public expenditure: Projections for the EU25 member states on pensions, health care, long-term care, education and unemployment transfers (2004-2050), Brussels: European Commission, Directorate General for Economic and Financial Affairs.

EC (European Commission) (2006) ‘Annex to the COM (2006) 62 – Synthesis report on adequate and sustainable pensions’, Commission Staff Working Document, COM(2006) 62 final, Brussels (http://ec.europa.eu/employment_social/social_protection/pensions_en.htm).

Franco, D. and Sartor, N. (2006) ‘NDCs in Italy: unsatisfactory present, uncertain future’, in R. Holzmann and E. Palmer (eds) Pension reform: Issues and prospects for non-financial defined contribution (NDC) schemes, Washington DC: World Bank.

Fultz, E. and Steinhilber, S. (2003), ‘The gender dimensions of social security reform in the Czech Republic, Hungary and Poland’, in E. Fultz, M. Ruck and S. Steinhilber (eds) The gender dimensions of social security reforms in Central and Eastern Europe: Case studies of the Czech Republic, Hungary and Poland, Budapest: International Labour Organization.

Mitchell, O. (2005) How well has Chile’s retirement program aged?, Philadelphia, PA: Wharton Pension Research Council.

National Strategy Reports (2005) The Swedish National Strategy Report on adequate and sustainable pensions, Brussels: European Commission (http://ec.europa.eu/employment_social/social_protection/docs/2005/sv_en.pdf).

OECD (Organisation for Economic Co-operation and Development) (2007) Pensions at a glance: Public policies across OECD countries, Paris: OECD.

Orban, G. and Palotai, D. (2005) The sustainability of the Hungarian pension system: A reassessment, Budapest: Magyar Nemzeti Bank.

Pension Commission (2005) ‘A new pension settlement for the twenty-first century – the second report of the Pensions Commission’, London.

Whitehouse, E. (2000) Paying for pensions: An international comparison of administrative charges in funded retirement-income systems, London: Financial Services Authority.

Whitehouse, E. (2005) Oral presentation of OECD calculations, Prague, December.

Zaidi, A., Marin, B. and Fuchs, M. (2006) Pension policy in EU25 and its possible impact on elderly poverty, Vienna: European Centre for Social Welfare Policy and Research (www.euro.centre.org/data/1159256548_97659.pdf).