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Public Pension Reform in Europe: Policies, Prospects and Evaluation

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  • Richard Disney

Abstract

This paper describes the demographic and economic factors underlying the reform of public pension programmes in Europe. It examines the policy response, both at the Europe‐wide level and within individual European countries. Several programme reform strategies that have been implemented are evaluated. These strategies are the greater pre‐funding of public pensions and expanded second‐tier private pension components, ‘parametric’ reforms to existing programmes, and the development of formula‐driven ‘actuarially fair’ public programmes. Efforts to provide greater incentives for individuals to postpone retirement are also discussed.

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  • Richard Disney, 2003. "Public Pension Reform in Europe: Policies, Prospects and Evaluation," The World Economy, Wiley Blackwell, vol. 26(10), pages 1425-1445, November.
    • Handle: RePEc:bla:worlde:v:26:y:2003:i:10:p:1425-1445
    DOI: 10.1111/j.1467-9701.2003.00580.x
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    References listed on IDEAS

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    1. Franco, D. & Gokhale, J. & Guiso, L. & Kotlikoff, L.J. & Sartor, N., 1991. "Generational Accounting - The Case of Italy," Papers 18, Boston University - Department of Economics.
    2. Richard Disney & Sarah Smith, 2002. "The Labour Supply Effect of the Abolition of the Earnings Rule for Older Workers in the United Kingdom," Economic Journal, Royal Economic Society, vol. 112(478), pages 136-152, March.
    3. James Sefton, 2003. "Social Security Design in the UK: What is optimal?," Fiscal Studies, Institute for Fiscal Studies, vol. 24(2), pages 121-151, June.
    4. Gordon Keenay & Edward Whitehouse, 2003. "The Role of the Personal Tax System in Old-Age Support: A Survey of 15 Countries," Fiscal Studies, Institute for Fiscal Studies, vol. 24(1), pages 1-21, March.
    5. Auerbach, Alan J. & Kotlikoff, Laurence J. & Leibfritz, Willi (ed.), 1999. "Generational Accounting around the World," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226032139, September.
    6. Richard Disney, 1996. "Can We Afford to Grow Older?," MIT Press Books, The MIT Press, edition 1, volume 1, number 026204157x, April.
    7. Disney, Richard, 2000. "Crises in Public Pension Programmes in OECD: What Are the Reform Options?," Economic Journal, Royal Economic Society, vol. 110(461), pages 1-23, February.
    8. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1.
    9. Alan J. Auerbach & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "Generational Accounting around the World," NBER Books, National Bureau of Economic Research, Inc, number auer99-1.
    10. R Disney & C Emmerson & M Wakefield, 2001. "Pension reform and saving in Britain," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 17(1), pages 70-94, Spring.
    11. Jonathan Gruber & David A. Wise, 1999. "Social Security and Retirement around the World," NBER Books, National Bureau of Economic Research, Inc, number grub99-1.
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    Cited by:

    1. EL-HOUJJAJI, Hind & ECHAOUI, Abdellah, 2020. "Assessing the financial sustainability of parametric pension system reforms: The case of Morocco," MPRA Paper 98912, University Library of Munich, Germany.
    2. Martin Werding, 2016. "One Pillar Crumbling, the Others Too Short: Old-Age Provision in Germany," National Institute Economic Review, National Institute of Economic and Social Research, vol. 237(1), pages 13-21, August.
    3. Christl, Michael & Kucsera, Dénes, 2015. "Reformoptionen des österreichischen Pensionssystem und ihre finanziellen Auswirkungen," EconStor Preprints 113283, ZBW - Leibniz Information Centre for Economics.
    4. Andreas Bergh, 2008. "Explaining the Survival of the Swedish Welfare State: Maintaining Political Support Through Incremental Change," Financial Theory and Practice, Institute of Public Finance, vol. 32(3), pages 233-254.
    5. Bernardo Lanza Queiroz & Moema Gonçalves Bueno Figoli, 2011. "Population aging and the rising costs of public pension in Brazil," Textos para Discussão Cedeplar-UFMG td438, Cedeplar, Universidade Federal de Minas Gerais.

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