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Towards an equitable and sustainable points system. A proposal for pension reform in Belgium

Author

Listed:
  • Schokkaert, Erik
  • Devolder, Pierre
  • Hindriks, Jean
  • Vandenbroucke, Frank

Abstract

We describe the points system as proposed by the Belgian Commission for Pension Reform 2020–2040. Intragenerational equity can be realised through the allocation of points within a cohort. The intergenerational distribution is determined by fixing the value of a point for the newly retired and a sustainability parameter for the actual retirees. The value of the point links pensions to the average living standard of the employed population. We propose an automatic adjustment mechanism, in which a key role is played by the career length. This mechanism induces a balanced distribution of the burden of demographic and economic shocks over the different cohorts.
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Suggested Citation

  • Schokkaert, Erik & Devolder, Pierre & Hindriks, Jean & Vandenbroucke, Frank, 2020. "Towards an equitable and sustainable points system. A proposal for pension reform in Belgium," LIDAM Reprints ISBA 2020001, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    • Handle: RePEc:aiz:louvar:2020001
    Note: In : Journal of Pension Economics and Finance, vol. 19, no. 1, p. 49-79 (2020)
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    Cited by:

    1. Andras Simonovits, 2020. "Indexing public pensions in progress to wages or prices," CERS-IE WORKING PAPERS 2015, Institute of Economics, Centre for Economic and Regional Studies.
    2. Antoine Bozio & Simon Rabaté & Audrey Rain & Maxime To, 2019. "Quelles règles de pilotage pour un système de retraite à rendement défini?," PSE-Ecole d'économie de Paris (Postprint) halshs-02514738, HAL.
    3. Cetin, Sefane & Hindriks, Jean, 2023. "Sustainability of pension reforms: An EU-wide political stress," LIDAM Discussion Papers CORE 2023016, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Arno Baurin & Jean Hindriks, 2020. "Pension financing and individual retirement account," LIDAM Discussion Papers IRES 2020002, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    5. Pierre Devolder & Inmaculada Domínguez-Fabián, 2020. "Thinking in Vertical: A Practical Application of the Two-Stage Pension System in Spain," Sustainability, MDPI, vol. 12(23), pages 1-18, November.
    6. András Simonovits, 2020. "Indexing Public Pensions in Progress to Wages or Prices," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 12(2), pages 171-194, June.

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