Comparison of the regulatory frameworks for DC Pensions, is a report commissioned by Scottish Widows. The research draws on discussions conducted with experts on regulation, and desk research, to explore the differences between the two regulatory regimes for DC pensions. It considers the pros and cons of the respective regimes for DC pensions, with a focus on the impact of these for savers.

In 1996, Germany introduced the Altersteilzeit (ATZ) law, which encouraged longer working lives through partial retirement incentives. Using matched pension system and establishment survey data, we estimate changes in part-time employment and retirement after ATZ.

This paper provides a framework for comparing a defined benefit (DB) and a defined contribution (DC) point schemes, which are both pay-as-you go (PAYG) financed. Two stylised PAYG pension schemes are  modelled and simulated to compare their robustness to shocks.

Previous studies find that individuals do not draw down their assets after retirement which is at odds with the predictions of a simple life cycle model without uncertainty. Hurd (1989, 1999) explains saving behavior of elderly singles and couples by adding lifetime uncertainty and bequest motives to the simple life cycle model.

According to statistics of the Finnish Centre for Pensions, the effective retirement age rose significantly in 2014. On average, the Finns retired on an earnings-related pension at age 61.2 years. The equivalent figure in 2013 was 60.9 years.

Collective pension contracts allow for intergenerational risk sharing with the unborn. They therefore imply a higher level of social welfare than individual accounts. Collective pension contracts also imply a suboptimal allocation of consumption across time periods and states of nature however. Hence, collective pension contracts also reduce social welfare.

To adapt pension systems to demographic trends, many countries are reducing pay-as-you-go public pension levels and lifting retirement ages. In this context, funded pensions could play a major role to avoid adequacy gaps.

The purpose of this paper is to discuss a few issues related to how best to communicate uncertainty about projections of future pension benefits to members of DC plans.

Multiemployer pension plans – defined benefit plans established through collectively bargained agreements between labor unions and two or more employers – have been weakened by two financial crises and a slow recovery from the recession.

The "money's worth" measure has been used to assess whether annuities are fairly valued and also as evidence for adverse selection in the annuity market. However, a regulated life assurer with concerns about predicting long-run mortality may price annuities to reduce these risks which will affect the money’s worth.

Changes in tax policies can trigger responses from employers, but a proposed cap on retirement savings could have a particularly severe impact on small businesses, according to an analysis by the nonpartisan Employee Benefit Research Institute (EBRI).

Collective pension schemes are the dominant form of saving for retirement in the Netherlands. We investigate the introduction of individual choices into a collective pension system without affecting the generally accepted advantages of a collective agreement.