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dc.contributor.authorvan der Wiel, Karenen_US
dc.date.accessioned2008-09-22en_US
dc.date.accessioned2010-07-07T11:35:27Z-
dc.date.available2010-07-07T11:35:27Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/35258-
dc.description.abstractWestern governments are currently contemplating how to adapt their Pay-As-You-Go pension systems so that these remain financially sustainable, even with an aged population. To the extent that policy-makers haven't already adapted their old age social security schemes, an ageing population thus leads to policy uncertainty in first pillar pensions. This paper sheds more light on the relationship between public and private savings by analyzing private pension scheme participation in the presence of such policy uncertainty. To do so, I assess the influence of subjective policy change expectations on voluntary pension scheme participation in the Netherlands. I find that participation in private pension schemes is higher for those who assign a high probability to the dismantlement of old age social security - in terms of lower benefits levels but more so in terms of a higher eligibility age. In addition, subjectively short-lived individuals who believe an eligibility age increase to be more likely than a benefit level cut, participate more. This could be explained by the fact that the relative cost of an eligibility age increase is larger for those who expect to live shorter. Individuals hence do prepare themselves for anticipated policy changes in old age social security and policy uncertainty in social security thus seems to lead to an increase in, or crowding in of, private savings.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 3623en_US
dc.subject.jelD84en_US
dc.subject.ddc330en_US
dc.subject.keywordAgeingen_US
dc.subject.keywordsavings behavioren_US
dc.subject.keywordsocial securityen_US
dc.subject.keywordsubjective probabilitiesen_US
dc.subject.keyworduncertaintyen_US
dc.subject.stwAlterssicherungen_US
dc.subject.stwGesetzliche Rentenversicherungen_US
dc.subject.stwRentenreformen_US
dc.subject.stwSparenen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwPrivate Rentenversicherungen_US
dc.subject.stwAlternde Bevölkerungen_US
dc.subject.stwNiederlandeen_US
dc.titlePreparing for policy changes: social security expectations and pension scheme participationen_US
dc.typeWorking Paperen_US
dc.identifier.ppn578254425en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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