By Onno W. Steenbeek, S. G. Fieke van der Lecq
The Dutch pension method is usually praised as the most effective on this planet: it's effective, it offers walk in the park to members and it preserves solidarity and team spirit between employees and pensioners. This e-book offers those advantages intimately, supported by means of quantitative proof. It additionally discusses the elements of the approach which are much less beneficial, even though, reminiscent of implicit worth transfers from more youthful to older generations that restrict mobility of labour. The analyses of either merits and prices can assist pension fund managers, forums of trustees, supervisors, and researchers to appreciate and to enhance pension structures presently in position world wide.
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Extra resources for Costs and Benefits of Collective Pension Systems
In this respect large collectivities are at an advantage compared to smaller collectivities. 4. Individual companies within a certain sector: insofar as the profile of the participants differs from the (average) profile of the total collectivity, mandatory participation in the fund will lead to subsidising cash flows. This effect occurs in all industry-wide pension schemes. 5. Actives versus disabled employees: disabled employees usually continue to accrue pension rights in the same manner as actives (on the basis of the indexed income at the time of becoming disabled or otherwise unfit for work) but no longer pay contributions.
A tension exists between solidarity described in empirical terms and solidarity interpreted in normative terms of right and wrong (Verstraeten, 2005). This differentiation is of fairly recent date. Originally the normative approach prevailed: solidarity, quite simply, was the right thing to do (Verburg and Ter Meulen, 2005). More recently, however, this moral stance has been challenged by empirical arguments. In the current debate, the proponents of welfare retrenchment tend to come up with empirical arguments (rising costs, eroding support), while the opponents adhere to normative principles (‘you either have 100% solidarity or no solidarity at 3 Solidarity: who cares?
Solidarity sacrifice Assuming a negative shock on capital markets, the CPB Netherlands Bureau for Economic Policy Analysis has calculated that in an indexed average-pay scheme some 16% of this shock would impact on new participants while 84% would be absorbed by the present participants (CPB, 2004). Of the latter, the active population would pay the lion’s share of 78% and the retirees only 6%. The solidarity sacrifice of the new participants is also limited. In a DC scheme, future entrants are obviously not charged for existing shortfalls.