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The politics of multipillar pension restructuring in Denmark, the Netherlands and Switzerland

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  • Anderson, Karen M.

Abstract

This paper analyzes the restructuring of private, occupational pensions in the Netherlands, Denmark and Switzerland. Despite the institutional similarities of all three systems (extensive pre-funding, collectively organized pensions, near-universal coverage), the three systems differ in important ways in terms of governance. The paper investigates the ways in which these variable governance structures shaped responses to the stock market downturn in 2001-2002. The Dutch occupational pension system experienced substantial retrenchment (shift from career earnings to average earnings formulae in defined benefit (DB) schemes as well as increased contributions) whereas the Danish and Swiss schemes sustained fewer cutbacks. The paper argues that the DB structure of Dutch pensions as well as the specifics of the regulatory framework forced a drastic adaptation to changes in financial markets, whereas the flexible defined contribution (DC) framework in Denmark and Switzerland facilitated a more modest adaptation to the market downturn.

Suggested Citation

  • Anderson, Karen M., 2008. "The politics of multipillar pension restructuring in Denmark, the Netherlands and Switzerland," Discussion Papers, Research Unit: Inequality and Social Integration SP I 2008-205, WZB Berlin Social Science Center.
    • Handle: RePEc:zbw:wzbisi:spi2008205
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    1. Delhey, Jan & Newton, Kenneth, 2004. "Social trust: Global pattern or nordic exceptionalism?," Discussion Papers, Research Unit: Inequality and Social Integration SP I 2004-202, WZB Berlin Social Science Center.
    2. Ponds, E.H.M. & van Riel, B., 2007. "The Recent Evolution of Pension Funds in the Netherlands : The trend to Hybrid DB-DC Plans and Beyond," Other publications TiSEM 678caf10-ac76-49a4-a7ff-5, Tilburg University, School of Economics and Management.
    3. Queisser, Monika & Vittas, Dimitri, 2000. "The Swiss multi-pillar pension system : triumph of common sense?," Policy Research Working Paper Series 2416, The World Bank.
    4. Clark, Gordon L., 2003. "European Pensions & Global Finance," OUP Catalogue, Oxford University Press, number 9780199253647.
    5. Kohler, Ulrich, 2004. "Empirische Untersuchung zweier Individualisierungshypothesen mit Querschnittsdaten aus 28 Ländern," Discussion Papers, Research Unit: Inequality and Social Integration SP I 2004-203, WZB Berlin Social Science Center.
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