The ABCs of nonfinancial defined contribution (NDC) schemes

Natura: Monografia - Materiale testuale - Risorsa elettronica
Descrizione: The ABCs of nonfinancial defined contribution (NDC) schemes / Robert Holzmann. - Dati testuali elettronici. - Bonn : IZA, 2017. - (IZA Policy paper ; 130)
Sommario/Abstract: Nonfinancial defined contribution (NDC) pension schemes have been successfully implemented since the mid-1990s in a number of European countries such as Italy, Latvia, Norway, Poland, and Sweden. The NDC approach features the lifelong contribution-benefit link of a financial defined contribution (FDC) personal account scheme, but is based on the pay-as-you-go format. At its start-up, the pay-as-you go commitments of the preceding defined benefit (DB) system are converted into individual personal accounts, allowing for a smooth transition from the DB to the DC format, while avoiding the very high transition costs inherent in a move from a traditional pay-as-you-go DB scheme to a fully funded FDC scheme. The NDC approach implemented by the rule book is able to manage the economic and demographic risks inherent to a pension scheme and by design creates financial sustainability. As in any pension scheme, the linchpin between financial stability and adequacy is the retirement age; in the NDC approach the individual retirement age above the minimum age is by design self-selected and by incentives should increase the effective retirement age in line with population aging.
Collezione: [Fa parte di] IZA Policy paper ; 130 [Vai al dettaglio]
Holzmann, Robert -  [Responsabilit√† principale] -  [Autore]
Termine di thesauro:
[Classificazione Decimale Dewey] 331.252 - Economia del lavoro. Pensioni
Paese pubblicazione: Germania
Lingua: Inglese
ID scheda: 21244
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