Description
Book SynopsisIn response to demographic change many countries in the European Union have reformed their pension systems. During the last two decades personal pensions have been introduced in Belgium, Denmark, France, Germany, Ireland, Italy, Poland, Sweden, and the UK. This book is a critical examination of the objectives of personal pensions in these countries and the use of tax incentives to encourage individuals to save for their retirement. It also includes discussion on personal pensions in the United States.
The volume focuses on issues such as risk, administrative expense, and the role of tax allowances in encouraging personal pension provision. Based on the evidence from these countries it is concluded that expectations relating to the take up of personal pensions have not been met and that EU countries should not rely on personal pensions to improve income adequacy at the lower end of the income distribution.
Academics and researchers teaching and studying employee benefits and pension costs - particularly in countries that have recently reformed their pension systems - will warmly welcome this book. Government bodies involved in pension reform and European Commission institutions concerned with the evolution and problems with pension policy within the EU will also find this book an informative and invaluable read.
Trade Review'This book provides valuable information on investment retirement accounts established in Western European countries.' -- Howard Iams, Journal of Pension Economics and Finance
'This excellent study of the different ways countries are making use of personal pensions demonstrates how important it is to analyse these developments within the context of existing pension systems. It pursues searching questions about the extent to which personal pensions are likely to succeed in enlarging choice, promoting better support in retirement and reducing demand on public provision. The answers pose awkward challenges for policymakers.' -- Adrian Sinfield, The University of Edinburgh, UK
Table of ContentsContents: 1. Overview and Summary of Key Issues Jim Stewart and Gerard Hughes PART I: INDIVIDUAL COUNTRIES’ EXPERIENCE 2. Pension Reform and Personal Provision of Retirement Income in France Lucy apRoberts and Pierre Concialdi 3. The Development of Private Pension Pillars in Italy: An Assessment of Recent Reforms Felice Roberto Pizzuti and Michele Raitano 4. Personal Provision of Retirement Income in Germany Heinz-Dietrich Steinmeyer 5. Demographic Ageing in Sweden: The Role of Defined Contribution Schemes Ann-Charlotte Ståhlberg 6. A Nation of Risk Lovers: Personal Provision of Retirement Income in Denmark Finn Ostrup 7. Personal Provision of Retirement Income in the UK Barbara Waine 8. Personal Provision of Retirement Income in Poland Marek Szczepański PART II: PUBLIC POLICY AND PRIVATE PROVISION 9. The Matthew Effect: Why Current Pension Policy Helps the Rich Get Richer Kim De Witte, Poul Roels and Yves Stevens 10. Conflicting Objectives in Personal Pension Provision and Personal Saving in Ireland Gerard Hughes and Jim Stewart PART III: OTHER ISSUES WITH INDIVIDUAL PENSIONS PROVISION 11. The Annuity Market and Personal Pensions John Turner 12. Regulation and Personal Pensions Dana Muir 13. Talking About Pensions: An Analysis of Language Used to Discuss Pensions Bryn Davies Index
