Summary: We extend and expand the recent work by turner (2007 and Chomik and Whitehouse(2010 )on pension eligibility ages 1950-2050 by emphasizing more clearly the difference between normal and early eligibility ages and by including the most recent reforms as well as the early retirement options implicit in unemployment compensation and disability schemes U N I KASSEL VER SIT AT
16 Summary: We extend and expand the recent work by Turner (2007) and Chomik and Whitehouse (2010) on pension eligibility ages 1950-2050 by emphasizing more clearly the difference between normal and early eligibility ages, and by including the most recent reforms as well as the early retirement options implicit in unemployment compensation and disability schemes
Summary of issues: a Normal pension eligibility ages o Early eligibility ages and actuarial benefit adjustments o Pre-retirement options(unemployment-disability U N I KASSEL VER SIT AT
Summary of issues: Normal pension eligibility ages Early eligibility ages and actuarial benefit adjustments Pre-retirement options (unemployment – disability) 17
Normal pension eligibility ages My definition The normal pension eligibility age is that age at which pension scheme members independent of contribution record can first draw full benefits without reduction for early retirement Alternative definition(Whitehouse) The age at which a full career worker can first draw full benefits without reduction for early retirement. a full career worker is defined as an individual starting work at age 20 and contributing in every year from that time U N I KASSEL VER SIT AT
Normal pension eligibility ages My definition The normal pension eligibility age is that age at which pension scheme members, independent of contribution record can first draw full benefits without reduction for early retirement. Alternative definition (Whitehouse) The age at which a full career worker can first draw full benefits without reduction for early retirement. A full career worker is defined as an individual starting work at age 20 and contributing in every year from that time. 18
The U.s. benchmark o Normal age(since 1937) 65 years of age o Early eligibility age (since 1956/ 61): 62 years of age a deductions for early retirement since 1956 a No introduction of special rules for older workers in unemployment compensation 口 Disability U N I KASSEL VER SIT AT
19 The U.S. benchmark Normal age (since 1937): 65 years of age Early eligibility age (since 1956/61): 62 years of age Deductions for early retirement since 1956 No introduction of special rules for older workers in unemployment compensation Disability
Normal pension eligibility ages reform 1950-2000 versus 2000 onwards Few alterations in normal eligibility ages 1950-2000 but we see a wave of reform after the turn of the century D U.S. Reagan reform 1983- phased in from 2002 onwards a All major EU15 countries are now following the american lead and example o Germany in 2007 followed by france in 2010 and italy and Spain 2011 o New EU innovation -eligibility age dependent on life expectancy Denmark, italy and greece U N I KASSEL VER SIT AT
20 Normal pension eligibility ages reform 1950-2000 versus 2000 onwards Few alterations in normal eligibility ages 1950-2000 but we see a wave of reform after the turn of the century U.S. Reagan reform 1983 – phased in from 2002 onwards All major EU15 countries are now following the American lead and example Germany in 2007 followed by France in 2010, and Italy and Spain 2011 New EU innovation – eligibility age dependent on life expectancy: Denmark, Italy, and Greece