Arbeitspapier

Lessons of the financial crisis for the design of national pension systems

The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow identical investment strategies but who retire a few years apart can receive DC pensions that are startlingly unequal. Second, it is hard for ordinary workers, as opposed to optimal planners, to make sensible choices about portfolio allocation. Their investment errors mean that actual returns fall short of the theoretical returns that could be earned by a well-informed, disciplined investor.

Language: Englisch

Bibliographic citation: Series: CESifo Working Paper ; No. 2735

Classification: Wirtschaft
Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
Social Security and Public Pensions
Portfolio Choice; Investment Decisions
Compensation Packages; Payment Methods

Subject: Gesetzliche Rentenversicherung
Umlageverfahren
Kapitaldeckungsverfahren
Finanzmarktkrise
Private Rentenversicherung
Kapitalertrag
Portfolio-Management
Rentenpolitik
USA

Event: Geistige Schöpfung

(who): Burtless, Gary

Event: Veröffentlichung

(who): Center for Economic Studies and ifo Institute (CESifo)

(where): Munich

(when): 2009

Handle: http://hdl.handle.net/10419/30543

Last update: 10.03.2025, 11:45 AM CET

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Object type

Arbeitspapier

Associated

Burtless, Gary
Center for Economic Studies and ifo Institute (CESifo)

Time of origin

2009

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Lessons of the financial crisis for the design of national pension systems

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