Was lehrt uns die Empirie in Sachen Rentenreform?

Almost all OECD countries have pension reform at the top of their social policy agendas. This paper explores where empirical analysis might help to shed light on the central questions concerning pension reform. The first part of the paper addresses modifications of the current pay‐as‐you‐go systems: How do we regulate the retirement age? Do we need a system of transparent notional accounts? The second part concerns a (partial) transition from a pay‐as‐you‐go to a fully funded system: What does empirical analysis have to say about a Pareto‐improving transition? Which distortions can be reduced? What do we know about the effects on saving, productivity and economic growth? Finally, the third part addresses questions about the design of funded pension systems: How expensive is their administration? Are tax incentives sufficient or do we need mandatory savings programmes in order to guarantee sufficient pension levels?