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 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 eect 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.