Flexible pension take-up in social security

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• 作者：Yvonne Adema ; Jan Bonenkamp ; Lex Meijdam
• 关键词：Redistribution ; Welfare ; Retirement ; Flexible pensions ; Actuarial adjustment
• 刊名：International Tax and Public Finance
• 出版年：2016
• 出版时间：April 2016
• 年：2016
• 卷：23
• 期：2
• 页码：316-342
• 全文大小：619 KB
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Public Finance and Economics
  Business Taxation
  Finance and Banking
  
• 出版者：Springer Netherlands
• ISSN：1573-6970

文摘

This paper studies the redistribution and welfare effects of increasing the flexibility of individual pension take-up. We use an overlapping-generations model with Beveridgean pay-as-you-go pensions and heterogeneous individuals who differ in ability and lifespan. We find that introducing flexible pension take-up can induce a Pareto improvement when the initial pension scheme contains within-cohort redistribution and induces early retirement. Such a Pareto improving reform entails the application of uniform actuarial adjustment of pension entitlements based on average lifespan. Introducing actuarial non-neutrality that stimulates later retirement further improves such a flexibility reform.