Chile was one of the first countries to implement pension reform by transiting from a pay-as-you-go system to a fully funded individual accounts system in 1980. When designing the pension system, the Chilean government sought to restrict the downside market risk of pension investment by regulating the investment activities of pension fund management companies, called AFPs. In particular, the AF...

BACKGROUND Multiple sclerosis (MS) is a chronic and often disabling disease. In 2005, 62% of the MS patients in Sweden aged 16-65 years were on disability pension. The objective of this study is to investigate whether the presence of common co-morbidities increase MS patients' risk for disability pension. METHODS This population-based cohort study included 4 519 MS patients and 4 972 174 non-...

BACKGROUND It is estimated that hearing difficulties will be one of the top ten leading burdens of disease by 2030. Knowledge of mortality among individuals on sick leave or disability pension due to hearing diagnoses is virtually non-existent. We aimed prospectively to examine the associations of diagnosis-specific sick leave and disability pension due to different otoaudiological diagnoses wi...

Background. Insomnia and disability pension are major health problems, but few population-based studies have examined the association between insomnia and risk of disability pension. Methods. We conducted a prospective nationwide cohort study based on Swedish population-based registers including all 5,028,922 individuals living in Sweden on December 31, 2004/2005, aged 17-64 years, and not on d...

Pension buy-ins and buy-outs have become an important aspect of managing pension risk in recent years. As a step toward understanding these pension de-risking instruments, we develop models for pricing investment risk and longevity risk embedded in pension buy-ins and buy-outs. We also bring a contingent-claims framework to price credit risk of buy-in bulk annuities. Overall, our model can be u...

As early as 1976, management guru Peter Drucker declared the US to be the first real socialist eco nomy. Since the early 1950s when General Motors set up a corporate pension fund, the share of private pension savings in the total amount of accumulated capital has increased steadily, reaching almost one third in the year Drucker’s book was published. Drucker predicted that pension funds would po...

Chile was one of the first countries to implement pension reform by transiting from a pay-as-you-go system to a fully funded individual accounts system in 1980. When designing the pension system, the Chilean government sought to restrict the downside market risk of pension investment by regulating the investment activities of pension fund management companies, called AFPs. In particular, the AF...

In the last decades all over the world pension policy reforms have tried to account for the changing demographic and socio-economic framework. An excellent starting point for economic analyses of reform strategies is the Mirrlees Review which argues that pension policy should simultaneously address pension benefit design and the taxation of pensions. We focus on old-age pension taxation and add...

OBJECTIVES To prospectively investigate the association between occupational physical activity (OPA) and disability pension due to musculoskeletal cause, mental cause or any cause. We also examined the combined association of OPA and leisure-time physical activity (LTPA) with disability pension. METHODS A population-based cohort study in Norway on 32 362 persons aged 20-65 years with question...

The existing literature on the efficiency of pension system, usually addresses the problem between the choice of different theoretical models, or concerns one or few empirical pension systems. In this paper quite different approach to the measurement of pension system efficiency is proposed. It is dedicated mainly to the cross-country studies of empirical pension systems, however it may be also...