Pensions and the Nordic Welfare Model

Torben M. Andersen

No 10321, CESifo Working Paper Series from CESifo

Abstract: Within the frame of the Nordic welfare model, pension system design has taken very different routes. While the overall aims in terms of distribution and replacement rates are similar, the division of labour between defined benefit and contribution as well as pay-as-you-go versus funded schemes differs significantly. The main characteristics of the pension systems in the Nordic countries are presented, and outcomes relating to pension adequacy in terms of poverty and replacement rates are discussed. Specific design issues related to achieving distributional goals and financial robustness via automatic adjustment mechanisms are highlighted. Finally, the overall financial sustainability of pension systems and the macroeconomic implications are discussed.

Keywords: pension systems; pension adequacy; fiscal sustainability; distribution; insurance; incentives (search for similar items in EconPapers)
JEL-codes: G51 H60 J26 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-age, nep-eec and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_10321

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