Search results for ""Author Elsa Fornero""

On the premise that pension provision in Europe will dramatically change over the next few decades, this book concentrates on the funded component of pension wealth, and specifically on annuities - financial products that, on the basis of actuarial equivalence, allow the conversion of wealth into a lifelong stream of income. Developing an Annuity Market in Europe provides an analysis of how longevity and return risks are dealt with, besides considering key features from both household and insurance company perspectives. It takes account of the fact that annuity markets are expected to attract much interest in future years given the prospective cuts in public pension expenditure. In order to fill the gap between shrinking pensions and desired retirement consumption, the authors argue, annuities must be well regulated and supplied with financially attractive products. These conditions hardly exist today: thin markets and scant interest prevail, information is incomplete and imperfect, products show significant disparities. The contributors to this book explore the causes of present malfunctioning and examine the changes that may give annuities a new and vital function, which, along with greater competition and greater regulation may significantly alter the present scene of pension finance.Finally, the book offers an overview of regulatory issues including transparency, prudential provisions, appropriate levels of guarantees, and administrative costs.This important and timely book will be invaluable to anyone interested in annuities, from practitioners through to students, researchers and academics concerned in financial or public economics.

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Pension Systems enters into the current lively debate on European pensions. The focus of the book is the analysis of public intervention in individuals' retirement choice, its rationale and the desirability of legislation introducing a sizeable and compulsory increase in retirement age, to face the prospects of swift population ageing. The book assesses the impact of different retirement rules on individual decisions, on the sustainability of social security systems and on labour market dynamics, and inquires whether mandatory retirement has not become an outdated feature of modern pension systems. The motivations behind public intervention in fixing compulsory retirement rules as well as the likely consequences of allowing the individual a higher responsibility in retirement choices are analysed. These issues are examined both theoretically and empirically and through a focus on country-specific patterns of retirement and on policy issues relevant at the European level. The impact of later retirement on the labour market is also investigated, considering the role of retirement rules in increasing employment. This comprehensive and topical book will appeal to academics and scholars of public finance as well as pensions experts and organisations.

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This book focuses on pension policies in Europe and interestingly includes comparisons both within the EU and between EU countries and the US. The authors show how different countries are confronted with similar problems and that comparison of national experiences may be of great help for the 'open method of coordination' now adopted in the EU.The papers deal mainly with the effects of the huge payroll taxes differentials between countries on individual retirement choices and the labour market, with taxation of contributions and pensions, and with the portability of occupational pensions. The main impact on labour supply is shown to be early retirement due to actuarially unfair pension formulae. The authors also argue that the US experience shows that taxation of contributions and savings for old-age may not generate the hoped for incentive effects, while an example of inconsistent taxation of pensions is offered by Germany. Finally, it is shown that limited portability of defined benefits plans does not appear to be a strong impediment to labour mobility in Europe.Pension Policy in an Integrating Europe will be valued by scholars of both public policy, public finance and European studies, and those practitioners and policymakers involved in insurance in the EU.

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