Pensions--broadly defined to include social security as well as employer-provided plans-comprise a significant component of total household resources, but their impact on household wealth accumulation is controversial. This paper reviews previous theoretical and empirical on how pensions affect saving. The empirical literature on the effects of traditional pensions and 401(k) plans contains a r...

and adaptability on the other need very careful adjustment. It is pleasing to read that the authors advocate giving full range to the more generous sentiments of human nature, and that they treat this subject sympathetically, but at the same time they endeavour to eliminate abuse as far as possible. The scheme of the book is interesting, it traces the history of the pension system from its ince...

Pensions and Training Economic analysis of private pensions commonly assumes that incentives for long tenure and early retirement enhance workforce productivity. An implication of the productivity theory of pensions is that workers who receive job training are more likely to be covered. We test this prediction with data from the Current Population Survey (CPS). We find a strong positive relatio...

For many larger multinational companies, unfunded pensions represent an unmanaged risk and a growing liability. With the removal of the ‘corridor’ in the new IFRS IAS19R accounting regulations, unfunded pensions have become an increased source of volatility on the corporate balance sheet. Despite this, until today, funding unfunded pensions locally has either been too expensive or not possible....

Mandating plays a role in the retirement income system of nearly every country in the world. In this essay, mandatory pensions refers to employer-provided occupational pensions in the second tier. Mandated second-tier pensions appear to substitute for a portion, or all, of the earnings-related part of social security. Both Australia and Switzerland mandate private pension coverage, and the Neth...

The Effect of Pensions on Longevity: Evidence from Union Army Veterans This study uses changes in pension laws for Union Army veterans as a natural experiment to estimate the causal effect of pensions on longevity, and to examine potential pathways underlying such a relationship. We examine the effects of the pension laws of 1907 and 1912, which granted old-age pensions to Union Army veterans. ...

A MAJOR addition to the Pension program of Sweden has been made by three new laws, all enacted on May 14, 1959. The principal law, known as the General Supplementary Pensions Insurance Act, establishes a system of supplementary pensions, which will be payable in addition to the universal flat “national pensions” provided in the past. The amounts of the supplementary pensions are to be graduated...

We examine whether CEO power can explain the vast amount defined benefit pensions received by them. Analyzing a sample of UK firms from 2003 to 2006, we find that pensions constitutes of almost 15% of the average CEO compensation. Statistical analysis shows that the variables representing increased CEO power have a positive influence on pension pay. We also find that the presence of defined ben...

The paper develops an overlapping generations model that highlights interactions between social security, unemployment and growth.The social security system has two components: old age pensions and unemployment insurance. Pensions have a direct effect on economic growth. Both pensions and unemployment benefits influence equilibrium unemployment caused by wage bargaining. Since unemployment impa...

In this paper we argue that the strategic interaction between the labor supply decision of the elderly and private transfers from their children lowers the opportunity cost of leisure of the elderly. This in turn magnifies the crowding-out effect of public pensions on the labor supply of the elderly. We show that this mechanism has implications for evaluating the crowding-out effect of public p...