Canadian Retirement Savings Plans and Italian Pension Reform

University of Western Ontario, Economic Policy Research Institute Working Paper No. 2002-7

21 Pages Posted: 15 Apr 2003

See all articles by Francesca Arnaboldi

Francesca Arnaboldi

University of Milan

Joel Fried

University of Western Ontario - Department of Economics

Date Written: December 2002

Abstract

Canada has developed an extensive private pension system that accounts for more than half the government assisted resources available for retirement incomes. Private plans in Italy account for less than one percent of retirement resources, but it has recently provided pension reforms to encourage greater use of these plans. This paper examines these reforms in light of Canada's experience with its private savings plans. In general terms the Canadian plans available to firms and individuals are more integrated with one another than is allowed in Italy, and, as well, the private plans in Italy have less flexibility to address both pre-retirement cash needs and the ability to shift retirement assets between portfolio managers. There are also fewer post retirement options available in Italy. The greater choice and flexibility of Canadian plans are seen as attractive features to savers and further Italian reforms that provide these characteristics to retirement savings plans should lead to more rapid growth in Italian private plans.

Keywords: Pensions, Flexibility, Tax Deferred Savings

JEL Classification: G239, H550, J260

Suggested Citation

Arnaboldi, Francesca and Fried, Joel, Canadian Retirement Savings Plans and Italian Pension Reform (December 2002). University of Western Ontario, Economic Policy Research Institute Working Paper No. 2002-7, Available at SSRN: https://ssrn.com/abstract=370600 or http://dx.doi.org/10.2139/ssrn.370600

Francesca Arnaboldi (Contact Author)

University of Milan ( email )

Via Festa del Perdono 7
Milan, 20122
Italy

Joel Fried

University of Western Ontario - Department of Economics ( email )

London, Ontario N6A 5B8
Canada

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