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- W1927760949 abstract "This paper shows that the presence of a mandatory pension plan interacts with the operating costs of a realistic financial market to reduce the set of consumption plans attainable by provident workers. Moreover, when an improvident worker's reaction to the mandate is to take up more consumer credit, the net contribution of the second pillar to welfare can be negative. Thus, improving the design of the mandate is essential. I argue that it is desirable for middle- and high-income countries to legislate an age-varying contribution rate as in Switzerland. In the case of countries that have established an independent Central Bank, I propose that they should endow it with the legal power to adjust contribution rates to the business cycle, subject to some restrictions that ensure compatibility with the aims of the pension plan. I reject the notion of allowing workers partial access to their retirement savings for a designated set of investments, such as education, home equity, and health. However, I favor allowing members to take out limited loans from their own pension savings, provided other safeguards are adopted to minimize political incentives to extend these limits. I also recommend that governments allow joint annuity-health policies as part of the mandated plan for retirees and that they should be permitted to mortgage up to 12 of their monthly pensions to provide them with some liquidity." @default.
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- W1927760949 date "2004-01-01" @default.
- W1927760949 modified "2023-09-27" @default.
- W1927760949 title "Improving mandatory saving programs" @default.
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