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The distributive impact of private pensions in the context of the institutional designs of public pension systems across OECD countries

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  • Ikhyun Jang

Abstract

Income inequality has been increasing across the developed world for the last few decades. The welfare state has played an important role in reducing income inequality, but it has now entered into an era of transformation. The shift from public to private pension schemes is one of the main policy instruments in this shift. An increase in private pensions is expected to create an increase in income inequality. Therefore, using data from OECD SOCX, this study examined how the effect of private pensions on income inequality might be changed by the institutional design of public pension systems. The results suggest that the effect of private pensions differs when the institutional design of the public pension system is considered. An increase in private pensions is related to an increase in income inequality when the public pension has a low level of coverage and a high level of earnings‐relatedness.

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  • Ikhyun Jang, 2019. "The distributive impact of private pensions in the context of the institutional designs of public pension systems across OECD countries," International Journal of Social Welfare, John Wiley & Sons, vol. 28(2), pages 152-166, April.
    • Handle: RePEc:wly:injsow:v:28:y:2019:i:2:p:152-166
    DOI: 10.1111/ijsw.12365
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