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The Role of Complementary Pensions

In: Economic Challenges of Pension Systems

Author

Listed:
  • Mercedes Ayuso

    (Riskcenter, Department of Econometrics, University of Barcelona)

  • Montserrat Guillen

    (Riskcenter, Department of Econometrics, University of Barcelona)

  • Diego Valero

    (University of Barcelona)

Abstract

Recent reforms of public pension systems implemented in various countries, including Spain, have sought to ensure the sustainability of benefits. However, achieving a structural budget balance (i.e. long-run equality between income and expenditure) may result in a decrease in the replacement rate or in the percentage that the pension represents of the last salary. The development of complementary pension schemes, both occupational and personal, is presented as a feasible alternative for increasing the adequacy of benefits. However, both systems face significant challenges in their further implementation, with business structures, on occasions, being highly concentrated in small and medium enterprises and under the significant influence of longevity, inflation and interest rate risks. This chapter presents a comprehensive analysis of the possibilities offered by the second and the third pillars to complement public pension systems and their possible innovations for increasing their level of penetration in different countries.

Suggested Citation

  • Mercedes Ayuso & Montserrat Guillen & Diego Valero, 2020. "The Role of Complementary Pensions," Springer Books, in: Marta Peris-Ortiz & José Álvarez-García & Inmaculada Domínguez-Fabián & Pierre Devolder (ed.), Economic Challenges of Pension Systems, chapter 0, pages 359-375, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-37912-4_16
    DOI: 10.1007/978-3-030-37912-4_16
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