Pension systems are under serious pressure worldwide. This pressure
stems not only from the well-known trend of population aging, but
also from those of increasing heterogeneity of the population and
increasing labour mobility. The current economic crisis has
aggravated these problems, thereby exposing the vulnerability of
many pension schemes to macroeconomic shocks. This book reconsiders
the multi-pillar pension scheme against the background of these
pressures. It adopts an integral perspective and asks how the
pension system as a whole contributes to the three basic functions
of pension schemes: facilitating life-cycle financial planning,
insuring idiosyncratic risks and sharing macroeconomic risks across
generations. It focuses on the optimal balance between the various
pension pillars and on the optimal design of each of the schemes.
It sketches a number of economic trade-offs, showing that countries
may opt for different pension schemes depending on how they react
to these trade-offs.
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