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Reforming PensionsPrinciples and Policy Choices$
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Nicholas Barr and Peter Diamond

Print publication date: 2008

Print ISBN-13: 9780195311303

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780195311303.001.0001

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Redistribution and Risk Sharing

Redistribution and Risk Sharing

Chapter:
(p.111) 7 Redistribution and Risk Sharing
Source:
Reforming Pensions
Author(s):

Nicholas Barr (Contributor Webpage)

Peter Diamond (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195311303.003.0007

Pension systems have powerful redistributive effects, which may or may not be intended and may or may not be desirable. They can redistribute within a generation. Pension systems can also redistribute across generations. A system with less than full funding inescapably makes choices about redistribution across generations; so does a move toward funding that increases national saving. All pension systems face risk. A central question, discussed in the latter part of the chapter, is how these risks can be shared and how widely they should be shared—questions with implications for both efficiency and equity.

Keywords:   funding pensions, intergenerational redistribution, intergenerational risk sharing, legacy costs, pension risk, redistribution, redistribution across generations, risk sharing

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