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The Welfare State in EuropeEconomic and Social Perspectives$
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Pierre Pestieau and Mathieu Lefebvre

Print publication date: 2018

Print ISBN-13: 9780198817055

Published to Oxford Scholarship Online: September 2018

DOI: 10.1093/oso/9780198817055.001.0001

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Old Age Pensions

Old Age Pensions

(p.123) 10 Old Age Pensions
The Welfare State in Europe

Pierre Pestieau

Mathieu Lefebvre

Oxford University Press

This chapter gives an overview of the type of pension system existing in Europe. Contributive and redistributive systems are opposed but the chapter shows that pension systems are more often a mix of both. The chapter shows how these systems have been more or less effective in tackling old age poverty in most countries and it points to the main challenges that these systems are facing, namely population ageing and low labour-force participation. The major reforms that have been implemented to ensure future sustainability of pension systems are presented but a number of additional changes that should be implemented are discussed. The chapter also presents projections for future outcomes and the link between demographic challenges and social security benefits is highlighted.

Keywords:   Annuity, defined contribution, notional defined contribution, defined benefit, dependency ratio, effective retirement age, pay-as-you-go, lump of labour fallacy, fully funded system, points pension

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