Download Modeling Pension Systems by A. Simonovits PDF

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  • March 28, 2017
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By A. Simonovits

The difficulty of unfunded public pension platforms has moved to the guts of public debate around the globe. regrettably, a wide a part of the discussions have remained on a qualitative point. This booklet seeks to handle this via offering unique wisdom on modeling pension platforms.

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Chapter 4- Unfunded systems 45 It has quite often happened that a worker who retired after the normal retirement age was disadvantaged by a reduction in his monthly pension benefit (which was not properly indexed) in comparison with another person who retired at the normal age (whose benefit was properly indexed). 2. Reti (1997, pp. 39-41) reports that partial valorization of earnings diminished entry pensions by about 8-10% for a long time. 5). 0165. The indexation of continuing benefits has already changed.

5%. James et al. (2001) are much more optimistic. As they see it, with the maturation of these systems costs and fees can be dramatically diminished. , 2001, p. 13%, respectively. Funded pension systems are often called defined contribution (DC) systems, because the pension is determined by the contributions. We have already seen that there is some deviation from this principle, stemming from life insurance, etc. We shall see that other factors, 30 Part I. Micro level regulation for example, also weaken this principle (for details, see Diamond, 2002b, Chapter 1).

9 Source: Mitchell et al. (1999b, p. 1308), Table 3, shortened. Note the strong dependence of the money's worth of annuities on gender and age for the general population and the lack of it for the annuitant population. These numbers confirm the well-known fact that the money's worth is much higher for the annuitants than for the general public. 3. For male annuitants, this number is around $93. It is also noteworthy that between 1980 and 1995 the payout value per premium rose by roughly 13 percentage points.

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