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Costs and Benefits of Collective Pension Systems By Onno W. Steenbeek

Costs and Benefits of Collective Pension Systems

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Merton, this book offers the world a first-hand opportunity to learn why the Dutch pension system is so often praised and how it operates. The book also discusses aspects of the system that are less favorable, such as implicit value transfers from younger to older generations that limit mobility of labor.

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Costs and Benefits of Collective Pension Systems Summary


Costs and Benefits of Collective Pension Systems by Onno W. Steenbeek

Recommended by Nobel Laureate Robert C. Merton, this book offers the world a first-hand opportunity to learn why the Dutch pension system is so often praised and how it operates. The book also discusses aspects of the system that are less favorable, such as implicit value transfers from younger to older generations that limit mobility of labor. Throughout the discussions, the authors provide quantitative evidence to support their assertions.

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Costs and Benefits of Collective Pension Systems Reviews


"Steenbeek and Van der Lecq have assembled a rich combination of academic and practitioner chapters on the functions and dysfunctions of a collective pension system. These analyses carefully identify both the risk-sharing and value-transfer elements of the system and offer a powerful methodology for evaluating each and providing a systematic and objective means to evaluate such systems. Whether novice student or seasoned professional of collective pension issues, this work is a "must have" on the subject. Robert C. Merton John and Natty McArthur University Professor, Harvard Business School Chief Science Officer, Trinsum Group "The Dutch are the globe's thought-leaders in the design and implementation of retirement income systems. This book offers the rest of the world a first-hand opportunity to learn why this is the case." Keith Ambachtsheer, University of Toronto Director, Rotman International Centre for Pension Management "The Dutch experience, which this book so helpfully lays out, gives the rest of the world a model that is quite distinct from either the disappearing single-employer defined benefit approach and the rising individualistic defined contribution approach. That experience and this book challenge anyone interested in policies for lifetime financial security to consider systemic progress rather than ad hoc patches." Brett Hammond Senior Managing Director & Chief Investment Strategist TIAA-CREF Asset Management "The Dutch think long and hard before adopting changes to their well-designed pension system. By contrast, the emergence of the individualistic 401(k) as the primary retirement income vehicle in the United States was clearly haphazard. Policymakers interested in improving our 'accidental' pension system have much to learn from this volume, which shows the benefits of a more considered and collective approach." Alicia Munnell, Peter F. Drucker Professor of Management Sciences, Boston College Director, Center for Retirement Research, Carroll School of Management "The reorganisation of pension systems is one of the great challenges we are facing today. This impressive collection of studies offers the specialist reader a comprehensive overview of the current debate." Bert Rurup, Darmstadt University of Technology Chairman, German Council of Economic Experts"

Table of Contents


The concept of solidarity.- Solidarities in collective pension schemes.- Solidarity: who cares?.- Quantifying solidarity.- Operating costs of pension schemes.- Optimal risk-sharing in private and collective pension contracts.- Intergenerational value transfers within an industry-wide pension fund -a value-based ALM analysis.- Intergenerational solidarity in the uniform contribution and accrual system.- Everyone gains, but some more than others.- Mandatory participation.- Why mandatory retirement saving?.- Mandatory participation for companies.- Conclusion.- Macroeconomic aspects of intergenerational solidarity.- Summary and conclusions.

Additional information

GOR010030123
Costs and Benefits of Collective Pension Systems by Onno W. Steenbeek
Onno W. Steenbeek
Used - Good
Hardback
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
2007-09-11
247
3540743731
9783540743736
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
The book has been read but remains in clean condition. All pages are intact and the cover is intact. Some minor wear to the spine.