Pension policy traditions a ' Bismarck'-style public pension plans Earnings-related contributions and benefits emphasising fiscal equivalence between contributions and benefits limited private provision of retirement benefits a Beveridge'-style public pension plans: Provision of basic, flat-rated pension with little or no emphasis on fiscal equivalence between contributions and benefits Significant provision of private retirement benefits U N I KASSEL VER SIT AT
6 Pension policy traditions ‘Bismarck’-style public pension plans: Earnings-related contributions and benefits emphasising fiscal equivalence between contributions and benefits. Limited private provision of retirement benefits ‘Beveridge’-style public pension plans: Provision of basic, flat-rated pension with little or no emphasis on fiscal equivalence between contributions and benefits. Significant provision of private retirement benefits
U.S. -EU15 comparison of pension policy traditions Bismarck'-style public Bismarck'-Lite Beveridge'-style public pension plan pension plan austria Italy Canada australia (Switzerland) belgium Luxembourg United States Denmark United Kingdom Finland (Norway) Ireland France Portugal Japan Germany Spain he Netherlands Greece Sweden New Zealand U N I KASSEL VER SIT AT
7 U.S. – EU15 comparison of pension policy traditions ‚Bismarck’-style public pension plan ‚Bismarck’-Lite ‚Beveridge’-style public pension plan Austria Italy Canada Australia (Switzerland) Belgium Luxembourg United States Denmark United Kingdom Finland (Norway) Ireland France Portugal Japan Germany Spain The Netherlands Greece Sweden New Zealand
Factors shaping retirement patterns a Pull factors: These primarily consist of financial incentives which are pullingolder workers into retirement a Push factors: These consist mainly of factors which restrict the available set of attractive job opportunities open to older workers and thus"push them into retirement U N I KASSEL VER SIT AT
8 Factors shaping retirement patterns Pull factors: These primarily consist of financial incentives which are “pulling” older workers into retirement. Push factors: These consist mainly of factors which restrict the available set of attractive job opportunities open to older workers and thus “push” them into retirement
Comparative literature mid 1990s a blondal and Scarpetta oEcd Project 口 Gruber and wise nber proⅰect U N I KASSEL VER SIT AT
Comparative literature mid 1990s Blöndal and Scarpetta OECD Project Gruber and Wise NBER Project 9
Table: Population and ageing trends-mid 2000s to 2050 United States EU15 Working age(25-54) 20%increase 12 %decline Elderly(65 and over)133%increase 75% increase U N I KASSEL VER SIT AT
Table: Population and ageing trends - mid 2000s to 2050 United States EU 15 Working age (25-54) 20 % increase 12 % decline Elderly (65 and over) 133 % increase 75 % increase 10