Costs and Benefits of Collective Pension Systems
The Dutch pension system is often praised as one of the best in the world: it is efficient, it provides certainty to participants and it preserves cohesion and solidarity among workers and pensioners. This book presents these benefits in detail, supported
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O. W. Steenbeek S. G. van der Lecq (Editors)
Costs and Benefits of Collective Pension Systems
With 24 Figures and 28 Tables
123
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[email protected]
Dr. Onno Steenbeek is financial economist Dr. Fieke van der Lecq is economist Both editors are affiliated with the Erasmus University Rotterdam, The Netherlands
Library of Congress Control Number: 2007933404
ISBN 978-3-540-74373-6 Springer Berlin Heidelberg New York This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. Springer is a part of Springer Science+Business Media springer.com © Springer-Verlag Berlin Heidelberg 2007 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Production: LE-TEX Jelonek, Schmidt & Vöckler GbR, Leipzig Cover-design: WMX Design GmbH, Heidelberg SPIN 12111558
134/3180YL - 5 4 3 2 1 0
Printed on acid-free paper
Preface
In January 2006, the Dutch Association of Industry-wide Pension Funds (VB) told us about their plan to prepare a book on solidarity in collective pension systems. We were intrigued by this topic, both because of our interest in the pension sector and because of the connection with solidarity in a cost-benefit approach. After some discussions with VB director Peter Borgdorff, we decided to start a project with leading scholars and practitioners, which was to result in a book. We hoped that the researchers could investigate the extent of value transfers within collective pension funds, so that quantitative indications of this institutionalized solidarity would become publicly available. While the book was in progress, the discussion on solidarity and mandatory pension systems became very topical, and so were the results of the analyses. When the book was released in Dutch1, the chapter on costs differentials between pension funds and insurance companies also drew much attention. In the early months of 2007, the political and professional debates continued, with increasing attention from pension experts from abroad. This made us decide to try and arrange a translated version of the book. We were happy to find Springer Verlag, and collaborate with their enthusiastic publisher Dr. Niels Peter Thomas. We are also grateful to the Pension Science Trust (Stichting Pensioenwetenschap) for subsidizing the translation by Language Lab, and to the earlier mentioned VB for
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