Konjunkturabhängigkeit der Gesetzlichen Rentenversicherung am Beispiel der aktuellen Finanz- und Wirtschaftskrise

2010 ◽  
Vol 59 (3) ◽  
Author(s):  
Axel Börsch-Supan ◽  
Martin Gasche ◽  
Christina Benita Wilke
Keyword(s):  
Economic Crisis ◽  
Pension System ◽  
Labour Force ◽  
Public Pension ◽  
Pension Benefit ◽  
Contribution Rate ◽  
Public Pension System ◽  
Detailed Simulation ◽  
The Government ◽  
System 1

AbstractThe financial and economic crisis has drawn attention again on the question how sensitive the German public pension system (Gesetzliche Rentenversicherung) reacts to cyclical shocks. We identify three important channels through which business cycle movements may affect the pension system: (1) An effect caused by changes in the wage sum of the insured labour force (Beitragsgrundlageneffekt), (2) an effect caused by changes in the size of the government subsidy (Bundeszuschusseffekt) and (3) an effect caused by changes in the size of the annual pension adjustments (Rentenanpassungseffekt). We quantify these effects for the current financial and economic crisis using a detailed simulation model of the German pension system (MEA-PENSIM). Our simulation results show that the public pension system is able to cope with cyclical shocks in the sense that there are no longrun effects on the pension benefit level or the contribution rate. This cyclical stability is inherent in the system’s pension adjustment formular that links the size of benefits to the development of wages. However, it can be shown that cyclical shocks lead to increases in the contribution rate in the short and medium run. The new law that was passed in spring 2009, which forbids a decrease in nominal pension adjustments in case of decreasing wages (Rentengarantie), extends and intensifies these negative short and medium run effects because it partially offsets the automatic stability mechanism via the wage orientated pension adjustment formula.

The implications of demographic and economic projections on public pension spending in the European Union

2018 ◽  
Vol 34 (1) ◽  
pp. 19-39
Author(s):  
Beatriz Benítez-Aurioles
Keyword(s):  
European Union ◽  
Pension System ◽  
Labour Force ◽  
Public Pension ◽  
The European Union ◽  
The Public ◽  
Active Population ◽  
Public Pension System ◽  
Effects Of Aging ◽  
The Impact

AbstractThis paper analyses the implications that demographic and economic projections have on public pension spending in the European Union (EU). Using some stylised facts, we study the aging trends of the population, as well as labour force and employment projections. Indices of both demographic and economic dependence are built. All of this is used to determine the impact on public pension spending in the EU. Although we detect substantial heterogeneity of circumstances, we show that the states in which aging of the population weights more in explaining public pension expenditure growth as a percentage of gross domestic product (GDP) are generally the ones that make greater efforts to control this spending. Given the limited capacity of policies to increase active population or employment to offset the effects of aging, measures aimed at diminishing the generosity of the public pension system and at promoting private schemes have gained relevance.

Pension Structure and Employee Turnover: Evidence from a Large Public Pension System

ILR Review ◽  
2016 ◽  
Vol 70 (4) ◽  
pp. 976-1007
Author(s):  
Dan Goldhaber ◽  
Cyrus Grout ◽  
Kristian L. Holden
Keyword(s):  
Employee Turnover ◽  
Pension System ◽  
Public Pension ◽  
Public Pension System

Equity of Public Pension System

2020 ◽  
pp. 155-171
Author(s):  
Robert Meneu-Gaya ◽  
Borja Encinas-Goenechea ◽  
Inmaculada Domínguez-Fabián
Keyword(s):  
Pension System ◽  
Public Pension ◽  
Public Pension System

Last Lessons Learned from the Swedish Public Pension System

2020 ◽  
pp. 235-254
Author(s):  
María del Carmen Boado-Penas ◽  
Poontavika Naka ◽  
Ole Settergren
Keyword(s):  
Pension System ◽  
Lessons Learned ◽  
Public Pension ◽  
Public Pension System

scholarly journals An actuarial mathematical model for a new pension philosophy. An application to the accountant pension fund

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Anna Attias ◽  
Simona Ciavalini ◽  
Carla Morrone ◽  
Daniela Saitta
Keyword(s):  
Mathematical Model ◽  
Social Welfare ◽  
Pension Fund ◽  
Pension System ◽  
Public Pension ◽  
Standard Of Living ◽  
Replacement Rate ◽  
Minimum Threshold ◽  
Public Pension System ◽  
Highly Correlated

AbstractThis paper adapts an actuarial mathematical model, built for the Italian public pension system, based on the law proposal 3035/2009 to the Accountant Pension Fund (CNPADC). The aim is to introduce a new philosophy pension highly correlated with the concept of adequacy for an ambitious social welfare; using the logic of the 3035/2009 proposal, which guarantees a minimum threshold for the replacement rate of the direct pension, this study provides a rigorous actuarial mathematical model that explains a sort of rate of contribution at a tendential equilibrium, in a pay-as-you-go pension system. This model reveals for which parameters it is possible to intervene to maintain the standard of living in retirement.

Die Finanzierungslücke der Gesetzlichen Rentenversicherung in Deutschland – Eine Simulationsstudie zu Lösungsmöglichkeiten

2014 ◽  
Vol 63 (2) ◽  
Author(s):  
Steffen Bollacke
Keyword(s):  
Pension System ◽  
Population Aging ◽  
Financial Burden ◽  
Public Pension ◽  
Demographic Factor ◽  
Public Pensions ◽  
Calculation Formula ◽  
Pension Systems ◽  
Public Pension System ◽  
Reform Processes

AbstractPopulation aging challenges pay-as-you-go pension systems. Solving the associated funding problem constantly motivates reform processes. In addition to an aging population, specific regulations of the German public pension system lead to an increasing financial burden of national finances. To ensure sustainable funding of pensions, the calculation formula of the German public pension system will be investigated in this paper. It will be shown, that there are two alterable parameters, which are not optimally used regarding the funding of public pensions. Simulations show that a variable demographic factor to calculate public pensions can reduce the financial burden of national finances.

No Country for Old (Poor) Men: Fairness and Public Pensions

2020 ◽  
pp. 147892991988786
Author(s):  
Vincenzo Alfano ◽  
Pietro Maffettone
Keyword(s):  
Pension System ◽  
Welfare States ◽  
Public Pension ◽  
Public Pensions ◽  
Italian Case ◽  
Public Pension System ◽  
Working Lives ◽  
Actuarial Fairness ◽  
Fairness Concerns ◽  
Redistributive Effect

Public pensions are a ‘social technology’ at the heart of most welfare states. The basic goal pursued by a public pension system is to make sure that individuals do not outlive their savings. An increasing number of states have recently moved to a system that matches individuals’ contributions over their working lives to a specific stream of revenue during their retirement years (i.e. defining contributions rather than benefits). As a result, intragenerational fairness concerns have started to become more relevant. In this article, we shall claim that, irrespective of how one conceptualises the welfare state, most public pension systems violate actuarial fairness and any plausible account of distributive justice, and that they do so for structural reasons. Studying the Italian case, we offer insights on this regressive redistributive effect, based on regional data, and offer an implicit policy solution to obviate this problem.

Public pensions and take-off

2003 ◽  
Vol 2 (1) ◽  
pp. 25-39 ◽  
Author(s):  
KAZUTOSHI MIYAZAWA
Keyword(s):  
Growth Rate ◽  
Pension System ◽  
National Income ◽  
Empirical Finding ◽  
Public Pension ◽  
Public Pensions ◽  
Income Growth ◽  
Public Pension System ◽  
Growth Equilibrium

This paper examines the effects of unfunded public pensions on national income, growth rate, and employment in a model à la Lucas (1988) consistent with the empirical finding in Schoeni (1997). Our model shows that a public pension system can lead to a take-off from a low growth trap to a higher growth equilibrium.

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