Swedish pillar integration: A mix or mess of different principles?
|
|
- Baldwin Griffin
- 8 years ago
- Views:
Transcription
1 Swedish pillar integration: A mix or mess of different principles? Rotman ICPM Discussion Form June 2, 2014 Paris Presentation by Ole Settergren 1
2 Swedish pensions provision Pillar 0 basic income protection by Guaranteed pension, Housing allowance (and tax deductions and various forms of assistance in kind or reduced prices) Pillar 1 an earnings related public pension DC style: one scheme pay-as-you-go (with buffer fund), one fully funded Pillar 2 quasi mandatory occupational pension plans (4 large private blue collar, private white collar, government, municipalities & regions Premium in % of wage Tax financed 17,21 % to ceiling Ap. 4,5 % to ceiling Ap. 30 % from ceiling Pillar 3 private pensions (tax favored until 2014, abolished from 2015.) 2
3 Pillar flows and stocks in % of total Swedish wage sum* Premiums Funded assets Pensions paid Public (0-pillar) Public earnings-related (1 pillar) Occupational (2 pillar) Private (3 pillar) Total *In 2012 wage sum was 1467 billions SEK 3
4 Relative importance of pillars in Swedish pension provision, % of total Premiums Funded assets Pensions paid Public (0-pillar) Public earnings-related (1 pillar) Occupational (2 pillar) Private (3 pillar) Total
5 Individual average income by age and type of income, % of average work income* Net income 102 Capital gains (net) Private pension Work income Public pension Social Net income insurance/assis. Other income Occupational pension 0 Tax 34 * Average income SEK / month (Average production worker (APW) ap SEK / month) Average income 3666 USD / month (Average production worker (APW) ap SEK / month) Average income 2690 EUR / month (Average production worker (APW) ap EUR / month) 5
6 Some arguments for life long forced savings for retirement income People in general are irrational, or myopic, or have an inexplicable high discount rate for future income relative to income now It reduce free riding by those who would not save if they are free to decide (given that there exists social ambitions for minimum standard ) Large compulsory plans reduces administrative costs Political economy democracies tend to introduce earningsrelated pay-as-you-go financed pension plans To free work places from unproductive older workers in a socially acceptable way 6
7 7 Total pension for increasing public earningsrelated pension (excluding Housing allowance) Total pension, % of average income Guaranteed pension Net pension % 8 % 16 % 25 % 33 % 41 % 49 % 57 % 66 % 74 % Inkomstgrundad allmän pension Occupational pension Earnings-related public pension Earnings-related public pension, in % of average income inkomstgrundad alllmän pension garantipension tjänstepension nettopension
8 Total pension for increasing public earningsrelated pension (including Housing allowance) Total pension, % of average income Housing allowance Guaranteed pension Earnings-related public pension Earnings-related public pension, in % of average income Occupational pension 0 % 8 % 16 % 25 % 33 % 41 % 49 % 57 % 66 % 74 % SEK / month 8
9 Marginal effects How much of an increase in pillar 1&2 pension is lost by reduced 0 pillar pension and tax 100% 90% Including housing allowance 80% 70% 60% 50% 40% 30% Guaranteed pension and tax only (No housing allowance) 20% 10% 0% % 8 % 16 % 25 % 33 % 41 % 49 % 57 % 66 % 74 % Earningsrelatet public pension, in & of average income Earnings-related public pension, in % of average income Marginaleffekt utan BTP Marginaleffekt med BTP 9
10 OECD standard is to define persons with less than 60 % of median income as poor 372% of median Woman Men Total 270% 186% 93% 60%
11 Different incomes importance in reducing poverty among retirees, share with income less than 60 % of median income, % Singles Couples Total Above age Income from work Public earnings related pension (1 pillar) Occupational pension (2 pillar) Privat pensions (3 pillar) Other private income (capital gains etc) Guaranteed pension (0 pillar) Housing allowance etc (0 pillar) Adjusted for household income
12 Pensions as basic income protection and/or income standard protection? Pillar 0 is basic income protection Pillar 1 when designed as an earnings-related public pension is formally standard protection but in practice it essentially replaces pillar 0 Pillar 2 occupational pensions provides together with pillar 1 standard protection for large groups 1 out of 3 will not reach standard protection level by means of pillar 1, 2 & 3. 12
13 Conclusions 1 Pensions from pillars 1, 2 & 3 reduces relative poverty from almost 100 % of retirees (+65) to 39 % of retirees Acknowledging households reduce the number of relative poor retirees to ap. 20 percent of retirees. Pillar 0 reduce the number of relative poor to ap. 10 percent, roughly the same share as in the population younger than 65. (The remaining 10 % poor are in general close to the threshold level of not being poor) Partly due to forced savings poverty reduction is relative cheap 3 % of wage sum 13
14 Conclusions 2 Very high marginal effects, % for low to normal income earners. The high marginal effects are not a large economic problem disincentives to work are in the future pension income and for most workers that is highly discounted. The high marginal effects are possibly more a political, moral problem than a work disincentive and economic problem. 14
15 Why this complexity? 1. A result of different semi-independent actors with different objectives 2. A result of the political desirability to fix sell both the (contradictory) messages: - all your income will contribute to your future pension - there is a basic income protection for all Indeed voters want both these contradictory properties of a the pension systems 15
PENSIONS AT A GLANCE 2009: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES UNITED STATES
PENSIONS AT A GLANCE 29: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions UNITED STATES United States: pension system
More informationSweden. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Sweden: Pension system in 2012
Sweden Sweden: Pension system in 212 The earnings-related part is based on notional accounts and there is a small mandatory contribution to individual, defined-contribution funded pensions. There is also
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES SWEDEN
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions SWEDEN Sweden: pension system in 2008 The
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 2008
More informationHans Hansen, with Jon Kvist and Axel West Pedersen. Minimum Pensions in 7 European Countries. 1. Introduction. What is a minimum pension.
Hans Hansen, with Jon Kvist and Axel West Pedersen Minimum Pensions in 7 European Countries 1. Introduction. What is a minimum pension. Social assistance is usually the last resort benefit to be received
More informationHungary. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Hungary: Pension system in 2012
Hungary Hungary: Pension system in 212 The Hungarian pension system is a mandatory, uniform, defined-benefit pay-as-you-go system with an earningsrelated public pension combined with a minimum pension.
More informationAustria. Qualifying conditions. Benefit calculation. Earnings-related. Targeted
11. PENSIONS AT A GLANCE 215: COUNTRY PROFILES AUSTRIA Austria Austria: Pension system in 214 The pension system consists of a definedbenefit public scheme with an incometested top-up for low-income pensioners.
More informationAustralia. Qualifying conditions. Benefit calculation. Defined contribution. Key indicators: Australia. Australia: Pension system in 2014
11. PENSIONS AT A GLANCE 215: COUNTRY PROFILES AUSTRALIA Australia Australia: Pension system in 214 Australia s retirement income system has three components: a means-tested Age Pension funded through
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES GERMANY
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions GERMANY Germany: pension system in 2008 The
More informationDominican Republic. Qualifying conditions. Benefit calculation. Defined benefit. Targeted. Key indicators. Dominican Republic: Pension system 2010
Dominican Republic Dominican Republic: Pension system 21 The pension system is a contributory scheme, based on individual capitalisation accounts. All workers, both public and private, and their employers
More informationSocial Security, Occupational Pensions, and Retirement in Sweden
Social Security, Occupational Pensions, and Retirement in Sweden Mårten Palme Stockholm School of Economics Box 6501 S-113 83 Stockholm Sweden e-mail: stmp@hhs.se Ingemar Svensson National Social Insurance
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES BELGIUM
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions BELGIUM Belgium: pension system in 2008 The
More informationDemographics issues and Pension systems. Najat El Mekkaoui de Freitas najat.el-mekkaoui@dauphine.fr. Université Paris Dauphine.
Demographics issues and Pension systems Najat El Mekkaoui de Freitas najat.el-mekkaoui@dauphine.fr Université Paris Dauphine May, 2009 The demographic and economic challenges Over the next decades many
More informationThe Dutch Pension System. an overview of the key aspects
The Dutch Pension System an overview of the key aspects The Dutch Pension System an overview of the key aspects Dutch Association of Industry-wide Pension Funds (VB) Contents 1 Introduction 6 2 The Three
More informationTAX & SUPERANNUATION:
SECURING RETIREMENT INCOMES TAX & SUPERANNUATION: BENCHMARKING AUSTRALIA AGAINST THE WORLD S BEST RETIREMENT SAVINGS SYSTEMS FEBRUARY 2013 CONTENTS 1 Executive Summary 2 Introduction 3 The variety of retirement
More informationHow To Tax On Pension Income For Older People In European Countries
Austria Belgium Czech Republic Tax credit of EUR 400 for low pension income up to EUR 17,000; the tax credit is fully phased out once pension income equals EUR 25,000. pension income of maximum EUR 1,901.19.
More informationPPI. Current and Future Trends in Retirement Income Provision. Niki Cleal, Director Pensions Policy Institute. 24 February 2011
Current and Future Trends in Retirement Income Provision Niki Cleal, Director Pensions Policy Institute 24 February 2011 www.pensionspolicyinstitute.org.uk Coalition Government policies - pensions and
More informationMercer HR Consulting report on Pension Provision in Other Countries
APPENDIX 4 Mercer HR Consulting report on Pension Provision in Other Countries May 2005 National Pensions Review APPENDIX 4 Mercer HR Consulting report on Pension Provision in Other Countries Contents
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES PORTUGAL
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions PORTUGAL Portugal: pension system in 2008
More informationPortugal. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Portugal: Pension system in 2012
Portugal Portugal: Pension system in 212 Portugal has an earnings-related public pension scheme with a means-tested safety net. Key indicators Portugal OECD Average worker earnings (AW) EUR 15 7 32 4 USD
More informationIOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO. Update as of 15 February 2013
IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO Report 1 issued on September 2011, validated by the Central Bank of Trinidad and Tobago Update as of 15 February 2013 1 This
More informationOccupational Pensions in Sweden
STUDY Occupational Pensions in Sweden KAREN M. ANDERSON December 2015 Sweden is known for its comprehensive welfare state, and the pension system is no exception. A single, unified statutory pension scheme
More informationAnnuities in Sweden: Risksharing. Provider. Edward Palmer Uppsala University & Swedish Social Insurance Agency
Annuities in Sweden: Risksharing with a Monopoly Provider Edward Palmer Uppsala University & Swedish Social Insurance Agency Overview of the Presentation Pension Landscape in Sweden The Public FDC Scheme
More informationPENSION INSURANCE IN REPUBLIC OF CROATIA 2008, progress and improvements
PENSION INSURANCE IN REPUBLIC OF CROATIA 2008, progress and improvements Snježana Baloković Ministry of Economy, Labour and Entrepreneurship JIM Conference, Zagreb, 31 March 2009 1 PENSION REFORM Started
More informationPensions Reform and Capital Markets A UK Perspective
Pensions Reform and Capital Markets A UK Perspective Adair Turner Capital Matters Conference 26 th April, 2006 Rate of return in PAYG system Retirement Income Working Life Contributions Function of % of
More informationPENSIONS POLICY INSTITUTE. Case studies for the Runnymede Trust
Case studies for the Runnymede Trust Case studies for the Runnymede Trust Introduction 1 Case studies 4 Appendix 16 Acknowledgements and contact details 17 A PPI Technical Paper Published by the Pensions
More informationPROVIDING MEMBER SECURITY IN SWEDEN Alf Guldberg alf.guldberg@fpk.se 2001-06-18 1
PROVIDING MEMBER SECURITY IN SWEDEN Alf Guldberg alf.guldberg@fpk.se 2001-06-18 1 Overview of the Swedish pension system! State Pension scheme compulsory basic scheme +compulsory funded individual savings
More informationGlobal Health Care Update
Global Health Care Update September/October 2012 This bimonthly Update summarizes recent legislative developments and trends related to health care and highlights recently passed and pending legislation
More informationChina's Social Security Pension System and its Reform
China's Pension Reform China's Social Security Pension System and its Reform Kaiji Chen University of Oslo March 27, 2007 1 China's Pension Reform Why should we care about China's social security system
More informationPillar Integration and Retirement Income Protection
Pillar Integration and Retirement Income Protection - multi-pillarism in four pension systems ICPM forum, Paris, June 2014. Ole Beier Sørensen, Chief Pension Researcher, ATP. A misconceived common narrative
More informationSUPERANNUATION INSWEDEN
SUPERANNUATION INSWEDEN.. 0 by ORJAN HULTAKER Uppsala University, Sweden This Occasional Paper was prepared by Professor Hultaker while he was a Visiting Fellow with the Australian Institute of Family
More informationOverview of the Presentation
This is the html version of the file http://www.oecd.org/site/iops/research/40478237.pdf. Google automatically generates html versions of documents as we crawl the web. Page 1 Sweden: Competition in the
More informationAn analysis of future benefits from public and private pension schemes
Jon M. Hippe and Hans Gunnar Vøien An analysis of future benefits from public and private pension schemes The Norwegian country study to the OECD pension adequacy project Jon M. Hippe and Hans Gunnar
More informationDenmark. Qualifying conditions. Benefit calculation. Basic. Targeted. Key indicators. Denmark: Pension system in 2012
Denmark Denmark: Pension system in 212 There is a public basic scheme. A means-tested supplementary pension benefit is paid to the financially most disadvantaged pensioners. There is also a scheme based
More informationThe Swedish Pension Reform Model: Framework and Issues
The Swedish Pension Reform Model: Framework and Issues Edward Palmer Abstract This paper describes the recent Swedish reform and available options on major issues within this reform framework. In June
More informationContributions must have been made for at least 12 months.
GERMANY 1. Overview of the system Unemployment insurance and unemployment assistance benefits are related to previous income levels and are augmented when there are dependent children. Social assistance
More informationHOME EQUITY RELEASE THE FOURTH PILLAR OF RETIREMENT FUNDING. Christine Brownfield
HOME EQUITY RELEASE THE FOURTH PILLAR OF RETIREMENT FUNDING Christine Brownfield 20 th November 2014 Our Retirement Income System The Age Pension Compulsory Superannuation Voluntary Superannuation + Other
More informationAustralia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions
Australia Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Old Age, Disability, and Survivors First laws: 1908 (old-age and disability) and 1942 (widows). Current laws: 1991 (social security),
More informationComparison of Healthcare Systems in Selected Economies Part I
APPENDIX D COMPARISON WITH OVERSEAS ECONOMIES HEALTHCARE FINANCING ARRANGEMENTS Table D.1 Comparison of Healthcare Systems in Selected Economies Part I Predominant funding source Hong Kong Australia Canada
More informationVoluntary Pension Savings: Helping the Middle Class Achieve Retirement Income Adequacy
Voluntary Pension Savings: Helping the Middle Class Achieve Retirement Income Adequacy XIII FIAP International Seminar Renee Schaaf Vice-President, Strategy and Business Development Principal International
More informationUncertainty and Insurance
Uncertainty and Insurance A risk averse consumer is willing to pay for insurance. If consumption levels are 100, 200 and 400, with probabilities 1/6, 1/2, 1/3, respectively, then expected value of cons.
More informationProvident fund post-retirement alignment
No. 4 of 2014 17 January 2014 Provident fund post-retirement alignment Summary The Taxation Laws Amendment Act No. 31 of 2013 that was published in Government Gazette No. 37158 on 12 December 2013 changes
More informationUtvärderingsavdelningen. 08-786 92 24 kent-rune.sjoholm@forsakringskassan.se. E-mail: forlag@forsakringskassan.se Internet: www.forsakringskassan.
The Scope and Financing of Social Insurance in Sweden 2005 2008 Published by Information Order Försäkringsdivisionen Utvärderingsavdelningen Kent-Rune Sjöholm 08-786 92 24 kent-rune.sjoholm@forsakringskassan.se
More informationHow to Save for Retirement in Ontario, Canada?
1 Canadian Labour Congress Background for Individual Responses Questions from the Ministry of Finance Ontario Consulting with Ontarians on Canada s Retirement Income System How much income do you think
More informationInsurance Markets in China 1
Insurance Markets in China 1 Hanming Fang University of Pennsylvania Even though Chinese merchants have practiced risk transferring and distributing as early as 3000 BC, 2 modern insurance markets in China
More informationDEMOGRAPHICS AND MACROECONOMICS
1 FRANCE DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 1 950 GDP per capita (USD) 44 550 Population (000s) 62 277 Labour force (000s) 28 415 Employment rate 92.6 Population over 65 (%) 16.7 Dependency
More informationAustralia: Retirement Income and Annuities Markets. Contractual Savings Conference April 2008 Greg Brunner
Australia: Retirement Income and Annuities Markets Contractual Savings Conference April 2008 Greg Brunner Pension system Age pension in place since 1908, funded on a payas-you go basis Means testing. The
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES ICELAND
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions ICELAND Iceland: pension system in 2008 The
More informationPlanning for Retirement: Are Canadians Saving Enough?
June 2007 Planning for Retirement: Are Canadians Saving Enough? Document 207055 This study was carried out by the Department of Statistics and Actuarial Science at the University of Waterloo, under the
More informationFinnish Centre for Pensions, Reports 2010:3 EXECUTIVE SUMMARY. Juha Rantala and Ilpo Suoniemi
RREPORTS Finnish Centre for Pensions, Reports 2010:3 EXECUTIVE SUMMARY Juha Rantala and Ilpo Suoniemi From employment to retirement development of earnings and replacement ratios In this study, we assessed
More informationRetirement Protection System in Selected Places
RP01/11-12 21 March 2012 (Updated on 7 May 2012) Prepared by Michael YU Jackie WU Raymond CHOW Research Division Legislative Council Secretariat Room 305, Legislative Council Complex, 1 Legislative Council
More informationSWEDEN. Current pension system: first assessment of reform outcomes and output
Country Report SWEDEN Current pension system: first assessment of reform outcomes and output By Igor Guardiancich European Social Observatory www.ose.be Research Project ASSURER UNE PENSION ADÉQUATE DANS
More informationThe Japanese economy?
The Japanese economy? Franz Waldenberger Japan Center and Munich School of Management --University Munich LMU waldenberger@bwl.lmu.de 1 Outline 2 1. GDP economic recovery 2. GDP per head two lost decades
More informationOUT OF BALANCE: A COMPARISON OF PUBLIC AND PRIVATE EMPLOYEE BENEFITS IN NEW YORK CITY. Citizens Budget Commission and Partnership for New York City
OUT OF BALANCE: A COMPARISON OF PUBLIC AND PRIVATE EMPLOYEE BENEFITS IN NEW YORK CITY Citizens Budget Commission and Partnership for New York City December 2009 Citizens Budget Commission and Partnership
More informationOld Age Income Protection in Australia
Old Age Income Protection in Australia Hazel Bateman CPS Discussion Paper 06/2007 Old Age Income Protection in Australia* Dr Hazel Bateman School of Economics Centre for Pensions and Superannuation University
More informationAnnuities in Denmark: Risk-Sharing in Accumulation and Payout Phases
Annuities in Denmark: Risk-Sharing in Accumulation and Payout Phases Peter Skjødt Executive Director, Msc Econ. Agenda The Danish pension system background information Risk Sharing active workers and pensioners,
More informationFinnish Pensions a Hybrid System. Jukka Rantala Rotman ICPM Discussion Forum, Helsinki 5.10.2015
Finnish Pensions a Hybrid System Jukka Rantala Rotman ICPM Discussion Forum, Helsinki 5.10.2015 Contents Pillar I in Finland The history of the Hybrid Features of the Hybrid Administration Summary The
More informationPension Taxation Issues. 2. This paper deals with a number of topical issues in the general area of pension taxation.
TSG 10/23 Pension Taxation Issues Introduction 1. Over half of people in employment are covered by supplementary or private pension arrangements, including close to 850,000 private and public sector employees
More informationCanada Pension Plan Overview Citizens for Public Justice April 2012
Canada Pension Plan Overview Citizens for Public Justice April 2012 Chris Roberts Canadian Labour Congress Three Pillars of Canada s Retirement Income System Basic pension Old Age Security and Guaranteed
More informationHow To Understand The Economic And Social Costs Of Living In Australia
Australia s retirement provision: the decumulation challenge John Piggott Director CEPAR Outline of talk Introduction to Australian retirement policy Issues in Longevity Current retirement products in
More informationICI RESEARCH PERSPECTIVE
ICI RESEARCH PERSPECTIVE 0 H STREET, NW, SUITE 00 WASHINGTON, DC 000 0-6-800 WWW.ICI.ORG OCTOBER 0 VOL. 0, NO. 7 WHAT S INSIDE Introduction Decline in the Share of Workers Covered by Private-Sector DB
More informationPFRS ENROLLMENT BY MEMBERSHIP TIER PENSIONABLE SALARY LIMITS
PFRS ENROLLMENT BY MEMBERSHIP TIER PENSIONABLE SALARY LIMITS The PFRS contribution rate for Tier 1 members enrolled on or before May 21, 2010, is applied to the full pensionable salary up to the federal
More informationChapter 13 -- Benefits. Economics 136 Skip the appendix and pages 369-370 on paid time off
Chapter 13 -- Benefits Economics 136 Skip the appendix and pages 369-370 on paid time off Main Questions n 1) Why not offer just wages instead of wages and benefits? n 2) What is a cafeteria plan, and
More informationHow To Get A Pension In The Netherlands
Private Employee Benefits NETHERLANDS 2014 Your Local Link to IGP in The Netherlands: ASR Levensverzekering N.V. The history of ASR Nederland (hereafter called a.s.r.) dates back to 1720 when one of her
More informationEmployee: 9.75 % of gross monthly salary Employer: 12.25% of gross monthly salary depending on type of industry No salary ceiling.
Prepared by Mapfre Panama. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Disability All private and public employees. 62M/57F Employee: 9.75 % of gross monthly salary Employer:
More information4. PENSIONS AT A GLANCE/LATIN AMERICA AND THE CARRIBEAN COUNTRY PROFILES ARGENTINA. Argentina
Argentina Argentina: Pension system in 21 The pension system has two components: a basic component and an additional social insurance component. For those aged 7 and above there is also an age-related
More informationDEMOGRAPHICS AND MACROECONOMICS
1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency
More informationRetirement incomes. Aisur. Submission to the Tax White Paper Task Force. July 2015
Retirement incomes Submission to the Tax White Paper Task Force July 2015 Executive summary 2015 1 Background The Australian retirement income system comprises three pillars: a publicly funded means tested
More informationWhy Sweden s pension reform was able to be successfully implemented
Why Sweden s pension reform was able to be successfully implemented Jan Selén Trade Union Institute for Economic Research, Stockholm Ann-Charlotte Ståhlberg Swedish Institute for Social Research, Stockholm
More informationTHE USE OF REPLACEMENT RATES IN INTERNATIONAL COMPARISONS OF BENEFIT SYSTEMS
THE USE OF REPLACEMENT RATES IN INTERNATIONAL COMPARISONS OF BENEFIT SYSTEMS by Peter Whiteford SPRC Discussion Paper No. 54 February 1995 ISSN 1037 2741 ISBN 7334 0990 3 This paper was written while Peter
More informationThe system is funded by contributions from employers, employees and the self-employed.
Prepared by Danica Pension. I SUMMARY Social Security Eligibility Normal Retirement Age Contributions Essentially all residents. 65M/F The system is funded by contributions from employers, employees and
More informationSocial Costs of Accidents in Sweden
Social Costs of Accidents in Sweden Social Costs of Accidents in Sweden Social costs of accidents in Sweden Swedish Civil Contingencies Agency (MSB) MSB:s contact: Linda Ryen, +46 (0)10-240 56 64 Layout:
More informationAn explanation of social assistance, pension schemes, insurance schemes and similar concepts
From: OECD Framework for Statistics on the Distribution of Household Income, Consumption and Wealth Access the complete publication at: http://dx.doi.org/10.1787/9789264194830-en An explanation of social
More informationSubmission to the Taxation Review Panel. Adequate, fair, sustainable, and simple: Retirement incomes reform. ACOSS, February 2009
ACOSS Submission February 2009 Submission to the Taxation Review Panel Adequate, fair, sustainable, and simple: ACOSS, February 2009 Table of Contents Summary... 1 Directions for reform... 2 1. Adequate...
More informationInvestment Company Institute Research In Brief
Fundamentals Investment Company Institute Research In Brief Vol. 9 / No. July 000 0 H Street, NW Suite 00 Washington, DC 0005 0/6-5800 www.ici.org Mutual Fund Shareholders Use of the Internet M utual fund
More informationPopulation Ageing and the Role of the State. Affording Our Future Conference 10-11 December, 2012
Population Ageing and the Role of the State Affording Our Future Conference 10-11 December, 2012 Entitlement Reform Old and Broke: 1 Old International comparisons of demographic changes present challenges.
More informationIssue Brief. Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands
Issue Brief Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands By John A. Turner, PhD and Nari Rhee, PhD August 2013 about the authors John A. Turner, PhD, is Director
More informationPAYGO systems and their problems
A Global Perspective on Old Age Security Systems by Estelle James forthcoming in Encyclopedia of Global Studies, ed. H. Anheier, V. Faessel, M. Juergensmeyer. New York : Sage Publications, 2012 In pre-industrialized
More informationProvince of Nova Scotia Department of Finance MECHANISMS FOR ENHANCING THE RETIREMENT INCOME SYSTEM IN CANADA
Province of Nova Scotia Department of Finance MECHANISMS FOR ENHANCING THE RETIREMENT INCOME SYSTEM IN CANADA The Government of Nova Scotia is working with other provinces and territories, and the Government
More informationWORKING PAPER 5: HOW TO PROVIDE RETIREMENT BENEFITS *
WORKING PAPER 5: HOW TO PROVIDE RETIREMENT BENEFITS * 1. Key challenge & overview People in precarious employment are less likely to have access to benefits, including retirement benefits. Retirement income
More informationR. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs,
R. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs, SOCIAL SECURITY SYSTEM IN THE USA: GOOD OR BAD EXPERIENCE FOR UKRAINE? Analyzing the process of implementation of the pension
More informationThe Social Protection Committee
The Social Protection Committee PRIVATELY MANAGED FUNDED PENSION PROVISION AND THEIR CONTRIBUTION TO ADEQUATE AND SUSTAINABLE PENSIONS ADOPTED 2008 1 Introduction... 2 2 Definitions and scope...5 2.1 Classification
More informationRetirement savings adequacy. Measurement in Iceland
Retirement savings adequacy Measurement in Iceland DECEMBER 2014 Retirement Savings Adequacy in Iceland Reykjavik, 2014 Project team: Bjarni Guðmundsson Actuary at TBG ehf. Björn Bennewitz Mathematician
More informationThe Need for a Focus on Retirement Literacy
The Need for a Focus on Retirement Literacy ASEC October 21, 2015 Washington, DC Mathew Greenwald Greenwald & Associates, Inc. Overview Financial security in retirement will be challenged by many factors
More informationPensions tax relief under threat again
Winter Newsletter View in browser Home About Contact us We hope that you had a fantastic Christmas and New Year and are recovering nicely from all the food and festivities! Bringing you back to reality,
More informationCountry report Finland
Country report Finland EFBWW - EARLY RETIREMENT IN THE CONSTRUCTION INDUSTRY 1. Demographic development in the construction industry In Finland live 5.35 million people including about 6% Swedes, so that
More informationAnita Nyberg. Center for Gender Studies Stockholm University Stockholm, Sweden
Anita Nyberg Center for Gender Studies Stockholm University Stockholm, Sweden EU Objectives: All policies gender mainstreamed Women s employment rate 60% Childcare services for 90% of children 3 years
More informationSummary of Social Security and Private Employee Benefits FINLAND
Private Employee Benefits FINLAND 2014 Your Local Link to IGP in Finland: Mandatum Life Insurance Company Limited Mandatum Life Insurance Company Limited, formerly known as Sampo Life, is one of the most
More informationIntroduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years...
Table of Contents Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years... 2 3 4 Statutory/Mandatory Programs... 5... 5 Retirement Benefits... 6 Death Benefits...
More informationEarnings related schemes: Design, options and experience. Edward Whitehouse
Earnings related schemes: Design, options and experience Edward Whitehouse World Bank core course Washington DC, March 2014 Objectives Primary objective: ensuring older people have a decent standard of
More informationOECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2016
OECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2016 The OECD argues in favour of complementary private pension savings to boost overall saving for retirement. Financial
More informationFISCAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2015
FISCAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2015 The OECD argues in favour of complementary private pension savings to boost overall saving for retirement. Financial incentives may be
More informationPension Reform in China: Its Progress and Challenges
Pension Reform in China: Its Progress and Challenges Athar Hussain Asia Research Centre London School of Economics To be presented at the Conference on Financial Sector Reform in China September 11-13,
More informationthe effect that the ending of the current scheme has on the uprating of additional State Pension and the Contracted-out Deduction.
The new State Pension Transition and Contracting-Out Introduction This factsheet explains the effect on the new State Pension of someone previously having been contracted-out of state earnings-related
More informationOntario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage
Ontario Trends in Occupational Defined Benefit and Defined Contribution Pension Coverage richard@shillington.ca www.shillington.ca Informetrica Limited Ontario Trends in Occupational Defined Benefit and
More informationTaxes in Sweden. An English Summary of Tax Statistical Yearbook of Sweden
2014 Taxes in Sweden An English Summary of Tax Statistical Yearbook of Sweden Taxes in Sweden 2014 An English Summary of Tax Statistical Yearbook of Sweden Preface The Swedish Tax Agency has just published
More informationSOME FEATURES OF THE SLOVENIAN SOCIAL SECURITY SYSTEM
SOME FEATURES OF THE SLOVENIAN SOCIAL SECURITY SYSTEM Thomas Jawin Introduction This article discusses the past, present, and future of Slovenia s social security system. Public pension expenditure as
More informationOverview of Pension Plans in Latin America. with a focus on Brazil and Mexico
Overview of Pension Plans in Latin America with a focus on Brazil and Mexico Pension Practice in Latin America Three groups of countries are clearly identified Group I Mainly depending on State Social
More informationFrom Asylum Seeker to Refugee to Family Reunification. Welfare Payments in These Situations in Various Western Countries
Study No. 13 From Asylum Seeker to Refugee to Family Reunification Welfare Payments in These Situations in Various Western Countries Hans Hansen The Rockwool Foundation Research Unit Copenhagen 2006 From
More informationUniversal Age Pensions
Universal Age Pensions Larry Willmore Strategies for the Extension of Social Protection International Training Centre of the ILO Turin, Italy, 29 November 2007 Traditional three pillars 1. Public pensions
More information