T.A.H. (Dick) Boeijen (1977) studied Technical Mathematics and Actuarial Science and works as an actuarial officer at PGGM.



Similar documents
The Dutch Pension System. an overview of the key aspects

RuG / FEB staff seminar

Towards sustainable Dutch occupational pensions

Lans Bovenberg and Raymond Gradus Reforming Dutch Occupational Pension Schemes DP 05/

Strategic Risk Management and Risk Monitoring for Pension Funds

The old age pension system in the Netherlands

4 Operating costs of pension schemes

2013 IN BRIEF PENSIONS ON THE MOVE. Stichting Shell Pensioenfonds

Being Prepared for Retirement Netspar Research Agenda,

New tendencies in the European Pension Fund systems

University Medical Centres

CURRICULUM VITAE WIM DRIEHUIS

An insight into Pensioenfonds Zorg en Welzijn

Nick Draper, Casper van Ewijk, Marcel Lever and Roel Mehlkopf Stochastic Generational Accounting Applied to Reforms of Dutch Occupational Pensions

PALMNET: A Pension ASSET and Liability Model for the Netherlands *

New health insurance system

ADVISORY. KPMG Pensions Accounting Survey in the Netherlands year-end preview and 2013 year-end retrospective. kpmg.nl

Evaluating the Design of Private Pension Plans: Costs and Benefits of Risk-Sharing

Actuarial Risk Management

Quarterly report Third quarter of 2009

CURRICULUM VITAE - YVONNE ADEMA

Tanja Cuppen. Furthermore, Ms. Tanja Cuppen has not been entered into the Register of Insolvent Debtors.

Summary of the Scheme and of the Independent Expert's Report BACKGROUND

Bachelor of Commerce Specialist

MANAGING THE UNIVERSITY COMMUNITY GRADUATE SCHOOLS IN EUROPE: HOW CAN THEY ENHANCE UNIVERSITY RESEARCH? CASE STUDY: NETHERLANDS

An INSIGHT into Pensioenfonds. Zorg en Welzijn

HEALTH INSURANCE REFORM IN THE NETHERLANDS

ORSA and Economic Modeling Choices. Bert Kramer, André van Vliet, Wendy Montulet

Faculty of Economics and Business University of Zagreb POSTGRADUATE (DOCTORAL) PROGRAMMES IN BUSINESS STUDIES AND ECONOMICS

Ortec Finance Financial Risk Management for Pension Funds. Sacha van Hoogdalem Loranne van Lieshout Elske van de Burgt Martijn Vos Ton van Welie

Introducing Wells Fargo Advantage Alternative Strategies Fund

Decumulation phase some information and preliminary analysis for the work of OPSG DC sub-group. Matti Leppälä OPSG

EAA Seminar CERA, Module: Risk Management Tools and Techniques September 2015 Cologne, Germany

European Pensions 2005 The Pursuit of Risk-Free Pensions

/ Investment Process A Guide

The graduates who succeed on the program s conditions get graduate degree within master of science title.

Subject SA2 Life Insurance Specialist Applications. Syllabus. for the 2013 Examinations. Institute and Faculty of Actuaries.

Investment and Wealth Management

EU decision making and negotiation techniques

Pillar Integration and Retirement Income Protection

Short Introduction to the pension system in the Netherlands

Voluntary Health Insurance: International Experience, Evidence and Prospects for the Russia Federation

DEMOGRAPHICS AND MACROECONOMICS

Unfunded employer and social security pension schemes

Corporate Governance in the ATP Group

Round Table Seminar on Information, Security, Protection and Preservation

PENSION DAY. Program. November 11, 2011 in Utrecht. Conference schedule Coffee

Management Brief on European Pensions Miami (FL), 15 October 2012

Vision Europe 2020: Position paper of the Business & Law Research Centre of the Radboud University Nijmegen, The Netherlands

20-21 April Beurs van Berlage, Amsterdam, The Netherlands. Netherlands-OECD Global Symposium on FINANCIAL. RESILIENCE throughout Life

L actuaire et la SécuritS

INSEAD Potential Programme Faculty

Part-time PhD program RESORG Nijmegen School of Management

Actuarial Society of India

Master of Applied Finance. Victoria Business School Orauariki

Bachelor of Financial & Accounting Science

THE ROLE OF NSSF IN THE WELFARE AND DEVELOPMENT OF THE KENYAN SOCIETY

Collaboration. annual report 2011

Subject SA2 Life Insurance Specialist Applications Syllabus

Pricing of Group Health Insurance Contracts in the Netherlands

1980 MA Philosophy, University of Amsterdam 1985 PhD Philosophy, University of Utrecht 1987 MsC, teaching Social Studies, University of Amsterdam

DNB W o r k i n g P a p e r. Pension funds asset allocation and participant age: a test of the life-cycle model. No. 223 / October 2009

Good Corporate Governance pays off! Well-governed companies perform better on the stock market

RESEARCH DEGREES BY EXAMINATION AND DISSERTATION COURSE REGULATIONS

Ph.D. Handbook Ottawa-Carleton Joint Doctoral Program in Economics Departments of Economics Carleton University & University of Ottawa

The research group on Risk in Insurance and Finance is attached to the Institute of Applied Economics IREA-UB.

Family Wealth Conference. September 27-28, 2012

Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years...

MPhil & PhD 2016 Economics Econometrics Finance

The Chair noted that Mr Anker, notary from Nauta Dutilh, was present in order to monitor the correct execution of the voting process.

Further information on EIOPA is available at Expert on Solvency II (Technical)

ATTACHMENT 10 STATEMENT OF REFORM PRIORITIES, CHALLENGER SUBMISSION TO TAX FORUM, OCTOBER 2011

1 Introduction. 1.1 Three pillar approach

Demographics issues and Pension systems. Najat El Mekkaoui de Freitas Université Paris Dauphine.

Institute of Health Policy & Management (ibmg) Erasmus University Rotterdam (EUR)

The ROLE of the ACTUARY in the LIFE, PENSION and SOCIAL SECURITY SECTORS

Helping Individuals Into and Through Retirement with Confidence

FACULTY OF ECONOMICS RESEARCH INTERESTS

Funding Pension Liabilities Is Becoming a Key Area of Corporate Finance Focus

Welcome! Dr. Bas van Groezen Academic Director BSc Economics, Teacher & Researcher

Master s Programme Empirical and Theoretical Economics (ETE)

Redesigning pensions.

Honorary Fellow of the Amsterdam School of Communication Research (ASCoR), University of Amsterdam, The Netherlands

DEPARTMENT OF ECONOMICS AND ECONOMICS HISTORY. Economics Honours 2015

Annuities and Longevity Risk

Deposit Insurance Pricing. Luc Laeven World Bank Global Dialogue 2002

Health Commission Final Report - Major Changes for Private Health Insurers

Turning data into business. Exploiting big data requires fundamental rethinking of how we do business.

MASTER OF APPLIED ECONOMICS

Introduction of P/C Insurance Market in China

IIF EXECUTIVE PROGRAM INSURANCE CAPITAL AND RISK MANAGEMENT. September 16-18, 2015 Zurich IN COOPERATION WITH

How To Write A Blog Post

Faculty of Humanities, Utrecht University Chair Ancient and Medieval Philosophy Structure, goals and context

ACADEMIC EMPLOYMENT September 2002 present: Lecturer in Finance, London School of Economics

Country report Finland

Australia: Retirement Income and Annuities Markets. Contractual Savings Conference April 2008 Greg Brunner

Statistics Netherlands. Macroeconomic Imbalances Factsheet

PENSIONS IN THE NETHERLANDS

UK longevity risk transfer market implications for Asia

The 2016 Monash University Handbook will be available from October This document contains interim 2016 course requirements information.

Transcription:

About the authors K. (Karin) Aarssen (1968) works at the Financial & Risk Policy Department of ABP Pension Fund, focusing on pension policy and risk management. She studied Operations Research at the Erasmus University and Actuarial Science at the University of Amsterdam. After graduating she worked at KPMG Brans&Co (now: Watson Wyatt) and ING Group. J.A. (Jacob) Bikker (1952) is senior scientific researcher at the Supervisory Policy Division of DNB (Dutch Central Bank). He obtained a PhD in Econometrics and performs research in the fields of banks, insurance, pensions, financial market competition, financial institution efficiency, regulatory procyclicality and risk management. T.A.H. (Dick) Boeijen (1977) studied Technical Mathematics and Actuarial Science and works as an actuarial officer at PGGM. C.G.E. (Guus) Boender (1955) studied Business Econometrics at the Erasmus University Rotterdam and obtained a PhD at the same university. He is currently Professor in Asset Liability Management at the Free University Amsterdam and Director at ORTEC. At ORTEC he shares responsibility for ALM, strategic asset allocation, risk management and performance attribution which ORTEC performs at pension funds, insurers and housing corporations. J.P.M. (Jan) Bonenkamp (1979) works as a research officer at the Labour Market and Welfare State Sector of the CPB Netherlands Bureau for Economic Policy Analysis. In this capacity he focuses mainly on pension and ageing issues. Jan studied General Economics at the University of Groningen. A.L. (Lans) Bovenberg (1958) studied Econometrics at the Erasmus University Rotterdam and obtained his PhD at the University of California, Berkeley. Bovenberg is currently Professor in Economics at the University of Tilburg. In 2003 he won the Spinoza Prize, the most important science award in the Netherlands. He used the prize money to set up Netspar, a private-public knowledge network on pensions, ageing and retirement.

238 About the authors Bovenberg started his career at the International Monetary Fund, worked as policy officer at the Ministry of Economic Affairs and as Deputy Director at the CPB Netherlands Bureau for Economic Policy Analysis. He also held the position of Scientific Director of the Center for Economic Research (CentER) at the University of Tilburg. Bovenberg mainly publishes on public finance and taxation, but also carries out research in other fields, including environmental, macro, institutional and financial economics. J. (Jan) de Dreu (1981) wrote this chapter while working at the Supervisory Policy Division of DNB (Dutch Central Bank). His research interests include pension fund investment policy, lending technologies of microcredit institutions and the interaction between deposit insurance and market discipline. Since September 2006 Jan de Dreu has been working at ABN AMRO. P.J.A. (Peter) van Els (1959) is departmental head of Economic Research at the Economics & Research Division of DNB (Dutch Central Bank). He studied General Econometrics and Mathematical Economics at the University of Tilburg and has worked since 1986 in various positions within the research environment of DNB. In 1995 he obtained his PhD at the University of Amsterdam. His research specialisation covers macroeconomic modelling, monetary transmission and household financial behaviour. R.P.M.M. (Roy) Hoevenaars (1978) is senior portfolio manager at the global tactical asset allocation fund of ABP Investments. Previously, he was head ALM modelling and senior researcher ALM at the Financial and Risk Policy Department of ABP Pension Fund. He was researcher at the Research Department of ABP Investments in the field of strategic asset allocation, ALM and quantitative equity models. Roy is also affiliated to the University of Maastricht where he is finalizing a PhD dissertation on strategic asset allocation and ALM. He studied Econometrics and Operations Research at the University of Maastricht. S. (Sacha) van Hoogdalem (1970) studied Business Econometrics at the Erasmus University Rotterdam and is currently Director at ORTEC. She focuses mainly on ground-breaking ALM studies in the pension sector. She also carries ultimate responsibility for ensuring that the ALM models are adequate for obtaining more insight into ALM issues in theory and practice. C. (Corné) Jansen (1978) studied Econometrics and works as actuarial officer at PGGM.

About the authors 239 P.P.T. (Patrick) Jeurissen (1969) is senior health care analyst at the Council for Public Health and Care. His work centres on financial-strategic issues in the healthcare sector. He is particularly interested in financing and distribution issues as well as in the development of the difference between for-profit and non-profit institutions. He is also preparing a thesis on this subject. He studied Public Administration at the Erasmus University Rotterdam, specialising in public finance. C.E. (Niels) Kortleve (1965) studied Econometrics and is currently Actuarial Projects & Special Accounts Manager at PGGM. B.J. (Barthold) Kuipers (1972) works at the Financial & Risk Policy Department of ABP Pension Fund. He focuses on the policy, strategy and risk management of the pension fund. Previously he worked at CPB Netherlands Bureau for Economic Policy Analysis. He graduated in Econometrics at the University of Amsterdam. J.B. (Jan) Kuné (1946) is senior researcher at Stichting Pensioenfonds ABP and part-time Professor in Pension Actuarial Science at the Economics Faculty of the University of Amsterdam. Kuné started his career at the Europa Institute of the University of Amsterdam in 1968. In 1970 he joined DNB (Dutch Central Bank). In 1975 he accepted a post at the Royal Tropical Institute and worked as an epidemiologist in Indonesia and Kenya. In 1978 he returned to the University of Amsterdam where he carried out his PhD research and also lectured in Pension Actuarial Science. Since 1988 he has worked for ABP where (the introduction of) an adequate funding methodology was long his main task. Since 2003 he has again been attached to the University of Amsterdam as part-time Professor in Pension Actuarial Science. S.G. (Fieke) van der Lecq (1966) took degrees in Economics and Business Economics at the University of Groningen where she obtained her PhD on a thesis in monetary economics. After appointments at the Ministry of Finance and the CPB Netherlands Bureau for Economic Policy Analysis, she was editor-in-chief and publisher of ESB, a journal for economists, as well as director of the ESB publishing house. Alongside her other current affiliation, she works 1 day a week as associate faculty at the Economics group of the Erasmus University Rotterdam. Th.E. (Theo) Nijman (1957) is Professor in Econometrics of the Financial Markets as well as Professor in Investment Theory on the F. Van Lanschot Chair. Both Chairs are at the University of Tilburg. Theo is chairman of the

240 About the authors Scientific Board of Netspar (www.netspar.nl). He is also Scientific Director of the Tilburg Center of Finance and Academic Coordinator of Inquire Europe, the European meeting forum for science and institutional asset managers. Theo Nijman obtained his PhD in 1985 at VU University Amsterdam. Since then he has been in the employ of the University of Tilburg, including five years as researcher of the Royal Netherlands Academy of Arts and Sciences. Theo has been involved in more than ten theses as PhD supervisor. During the period 2000-2004 Theo was Scientific Director of CentER, the research institute of the Tilburg Economics Faculty. P.H. (Pieter) Omtzigt (1974) is member of the House Of Representatives Of The Dutch Parliament for the Christian Democratic Party and is attached to the Faculty of Economic Science and Econometrics of the University of Amsterdam. In the House Of Representatives he is spokesman for, among other things, public and private pensions and the new healthcare system. E.H.M. (Eduard) Ponds (1958) has worked for ABP since 1995 at, successively, the Actuarial Department, Asset Research, and currently the Financial and Risk Policy Department. In addition, he is affiliated with Netspar. At ABP he is engaged in projects on pension plan design, ALM and risk management. Before joining ABP, Eduard worked at the University of Tilburg and the Open University. He graduated in Economics. In 1995 he obtained his PhD entitled: Supplementary pensions, intergenerational risk-sharing and welfare. Since September 2007 he is part-time Professor in Economics of Collective Pension Plans at the University of Tilburg. Email: eduard.ponds@abp.nl M.C.J. (Maarten) van Rooij (1970) works as researcher at the Economics & Research Division of DNB (Dutch Central Bank) and is affiliated to Netspar. He graduated in Econometrics at the University of Tilburg, specialising in Monetary Economics, General Econometrics and Operational Research. Currently, he is writing a PhD-thesis on the financial behaviour of households. F.B.M. (Floris) Sanders (1958) is radiologist at the Diakonessenhuis Utrecht Zeist Doorn Hospital. He has held many administrative posts in the healthcare sector. From 1997 tot 2000 he was chairman of the Order of Medical Specialists, and from 2002 to 2005 he was chairman of the Council for Public Health and Care, an important advisory body of the Minister of Health, Welfare and Sport. His particular interests are issues relating to the (financial) viability of collective insurance schemes in the healthcare sector.

About the authors 241 He is currently a member of the Supervisory Boards of the Erasmus MC and of Altrecht, a large mental healthcare institution. He fulfils positions in the Executive Committee of the NIVEL research institute and in the programme committee on demand-based delivery of ZonMw. In addition, he fulfils various advisory positions, including membership of the Advisory Council of Health Insurers in the Netherlands. M.E.J. (Margreet) Schuit (1967) works as policy officer at the Supervisory Strategy Department of DNB (Dutch Central Bank). She studied Economics at the University of Amsterdam, specialising in Monetary Economics, General Economics and Econometrics. After graduating in Economics she focused on various subjects including compensation & benefits policy (in the employ of the FNV trade union) and in recent years mainly on pension policy. O.W. (Onno) Steenbeek (1967) is head of Corporate ALM and Risk Policy at ABP Pension Fund since 2007. Onno studied Financial Economics and Modern Japanese Studies at the Erasmus University in Rotterdam, where he also obtained his PhD in finance. In 2001 he joined ABP Investments as senior strategist, until he switched over to the Financial and Risk Policy Department of ABP Pension Fund in 2005. He is affiliated with the Department of Finance of the Economics Faculty of Erasmus University for one day a week. J.H. (Jan) Tamerus AAG (1953) studied Actuarial Science, is internal actuary at PGGM and Director of the Corporate Actuarial Services & ALM Department. M.E.A.J. (Martijn) van de Ven (1966) works as a research officer at the Labour Market and Welfare State sector of the CPB Netherlands Bureau for Economic Policy Analysis. His work centres on pension and ageing issues. Martijn studied Econometrics at the University of Tilburg, where he obtained his PhD in 1996 with a thesis about political decision-making on intergenerational redistribution. E.W.M.T. (Ed) Westerhout (1965) is programme leader in Ageing and Pensions at the Labour Market and Welfare State sector of the CPB Netherlands Bureau for Economic Policy Analysis. Ed studied Economics at the University of Tilburg and obtained his PhD in 1997 at the University of Amsterdam on a thesis about imperfect substitution on capital markets, capital gains tax and the EMU. In earlier positions at the CPB Netherlands Bureau for Economic Policy Analysis he focused on e.g. healthcare, disability and the labour market. In addition, he lectured for many years in General Economics at the University of Amsterdam.

Subject index A access to healthcare 46 adverse selection 37, 39, 67, 69, 71, 82, 85, 153, 210 annuity 63, 64, 67, 69, 70, 74, 76, 83 85, 153, 163, 168, 181, 191, 210 Asset Liability Management 96, 100, 102, 104, 106 108, 112, 114, 115, 239, 240, 242, 243 average-wage system 26, 31, 121, 215, 220 222, 233, 236 B behavioural finance 146, 160, 168, 182 blank spots 162, 187, 188, 234 C catch-up contributions 22, 84 87, 90, 120, 121, 212, 215, 220, 222, 225 catch-up indexation 21, 97, 142 cold solidarity 4, 147 collective contracts 52, 63, 65 67, 70, 89, 91, 161, 163 165, 182, 183 Collective Defined Contribution (CDC) system 58, 107, 113 116, 211, 223, 224 company pension fund 51, 54 58, 60, 73, 161, 188, 189, 192, 199, 200, 212, 231 contribution rate 25, 27, 30, 95, 96, 104, 108, 111 113, 115, 119, 121, 129, 137, 145, 146, 153, 209, 212, 214, 217 220, 225 actuarially fair 138, 143 146, 150, 151, 155, 214, 216 218 contribution volatility 75, 88 90 cost differences 52 54, 57, 61, 62, 71, 231 costs administration 53 61, 64 71 operation 51 53, 55, 57 61, 71, 152, 231 coverage rate 183 D decreasing accrual system 119, 129 136 Defined Benefit (DB) system 2, 52, 56 59, 66, 84, 90, 107, 111 113, 164 167, 175, 207, 210, 223, 224

244 Subject index Defined Contribution (DC) system 2, 26, 34, 52, 56 59, 77, 90, 113, 128, 164, 166, 167, 169, 174, 176, 207, 221 224 deflators 95, 99 direct schemes 62, 66 disability 7, 31, 91, 138, 141, 143, 144, 146, 147, 192, 194, 200, 244 discontinuity risk 213 discount rate 21, 30, 32, 87, 90, 98 100, 102, 108, 214, 215 stochastic (deflators) 99, 100, 102 distribution mechanism 16 E economies of scale 2, 36, 45, 46, 52, 54, 55, 58, 60, 61, 63, 70, 71, 138, 152, 155, 193, 199, 200, 211, 231, 236 employer matching contributions 169 endowment insurance policies 63, 64, 69, 70, 74 equivalence principle 37 ex-ante solidarity 17, 206 209, 214, 230 explicit pension contract 102 ex-post solidarity 206 208, 214, 230 F fair value 78, 90, 215 final-wage system 32, 66, 107, 112, 139, 140, 152, 230 Financial Assessment Framework (FTK) 22, 68, 196, 221 financial illiteracy 170, 177 financial planning 160, 168, 170 first pillar pension 1, 14, 16, 19, 30, 37, 38, 82, 139, 162, 164, 166, 180, 193, 206 flexible retirement age 90 framing 169 frayed-edge theory 135 funded pension system 16, 33, 45, 122, 159, 164 166, 199, 220, 232 G generational accounting 20, 96 100, 102 107, 109, 110, 112, 115 H heterogeneity 91, 211 horizontal solidarity 13 Household Survey 171, 173, 176, 178 human capital 76, 79, 81 83, 85, 86, 89, 90, 235 I income solidarity 37, 39, 43, 206 incomplete capital markets 80, 84, 210 indexation 13, 21 23, 30, 66, 67, 78, 83, 86, 88, 91, 95 106, 108 116, 121, 139 142, 154, 177, 192, 193, 207, 208, 212, 215, 220, 222, 225 conditional 97, 115, 121 unconditional 107, 112 114

Subject index 245 indexation policy 21, 22, 95, 104 individual arrangements 13, 32, 236 individual pension scheme 52, 63, 71, 159, 163, 165 individualisation 42, 46 industry-wide pension fund 30, 51, 54, 56 62, 71, 73, 95 97, 104, 115, 116, 119, 121, 139, 161, 162, 188 190, 192, 193, 195, 199, 200, 211, 212, 231 inertia 168 informal care 36 insurance company 45, 60, 62, 63, 66, 74, 80, 84, 138, 153, 155, 166, 190, 199, 231 intergenerational risk sharing 96, 154, 206, 208, 210, 211, 213, 214, 222 224, 226 intergenerational risk trading 85 intergenerational solidarity 19, 20, 26, 38, 39, 41, 43 45, 102, 120, 121, 126, 192, 205 211, 213, 214, 225 investment policy 7, 78 81, 107, 109, 116, 167, 223, 231, 236, 240 J John Rawls 35 L labour market distortions 59, 90, 205, 206, 211, 212, 224 226 labour mobility 85, 128, 200, 232, 235, 237 libertarian paternalism 167 life expectancy 18, 31, 45, 67, 137, 143, 146, 151, 153, 154, 191, 199, 210, 224, 236, 237 life insurance policy 63 life-course savings scheme 160, 179 181 longevity bond 83 85 longevity risk 66, 68, 83, 85, 89, 91, 199 M mandatory participation 8, 28, 30, 66, 67, 70, 85, 152, 155, 159 167, 171, 172, 180 183, 187 195, 197, 199, 200, 209, 211, 213, 223, 230, 233 236 companies 160, 161, 187, 189, 197, 199, 200, 234 indirect 163 individuals 160, 161, 189, 190, 194 mental accounting 168 misselling scandal 166, 191 moral hazard 18, 32, 37, 82 mutual subsidies 124, 126 128, 135 myopia 168, 169, 182 N net benefit 219 222 no-claim rebate 34, 38, 40, 43, 46 O old age pension 140 outsourcing 51, 52, 59, 60, 63

246 Subject index P pay-as-you-go 16, 38, 40, 44, 46, 95, 122, 135, 159, 164, 193, 198, 199, 220, 232, 237 pension basis 139, 141 146, 148 151, 153, 155 defined 145 pension benefit guarantee corporation (PBGC) 198 pension contract 13, 22, 25, 75 78, 81, 82, 84 86, 90 92, 96, 97, 99, 101, 103, 106, 207, 208, 222, 231 pension-cum-health policies 45 perverse solidarity 20, 30, 31 policy ladder 91, 101, 104, 111, 116 procrastination 168, 172, 175, 182 professional group pension fund 1, 56 58, 61, 63, 71, 162, 231 profit margin 65, 68, 70, 71, 231 progressive contribution system 129 131 Q quasi-mandatory participation 161, 163, 165, 182, 183 R reciprocity 13, 14, 20, 41, 42, 44, 123 recovery period 19, 22, 68 redistribution 16 18, 30 32, 44, 46, 95, 107, 134, 137, 138, 145, 147, 149 151, 153 155, 188, 205, 206, 209, 214, 217 219, 233, 243 reinsurance 51, 59 61, 66, 70 representative participants 8, 233 risk aversion 35, 79, 91, 99, 102, 174, 224 risk sharing 2 6, 15, 18, 28, 29, 39, 75, 77, 78, 80, 82, 84, 85, 91, 96, 130, 154, 192, 200, 205, 210, 220, 222, 223, 226, 229, 230, 232, 234, 235, 242 risk solidarity (risk sharing) 5, 6, 18, 76, 78, 91, 119, 147, 230 S savings schemes 44 46, 166, 168, 169, 179 181 selection effects 191 social acceptance 14 social cohesion 13 15, 18, 34 social contract 30, 35, 36 solidarity transfers 33, 37, 233 subsidising solidarity 5, 18, 28, 37 41, 43, 45, 119, 120, 129, 130, 135, 230, 235, 236 T tailored pension solutions 183, 200, 235 transaction costs 83, 86 U uniform contribution and accrual system 25, 119 124, 126 135, 208, 209, 219, 232, 234, 236

Subject index 247 uniform contribution rate 7, 25, 95, 105, 119 124, 126 135, 137, 138, 142, 143, 145, 155, 192, 196, 207 209, 212 220, 224 226, 230, 232, 234, 236 utility 34, 77, 79, 82, 89, 106 V value transfers 2, 3, 5, 13 16, 18, 21, 27, 32, 37, 71, 95 97, 100, 101, 107, 116, 120, 229, 230, 233, 237 value-based ALM 95, 97, 100 102 value-based generational accounting 95 97, 101, 102, 104, 116 veil of ignorance 35, 36, 43, 46 vertical solidarity 14 W warm solidarity 4, 6, 147 Z zero-sum game 95, 97, 103, 107, 116, 220