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Applied Economics Letters Volume 21, 2014 - Issue 4
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Original Articles

Nonfinancial defined contribution pension schemes: is a survivor dividend necessary to make the system balanced?

María del Carmen Boado-PenasDepartment of Mathematical Sciences, Institute for Financial and Actuarial Mathematics (IFAM), University of Liverpool, LiverpoolL69 7ZL, UK
&
Carlos Vidal-MeliáDepartment of Financial Economics and Actuarial Science, University of Valencia, Avenida de los Naranjos, s.n, 46022Valencia, SpainCorrespondence[email protected]
Pages 242-247 | Published online: 26 Nov 2013

References

  • Boado-Penas, C., Valdés-Prieto, S. and Vidal-Meliá, C. (2008) An actuarial balance sheet for pay-as-you-go finance: solvency indicators for Spain and Sweden, Fiscal Studies, 29, 89–134.
  • Chłoń-Domińczak, A., Franco, D. and Palmer, E. (2012) The first wave of NDC – taking stock ten years plus down the road, in NDC Pension Schemes in a Changing Pension World, Vol. 1, Holzmann, R., Palmer, E. and Robalino, D. (Eds), World Bank, Washington, DC.
  • Ehnsson, G. (Ed) (2013) The Swedish Pension System. Orange Annual Report 2012, Swedish Pensions Agency (Pensionsmyndigheten), Stockholm. Available at http://www.pensionsmyndigheten.se/OrangeReport2012.html (accessed 8 October 2013).
  • Holzmann, R. and Palmer, E. (2006) Pension Reform: Issues and Prospects for Notional Defined Contribution (NDC) Schemes, World Bank, Washington, DC.
  • Holzmann, R., Palmer, E. and Robalino, D. (Eds) (2012) Non-Financial Defined Contribution Pension Schemes in a Changing Pension World. Vol. 1, Progress, Lessons, and Implementation, World Bank, Washington, DC.
  • Palmer, E. (2012) Generic NDC: equilibrium, valuation and risk sharing, in NDC Pension Schemes in a Changing Pension World, Vol. 2, Holzmann, R., Palmer, E. and Robalino, D. (Eds), The World Bank, Washington, DC.
  • Settergren, O. and Mikula, B. D. (2005) The rate of return of pay-as-you-go pension systems: a more exact consumption-loan model of interest, The Journal of Pensions Economics and Finance, 4, 115–38.
  • Vidal-Meliá, C. and Boado-Penas, C. (2013) Compiling the actuarial balance for pay-as-you-go pension systems. Is it better to use the hidden asset or the contribution asset? Applied Economics, 45, 1303–20.

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