Adequacy of Pension Systems in Europe: An Analysis Based on Comprehensive Replacement Rates

ENEPRI Research Report No. 68

60 Pages Posted: 4 Apr 2012

See all articles by Margherita Borella

Margherita Borella

University of Torino - Dipartimento di scienze economico-sociali e matematico-statistiche; CeRP - Collegio Carlo Alberto

Elsa Fornero

University of Turin (Italy) - Department of Economics and Statistics; Center for Research on Pensions and Welfare Policies (CeRP); Netspar

Date Written: April 28, 2009

Abstract

The aim of this paper is to develop indicators to highlight the ability of different national pension systems to enable individuals to maintain their living standards at retirement. Authors Margherita Borella and Elsa Fornero of the University of Turin and CeRP, perform the analysis using data and projections on different European countries and propose the use of a ‘COmprehensive Replacement’ (CORE) rate. Their aim is to compute, for a set of countries representative of the different European welfare and pension systems, both an actual (data-based) version of CORE, based on ECHP data, and to project its evolution into the future.

The paper is organised as follows. Section 1 provides a theoretical framework as well as a review of the literature on the topic. Section 2 contains the computation of replacement rates based on ECHP data. In Section 3 CeRPSAM projections are used to compute COREs over time. Section 4 concludes.

Keywords: adequacy, pension systems, Europe, comprehensive, replacement, rates, retirement, COmprehensive Replacement, CORE, pension, ageing

Suggested Citation

Borella, Margherita and Fornero, Elsa, Adequacy of Pension Systems in Europe: An Analysis Based on Comprehensive Replacement Rates (April 28, 2009). ENEPRI Research Report No. 68. Available at SSRN: https://ssrn.com/abstract=2033652 or http://dx.doi.org/10.2139/ssrn.2033652

Margherita Borella (Contact Author)

University of Torino - Dipartimento di scienze economico-sociali e matematico-statistiche ( email )

C. so Unione Sovietica, 218 Bis
Torino, 13820-4020
Italy

HOME PAGE: http://https://sites.google.com/site/margheritaborella/

CeRP - Collegio Carlo Alberto

Via Real Collegio, 30
Moncalieri, Turin
Italy
+39 011 647 6525 (Phone)
+39 011 640 3680 (Fax)

Elsa Fornero

University of Turin (Italy) - Department of Economics and Statistics ( email )

Via Po, 53
Torino, 10124
Italy
+39-011-6706076 (Phone)

Center for Research on Pensions and Welfare Policies (CeRP)

Via Real Collegio, 30
Moncalieri, Turin
Italy

Netspar

P.O. Box 90153
Tilburg, 5000 LE
Netherlands

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