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N° 212 |
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| May 2002 |
| Pension Schemes: Limiting
PAYG to Increase Savings?
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| Florence Legros |
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| The introduction of a funded pension scheme
to complement an existing payg scheme is often presented as a way of increasing
savings. Indeed, agents expecting to benefit from a payg pension when they cease
to work cut their retirement savings flows. But a comparison between countries
with different retirement schemes contradicts this pattern. Nor does taking into
account population structures explain per se the spread in savings between countries.
This spread can only be justified by differences in expected returns or causes
of uncertainty and a preference for the present. In continental Europe, the impact
of pension scheme reforms on savings is thus uncertain. |
Abstract |
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