Pensions in the European Union: Adapting to Economic and Social Change
The ageing, financial and labour market challenges facing the old age pension systems of the member states of the European Union are well known. Those who cast doubt on the ability of the present system of pension provision - at least to the extent that i
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PENSIONS IN THE EUROPEAN UNION: ADAPTING TO ECONOMIC AND SOCIAL CHANGE
Edited by
Gerard Hughes The Economic and Social Research Institute, Dublin and
Jim Stewart Trinity College, Dublin
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SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataloging-in-Publication Data Pensions in the European Union: adapting to economic and social change / edited by Gerard Hughes and Jim Stewart. p. cm. IncIudes bibliographical references and index. Papers presented at a meeting. ISBN 978-1-4613-7042-0 ISBN 978-1-4615-4527-9 (eBook) DOI 10.1007/978-1-4615-4527-9 1. Old age pensions--European Union Countries--Congresses. 2. Pensions--European Union countries--Congresses. I. Hughes, Gerard. 11. Stewart, lim, 1949HD7105.35.E85 P46 2000 331.25' 2 '094--dc21
00-035654
Copyright Cl 2000 by Springer Science+Business Media New York Originally published by Kluwer Academic Publishers, New York in 2000 Softcover reprint of the hardcover 1st edition 2000 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo-copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC.
Printed on acid-free paper.
CONTENTS Contributors
vii
Acknowledgements
xi
I.
Introduction Emmanuel Reynaud
1
Part I POPULATION AGEING, COMPETITIVENESS AND RETIREMENT 2.
Demography, the Labour Market and Competitiveness Pierre Concialdi
15
3.
Retirement Age: Public Policy and Employer Policies in Europe and the United States Lucy apRoberts
35
Part II PENSION FINANCING AND ECONOMIC GROWTH 4. 5.
6.
7.
Pension Financing, the Substitution Effect and National Savings Gerard Hughes
45
The Effects of a Fully Funded Pension System on Individual Savings Behaviour Christina Oling
63
The Control and Centralisation of Pension Fund Investment in the United Kingdom Richard Minns
71
A Political Economy Approach to Pension Financing Felice Roberto Pizzuti
83
Part ill ADAPTING PENSION SYSTEMS TO MEET CHANGE 8. 9.
Equity Within and Between Generations: Pension Systems and Equity Bryn Davies
109
Contributions and Taxes for Financing Public Pension Expenditure: Looking for an Adequate Structure of Finance Winfried Schmahl
127
10. Personal Pensions in the UK, the Mis-selling Scandal and the Lessons to be Learnt Sue Ward
139
11. The New Swedish Pension System Eskil Wadensjo
147
Part IV PENSIONS AND SOCIAL PARTNERSHIP 12. The Decision-Making Process in the German Pension System Heinz-Dietrich Steinmeyer
163
13. Supplementary Pension Plans and Collectively Agreed Schemes Jacques-Andre Schneider
l73
14. The Impact of Industrial Relations on the Structure of Supplementary Pensions in Scandinavia
Einar Overbye
179
Part V CONCLUSIONS 15. Pay-As-You-Go Versus Capital Funding: Towards a More Balanced View in Pension Policy - Some Concluding Remarks Winfried Schmahl
195
Index
209
vi
Contributors LUCY APROBERTS is an economist at the Institut de Recherches Economiques et Socia
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