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Journal of Economic Literature: Vol. 41 No. 1 (March 2003)

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The Gains from Pension Reform

Article Citation

Lindbeck, Assar, and Mats Persson. 2003. "The Gains from Pension Reform ." Journal of Economic Literature, 41(1): 74-112.

DOI: 10.1257/002205103321544701

Abstract

We classify social security pension systems in three dimensions: actuarial versus non-actuarial, funded versus unfunded, and defined-benefit versus defined-contribution systems. Recent pension reforms are discussed in terms of these dimensions. Shifting to a more actuarial system reduces labor-market distortions, although limiting the scope for redistribution. Shifting to a funded system may increase saving, redistribute income to future generations and distort contemporary labor supply. A partial shift to a funded system helps individuals diversify their pension assets. A shift from a defined-benefit to a defined-contribution system means that income risk will be shifted from workers to pensioners.

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Lindbeck, Assar
Persson, Mats


Journal of Economic Literature


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