Adjusting Pay-as-you-go Financed Pension Schemes to Increasing Life Expectancy
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Adjusting Pay-as-you-go Financed Pension Schemes to Increasing Life Expectancy
Schmähl, Winfried | Viebrok, Holger
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 120 (2000), Iss. 1 : pp. 41–61
6 Citations (CrossRef)
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Schmähl, Winfried
Viebrok, Holger
Cited By
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Linking retirement age to life expectancy in a Bismarckian system – the case of Germany
Vogt, Valentin | Althammer, JörgNational Institute Economic Review, Vol. 237 (2016), Iss. P.R22
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Der Sozialstaat an der Jahrtausendwende
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Schmähl, Winfried
2001
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Soziale Sicherung: Ökonomische Analysen
Einführung
2009
https://doi.org/10.1007/978-3-531-91408-4_1 [Citations: 0]
Abstract
This paper deals with the impact of increasing life expectancy on pay-as-you-go (PAYG) financed pension schemes and measures that aim at solving the resulting budgetary problems. Relevant determinants for financial considerations are particularly the ratio of beneficiaries to contributors and the pension level. The focus is on measures that directly integrate indicators of life expectancy into pension calculation. The authors discuss the effects of a) a general reduction of the pension level by introducing a life expectancy indicator into the pension formula, b) a reduction of the initial average pension at a given retirement age or c) an increase of the retirement age itself because of increasing life expectancy. The authors conclude that postponing retirement is an adequate measure for coping with the financial effects of increasing life expectancy