Past Event

Pensions in Europe – Sustainability of pension systems and their interaction with economic growth

Public and private pension systems in Europe are adapted, as unchanged policies are not affordable due to aging of the population and low interest rates. Investment and economic growth stagnate in the aftermath of the financial crisis. Can pension funds play a role in enhancing investment and economic growth? What is the impact of pension […]

Date: Dec 6 - Jan 1, 1970 Topic: European Macroeconomics & Governance

Public and private pension systems in Europe are adapted, as unchanged policies are not affordable due to aging of the population and low interest rates. Investment and economic growth stagnate in the aftermath of the financial crisis. Can pension funds play a role in enhancing investment and economic growth? What is the impact of pension systems on savings and labour supply? What is the optimal pension contract in an aging world with turmoil on financial markets? What are the implications for public policy? These and related questions were addressed during the conference.

Programme

09.30-10.00 Registration and coffee

10.00-10.15 Welcome by directors Netspar/Bruegel

10.15-11.30 Session 1: Pension systems, aging and investment

Chair: Zsolt Darvas, Bruegel

  • Pierre Pestieau, ULG: Aging, social security design and capital
    accumulation
  • Casper van Ewijk, Nestpar and UVA: Funded pensions, long term finance, and economic growth
    Discussion by Ward Romp, UVA, and general discussion

11.30-12.45 Session 2: Pension system, savings and labour supply

Chair: Marcel Lever, CPB

  • Vincenzo Galasso, Bocconi University: Postponing retirement
  • Hans Fehr, University of Würzburg: Should pensions be means-tested?
  • Discussion by Anita Schwarz, World Bank, and general discussion

12.45-13.45 Lunch

13:45-15:15 Session 3: In search of optimal pension contract

Chair: Roel Mehlkopf, CPB

  • Roel Beetsma, UVA: Mandatory and voluntary participation in occupational pension schemes in the Netherlands and other countries
  • Marcel Lever, CPB: Risk sharing in funded pension systems
  • Ed Westerhout, CPB and UVA: The Value of Collective Pension Contracts
  • Discussion by Ole Beier Sorensen, ATP, and general discussion

15.15-15.45 Coffee

15.45-16.00 Kick-off remarks by Adam Jasser, Secretary of State, Prime Minister’s Plenipotentiary for Impact Assessment Coordination

16.00-17.00 Panel discussion: Pensions in Europe – policy implications

Chair: Guntram Wolff, Bruegel
Panellists: Ole Beier Sorensen, ATP; Per Eckefeldt, European Commission; Adam Jasser, Polish Prime Minister’s Office, Anita Schwarz, World Bank

Materials

Pierre Pestieau – Aging, social security design and capital
accumulation Download

Casper van Ewijk, Nestpar and UVA – Funded pensions, long term finance, and economic growth Download

Vincenzo Galasso, Bocconi University -Postponing retirement Download

Hans Fehr, University of Würzburg – Should pensions be means-tested? Download

Roel Beetsma, UVA – Mandatory and voluntary participation in occupational pension schemes in the Netherlands and other countries Download

Marcel Lever, CPB / Roel Mehlkopf, CPB / Ryanne Cox, CPB – Risk sharing in funded pension systems Download

Ed Westerhout, CPB and UVA / Jan Bonenkamp, CPB / Peter Broer, CPB – The Value of Collective Pension Contracts Download

Papers:

Hans Fehr and Johannes Uhde – Means-testing retirement benefits in the UK: Is it efficient? Download

Pierre Pestieau with A. Derdry and H. Onder – The combined e ect of aging and PAYGO pensions on capital accumulation and welfare Download

About the organisers

Bruegel is a European think tank specializing in economics. Established in 2005, Bruegel is independent and non-doctrinal. Our mission is to improve the quality of economic policy with open and fact-based research, analysis and debate. We are committed to impartiality, openness and excellence. Bruegel’s membership includes EU Member State governments, international corporations and institutions.

CPB Netherlands Bureau for Economic Policy Analysis was founded in 1945. Research at CPB is carried out on CPB’s own initiative, or at the request of the government, parliament, individual members of parliament, national trade unions or employers federations.

Netspar, Network for Studies on Pensions, Aging and Retirement, started operations in 2005. It is a network aimed at connecting the two main groups of pension practice and pension science. The first group consists of government ministries, supervising agencies and other civil service institutions, pension funds, pension providers, insurance companies, banks, and asset liability management companies. The second group consists of Dutch and international pension researchers, and Dutch universities.

Netspar contributes to the ongoing improvement of financing opportunities for the ‘old age’ in the Netherlands and Europe through network development, formulating and executing scientific research and knowledge transfer programs.

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Blog Post

Understanding (the lack of) German public investment

An array of data suggests that there is a general lack of investment by all branches of the German government, despite running budget surpluses for several years. This blog post plots the progression of the public investment problem, and explores which regions, which sectors, and which levels of government have been most affected.

By: Alexander Roth and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: June 19, 2018
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Blog Post

Italy’s pension spending: Implications of an ageing population

The Italian debate on the pension system predominantly focuses on short-term aspects, neglecting relevant longer-term fundamentals. Based on long-term economic and demographic projections, this blog post calls for more awareness about the balance of risks that lie ahead.

By: Francesco Chiacchio and Simone Tagliapietra Topic: European Macroeconomics & Governance Date: April 26, 2018
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Past Event

Past Event

Pension funds in the EU capital markets union

At this event, we assessed the prospects for funded pension schemes as a component of balanced retirement savings, and how the regulatory framework could become more supportive within the EU’s nascent capital markets union.

Speakers: Alexander Lehmann, Marina Monaco, Amlan Roy, Steve Ryan and Gisella van Vollenhoven-Eikelenboom Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 28, 2018
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External Publication

Why is it so hard to reach the EU’s poverty target?

Why is it so hard to reach the Europe 2020 ‘poverty’ target? What does the poverty indicator actually measure? Why was the Lisbon strategy goal of tackling poverty a failure? Zsolt Darvas analyse the data to show how the Europe 2020 strategy’s poverty indicator essentially measures income inequality, not poverty.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: March 12, 2018
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Opinion

Climate policies risk increasing social inequality

The aggressive political interventions needed to effectively counteract climate change will make the rich richer and the poor poorer, if social concerns are not given greater prominence in policy debates.

By: Georg Zachmann Topic: Energy & Climate Date: February 8, 2018
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Blog Post

Revision of the Posted Workers Directive misses the point

The Commission’s proposed revision of the Posted Workers Directive has been approved by the European Parliament’s Employment Committee, which welcomes the arrival of “equal pay for equal work”. But the revision will have little impact, and was largely unnecessary. Instead we should focus on the fight against bogus self-employment, social security fraud and undeclared work.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: October 18, 2017
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Blog Post

EU posted workers: separating fact and fiction

After President Macron’s recent tour of Central and Eastern European countries, EU posted workers are getting a lot of attention. However, a major reform of the system is already underway and we should not confuse posted workers with long-term labour migrants. Posted workers are a small part of the labour force, and their labour market impact is likely to be minor.

By: Uuriintuya Batsaikhan Topic: European Macroeconomics & Governance Date: August 31, 2017
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Parliamentary Testimony

European Parliament

Could revising the posted workers directive improve social conditions?

This presentation was delivered in Brussels on 31 January 2017 at a hearing of think-tanks, to advise the European Parliament on the revision of the Posting of Workers Directive.

By: Zsolt Darvas Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: August 29, 2017
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Past Event

Past Event

Perspectives on Universal Basic Income

At this event, we discussed the possible benefits but also the possible disadvantages of Universal Basic Income.

Speakers: Grégory Claeys, Olli Kangas, Professor Philippe Van Parijs and Prof. Dr. Hilmar Schneider Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 12, 2017
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Blog Post

The Universal Basic Income discussion

What’s at stake: the concept of a Universal Basic Income (UBI), an unconditional transfer paid to each individual, was prominent earlier this year when Finland announced a pilot project. It’s now back in the discussion as the OECD published a report illustrating costs and distributional implications for selected countries. We review the most recent contributions on this topic.

By: Silvia Merler Topic: European Macroeconomics & Governance, Global Economics & Governance Date: June 12, 2017
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Policy Contribution

Why is it so hard to reach the EU’s ‘poverty’ target?

The ‘poverty’ target set by the European Commission aims to lift “over 20 million people out of poverty” between 2008 and 2020 in the EU27. Progress to date against this target has been disappointing. Why is it so hard to reach the Europe 2020 ‘poverty’ target? What does the poverty indicator actually measure?

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: January 19, 2017
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Blog Post

Compensating the “losers” of globalisation

What’s at stake: According to some, 2016’s political turmoil shows that the so-called “losers” of globalisation are striking back. There is, however, little agreement on how government should respond to this challenge.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: January 9, 2017
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