Pensions

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Pensions refer to payment made to a person (or their dependants) after retirement. Pension systems vary across countries and no single model fits all. Generally, there is a mix of public and private pension provision. Public pensions are statutory, most often financed on a pay-as-you-go basis (where current contributions pay for current benefits) and managed by public institutions. Private pensions are in some cases mandatory, but more often are voluntary, funded, employment-based pension plans or individual retirement savings plans. Pensions may also be supplemented by housing wealth, personal financial wealth, and publicly provided services.

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Keywords:  retirement, pension, subsidy, allowance, retiree, benefits
 

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  • Gross pension replacement rates

    Gross pension replacement rates shows the level of pensions in retirement relative to earnings when working.
  • Net pension replacement rates

    The net replacement rate is defined as the individual net pension entitlement divided by net pre-retirement earnings.
  • Gross pension wealth

    Gross pension wealth shows the size of the lump sum that would be needed to buy a flow of pension payments equivalent to that promised by the mandatory pension system in each country.
  • Net pension wealth

    Net pension wealth is the present value of the flow of pension benefits, taking account of the taxes and social security contributions that retirees have to pay on their pensions.
  • Pension funds' assets

    Pension funds' assets are defined as assets bought with the contributions to a pension plan for the exclusive purpose of financing pension plan benefits.
  • Private pension assets

    Private pension assets are defined as all forms of private investment with a value associated to a pension plan over which ownership rights are enforced by institutional units, individually or collectively.
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