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AxeI Borsch-Supan and Meinhard Miegel The provision of retirement income is a dynamic system that needs to be adapted constantly to the ever changing economic and societal environment. Sometimes, incremental adaptations suffice; sometimes, however, larger reform steps are necessary. We see this evolutionary process both through history and across countries. Over and again societies are confronted with new challenges, not the least with respect to old age social security. At this juncture of history, almost all industrialized countries face rapid population aging and need. to adapt their pension systems to this historically unprecedented demographic change. The six countries in this study (Chile, Germany, Great Britain, the Netherlands, Switzerland, and the United States) have responded very differently to this new challenge. This is the point of departure for this book. Why did the countries respond so differently? What can we learn from each other? It is not the point of this book to provide a universally optimal solution to the pension problems caused by population aging. The six countries are simply too different in terms of their demographic and cultural, and in particular in terms of their historical and economic backgrounds. However, since national discussions tend to be surprisingly narrowly focussed even in times of globalization, there is much to learn by looking over the neighbor' s fence. And since some countries have reformed earlier than others, we even have the benefit of quite a few trials and errors in one country from which all other countries can learn.

Old age pensions --- Social security --- Pensions de vieillesse --- Sécurité sociale --- Government policy --- Case studies. --- Case studies --- Politique gouvernementale --- Cas, Etudes de --- CH / Switzerland - Zwitserland - Suisse --- CL / Chile - Chili --- DE / Germany - Duitsland - Allemagne --- GB / United Kingdom - Verenigd Koninkrijk - Royaume Uni --- NL / Netherlands - Nederland - Pays Bas --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 368.43 --- derde pijler --- eerste pijler --- pensioen --- sociale zekerheid --- tweede pijler --- welvaartseconomie --- 331.252 --- -Social security --- -Old age pensions --- -Insurance, Social --- Insurance, State and compulsory --- Social insurance --- Insurance --- Income maintenance programs --- Employees --- OASI (Old age and survivors insurance) --- Old age and survivors insurance --- Older people --- Retirement pensions --- Survivors' benefits (Old age pensions) --- Pensions --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- -Government policy --- -Pensions --- -Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen. --- -CH / Switzerland - Zwitserland - Suisse --- Sécurité sociale --- Insurance, Social --- Ouderdomsverzekering. Voorbarige dood. Weduwen en wezen --- Social policy. --- Social Policy. --- National planning --- State planning --- Economic policy --- Family policy --- Social history

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Riester pensions are voluntary, but heavily subsidized private pension schemes in Germany. They were designed as a matching defined contribution scheme to fill the emerging “pension gap” that is being generated by the gradually declining generosity of the public pay-as-you-go pensions in response to population aging. This paper investigates how the uptake of the recently introduced “Riester pensions” depends on the state-provided saving incentives and how well the targeting to families and low-income households has worked in practice. It documents the costs of the scheme, and collects circumstantial evidence on displacement effects between saving for old-age provision and other purposes. After a slow start and several design changes, Riester pension plans took off very quickly. While saving incentives were effective in reaching parents, they were somewhat less successful in attracting low-income earners, although Riester pensions exhibit a more equal pattern by income than occupational pensions and unsubsidized private pension plans. Riester pension savings totaled €9.4bn in 2010 with an associated cost of €3.5bn. One average one Euro of subsidies is thus associated with 2 Euros of households' own Riester saving. There is no evidence that Riester pensions have crowded out other saving. While households who plan to purchase housing and who attach high importance to a bequest motive are less likely to have a Riester pension, several regression results show that occupational pensions and other forms of private pensions act as complements rather than as substitutes. Aggregate national saving has increased since the introduction of Riester pensions.

Zonder onderwerpscode: economie