The Dutch pension system is often praised as one of the best in the world: it is efficient, it provides certainty to participants and it preserves cohesion and solidarity among workers and pensioners. This book presents these benefits in detail, supported by quantitative evidence. It also discusses the aspects of the system that are less favourable, such as implicit value transfers from younger to older generations that limit mobility of labour. The analyses of both benefits and costs will help pension fund managers, boards of trustees, supervisors, and researchers to understand and to improve pension systems currently in place around the world. The book is explicitly recommended by Robert C. Merton (Nobel Laureate).

Explicitly recommended by Robert C. Merton (nobel laureate), Bert Rürup (pension system advisor to the German Federal Government), Brett Hammond (Managing Director TIAA-Creff, a leading pension fund in the USA), and many others Includes supplementary material: sn.pub/extras

Inhalt
The concept of solidarity.- Solidarities in collective pension schemes.- Solidarity: who cares?.- Quantifying solidarity.- Operating costs of pension schemes.- Optimal risk-sharing in private and collective pension contracts.- Intergenerational value transfers within an industry-wide pension fund a value-based ALM analysis.- Intergenerational solidarity in the uniform contribution and accrual system.- Everyone gains, but some more than others.- Mandatory participation.- Why mandatory retirement saving?.- Mandatory participation for companies.- Conclusion.- Macroeconomic aspects of intergenerational solidarity.- Summary and conclusions.