Costs and Benefits of Collective Pension Systems

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Onno W. Steenbeek, S. G. Fieke van der Lecq
Springer Science & Business Media, Oct 11, 2007 - Political Science - 247 pages
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In January 2006, the Dutch Association of Industry-wide Pension Funds (VB) told us about their plan to prepare a book on solidarity in collective pension systems. We were intrigued by this topic, both because of our - terest in the pension sector and because of the connection with solidarity in a cost-benefit approach. After some discussions with VB director Peter Borgdorff, we decided to start a project with leading scholars and prac- tioners, which was to result in a book. We hoped that the researchers could investigate the extent of value transfers within collective pension funds, so that quantitative indications of this institutionalized solidarity would - come publicly available. While the book was in progress, the discussion on solidarity and mandatory pension systems became very topical, and so 1 were the results of the analyses. When the book was released in Dutch , the chapter on costs differentials between pension funds and insurance companies also drew much attention. In the early months of 2007, the political and professional debates c- tinued, with increasing attention from pension experts from abroad. This made us decide to try and arrange a translated version of the book. We were happy to find Springer Verlag, and collaborate with their enthusi- tic publisher Dr. Niels Peter Thomas. We are also grateful to the Pension Science Trust (Stichting Pensioenwetenschap) for subsidizing the trans- tion by Language Lab, and to the earlier mentioned VB for their generous collaboration in getting the international edition released.
 

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Contents

2 Solidarities in collective pension schemes
13
who cares?
33
4 Operating costs of pension schemes
50
5 Optimal risksharing in private and collective pension contracts
75
6 Intergenerational value transfers within an industrywide pension fund a valuebased ALM analysis
95
7 Intergenerational solidarity in the uniform contribution and accrual system
118
8 Everyone gains but some more than others
137
9 Why mandatory retirement saving?
159
10 Mandatory participation for companies
187
11 Macroeconomic aspects of intergenerational solidarity
205
12 Summary and conclusions
227
About the authors
236
Subject index
243
Copyright

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