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In response to demographic change many countries in the European Union have reformed their pension systems. During the last two decades personal pensions have been introduced in Belgium, Denmark, France, Germany, Ireland, Italy, Poland, Sweden, and the UK. This book is a critical examination of the objectives of personal pensions in these countries and the use of tax incentives to encourage individuals to save for their retirement. It also includes discussion on personal pensions in the United States.The volume focuses on issues such as risk, administrative expense, and the role of tax allowances in encouraging personal pension provision. Based on the evidence from these countries it is concluded that expectations relating to the take up of personal pensions have not been met and that EU countries should not rely on personal pensions to improve income adequacy at the lower end of the income distribution.Academics and researchers teaching and studying employee benefits and pension costs - particularly in countries that have recently reformed their pension systems - will warmly welcome this book. Government bodies involved in pension reform and European Commission institutions concerned with the evolution and problems with pension policy within the EU will also find this book an informative and invaluable read.
Edited by Jim Stewart, Senior Lecturer in Finance, Trinity College Dublin, Ireland and Gerard Hughes, Visiting Professor, Trinity College Dublin, Ireland
Contents:1. Overview and Summary of Key IssuesJim Stewart and Gerard HughesPART I: INDIVIDUAL COUNTRIES’ EXPERIENCE2. Pension Reform and Personal Provision of Retirement Income in FranceLucy apRoberts and Pierre Concialdi3. The Development of Private Pension Pillars in Italy: An Assessment of Recent ReformsFelice Roberto Pizzuti and Michele Raitano4. Personal Provision of Retirement Income in GermanyHeinz-Dietrich Steinmeyer5. Demographic Ageing in Sweden: The Role of Defined Contribution SchemesAnn-Charlotte Ståhlberg6. A Nation of Risk Lovers: Personal Provision of Retirement Income in DenmarkFinn Ostrup7. Personal Provision of Retirement Income in the UKBarbara Waine8. Personal Provision of Retirement Income in PolandMarek SzczepańskiPART II: PUBLIC POLICY AND PRIVATE PROVISION9. The Matthew Effect: Why Current Pension Policy Helps the Rich Get RicherKim De Witte, Poul Roels and Yves Stevens10. Conflicting Objectives in Personal Pension Provision and Personal Saving in IrelandGerard Hughes and Jim StewartPART III: OTHER ISSUES WITH INDIVIDUAL PENSIONS PROVISION11. The Annuity Market and Personal PensionsJohn Turner12. Regulation and Personal PensionsDana Muir13. Talking About Pensions: An Analysis of Language Used to Discuss PensionsBryn DaviesIndex
'This book provides valuable information on investment retirement accounts established in Western European countries.'