Pension Arrangements and Retirement Choices in Europe: A Comparison of the British, Danish and German Systems

ENEPRI Research Paper No. 5

52 Pages Posted: 16 Feb 2012

See all articles by James Sefton

James Sefton

affiliation not provided to SSRN

Justin van de Ven

National Institute of Economic and Social Research (NIESR); Melbourne Institute of Applied Economic and Social Research

Martin R. Weale

National Institute of Economic and Social Research (NIESR)

Date Written: February 1, 2005

Abstract

This paper develops a general equilibrium simulation model of a heterogeneous population in which both consumption/saving and labor/leisure choices are endogenous. The authors use it to explore the effects of the different state benefit systems on the labor supply of old and older workers in Denmark, Germany and the UK. In broad terms, they find that differences in labor force participation can be accounted for by the differences in benefit structures. These conclusions are not altered when they allow for the effects of poor health at different ages. The UK system is found to be preferable by young persons while the German arrangement is preferred by old and older people (who make up the majority in the simulated population).

Keywords: pension, retirement, Europe, UK, Denmark, Germany, labor force, health, aging

Suggested Citation

Sefton, James and van de Ven, Justin and Weale, Martin R., Pension Arrangements and Retirement Choices in Europe: A Comparison of the British, Danish and German Systems (February 1, 2005). ENEPRI Research Paper No. 5, Available at SSRN: https://ssrn.com/abstract=2005680

James Sefton (Contact Author)

affiliation not provided to SSRN ( email )

Justin Van de Ven

National Institute of Economic and Social Research (NIESR) ( email )

2 Dean Trench Street
Smith Square
London SW1P 3HE
United Kingdom

Melbourne Institute of Applied Economic and Social Research ( email )

Level 5, FBE Building, 111 Barry Street
Parkville, Victoria 3010
Australia
61390355028 (Phone)

Martin R. Weale

National Institute of Economic and Social Research (NIESR) ( email )

2 Dean Trench Street
Smith Square
London SW1P 3HE
United Kingdom

HOME PAGE: http://www.niesr.ac.uk/

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