Auch Fussball-Blinden wie mir fallen bei der laufenden WM zwei Dinge auf: Zum einen die bunte Zusammensetzung der Mannschaften, auch der Schweizer Nationalelf, bezüglich Hautfarbe und Herkunft. Zum andern in Inbrunst, mit der Spieler und Fans unsere Nationalhymne singen - um sie sofort nach dem Ausscheiden der Manschaft verschämt wieder für vier Jahre zu vergessen.
This paper presents new evidence on how the annuitization decision is
affected by changes in the annuity's value. We take advantage of an
unprecendented change in policy, which in 2004 moderated the supermandatory Swiss occupational pension scheme: The 20 percent reduction in the rate at which retirement capital is translated into a life-long annuity equates to a net present value loss of approximately 20'000 SFR (20'000 US$) for the average retiree. Using administrative data and correcting for anticipation effects, we show that due to the change in policy there was an approximately 8 percentage point change in the share of men choosing to annuitize their savings. We also show that the estimated responsiveness of
the cash-out decision to variations in a utility based measure for the annuity value is comparable to results of previous studies, which employed completely different sources of variation in the annuity's value.
This paper presents new evidence on how the annuitization decision is affected by changes in the annuity's value. We take advantage of an unprecendented change in policy, which in 2004 moderated the super-mandatory Swiss occupational pension scheme: The 20 percent reduction in the rate at which retirement capital is translated into a life-long annuity equates to a net present value loss of approximately 20'000 SFR (20'000 US$) for the average retiree. Using administrative data and correcting for anticipation effects, we show that due to the change in policy there was an approximately 8 percentage point change in the share of men choosing to annuitize their savings. We also show that the estimated responsiveness of the cash-out decision to variations in a utility based measure for the annuity value is comparable to results of previous studies, which employed completely different sources of variation in the annuity's value.
Speakers: Tito Boeri (Università Bocconi, Fondazione Rodolfo Debenedetti and CEPR), Lans Bovenberg (CentER, Tilburg University, CEPR), Gary Burtless (The Brookings Institution), David Blake (Cass Business School), Martin Slack (Lane, Clark & Peacock), and Dick Sluimers (ABP Investments)
Was absurd tönt, ist bloss die Konsequenz aus dem Vorschlag "risikogerechter" Prämien.
Der Bundesrat hat beschlossen, die Pensionskassen zu ermächtigen, Umwandlungssätze in der beruflichen Vorsorge nach Risikoverhalten abzustufen. Normalgewichtige und Nichtraucher tragen mit ihrer Lebensweise massgeblich zur Explosion der Rentenkosten bei der AHV und den Pensionskassen bei. Dieses Risikoverhalten der Dünnen und Gesunden soll künftig durch eine Reduktion der BVG-Altersrenten um bis zu 15 Prozent kompensiert werden.
Yves Rossier, der Direktor des Bundesamtes für Sozialversicherungen, ist viel schlanker geworden. So schien es mir jedenfalls, als ich ihn das letzte Mal traf. Er habe das Rauchen aufgegeben, meinte er, und zuerst innert zwei Wochen vier Kilo zugenommen. Seine Frau habe ihn dann aber gewarnt: "In fünf Jahren wiegst du mehr als eine halbe Tonne, wenn du im gleichen Stil weitermachst." Diese Hochrechnung habe ihn zu einem radikalen Kurswechsel bewogen.
This paper investigates the political feasibility of different hypothetical reform options of an unsustainable pay-as-you-go public pension system. In calibrating the model to the Swiss economy, we find that low internal rates of return and high distortions can reduce political support for an increase in earmarked taxes, up to a point where a reduction in the size of the social security program receives a majority of votes. Our simulations show that the consideration of non-social security taxes is crucial in welfare analysis. This is especially true for countries in which the public pension system is explicitly or implicitly subsidized.
In 1998, the Swiss voters approved of an increase in the female retirement age within the public pension system from 62 to 64. The referendum, being on a single issue only, offers a unique opportunity to explore the political feasibility of pension reforms and to apply theoretical models of life-cycle decision making. Estimates carried out with municipality data suggest that the outcome of the vote conforms well with predictions drawn from a theoretical model. Young agents, elderly and-to a lesser extent-middle-aged men favor an increase in female retirement age, while middle-aged women strongly oppose it. Richer communities and those with a high proportion of self-employed or a low fraction of blue-collar workers are more likely to opt for a higher retirement age. Ideological preferences and regional differences also play a considerable role.
