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Notional Defined Contribution Accounts: Application to Portugal

Author

Listed:
  • Filipe Aleman Serrano

    (CEFAGE-UE, Universidade de Évora)

Abstract
The amount of implicit debt is quantified in relation to the contributive regime that supports the old age pension scheme of the Portuguese Social Security and the notional defined contribution accounts system concept as a solution of financial sustainability of that regime is presented, without the need for altering the overall tax rules. In the management of the transition from a public defined benefit pension scheme to a defined contribution plan a series of theoretical principles are presented, namely, the data treatment, the acquired rights, the demographic deficits, benefits not financed and the distinct speed of conversion in the processes of such nature. The Swedish public pension system and its automatic balancing mechanism are characterized. Their underlying principles are applied to the Portuguese reality, essaying different speeds of conversion and distinct ways of computing the acquired rights. The results of the implicit debt, replacement rates, expenses and financial results of the new regimes are presented, based on a set of demographic and economic assumptions, provided by benchmark entities.

Suggested Citation

  • Filipe Aleman Serrano, 2014. "Notional Defined Contribution Accounts: Application to Portugal," CEFAGE-UE Working Papers 2014_04, University of Evora, CEFAGE-UE (Portugal).
    • Handle: RePEc:cfe:wpcefa:2014_04
    as

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    File URL: http://www.cefage.uevora.pt/en/content/download/4659/55279/version/1/file/2014_04.pdf
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    References listed on IDEAS

    as
    1. Chlon, Agnieszka & Gora, Marek & Rutkowski, Michal, 1999. "Shaping pension reform in Poland : security through diversity," Social Protection Discussion Papers and Notes 20852, The World Bank.
    2. Allan P. O. Williams, 2006. "Impact of Strategies," Palgrave Macmillan Books, in: The Rise of Cass Business School, chapter 13, pages 167-181, Palgrave Macmillan.
    3. Devis Geron, 2009. "Social Security Incidence under Uncertainty Assessing Italian Reforms," CESifo Working Paper Series 2812, CESifo.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Filipe Aleman Serrano, 2015. "Analysis of the Performance of the Management of the Automatic Balancing Mechanism," CEFAGE-UE Working Papers 2015_03, University of Evora, CEFAGE-UE (Portugal).

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    More about this item

    Keywords

    Notional defined contributions accounts; Automatic balancing mechanism; Replacement rates; Implicit debt; Swedish Public Pension system.;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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