English abstract on Cairn International Edition
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The Swedish pension reform probably represents the most far-reaching reconstruction of a mature public pay-as-you-go pension system undertaken in Western Europe after 1945. The reform was drafted back in 1992; a political agreement to implement it was reached in 1994, and its principal elements were legislated in 1998. This article provides a brief background and description of the reform process, with an emphasis on describing the main features of Sweden’s new public pension system. Also reported are some of the early experience with the new scheme and how it has been received.
Plan de l'article
- Founding principles
- The ex post timing of the reform
- What has happened – the direction of the Swedish pension reform
- The principal differences in the dynamics of DB and DC systems
- Pensionable income
- Transition from the old system to the new
- How does the notional DC system work?
- Annuity divisors – the main source of financial stability
- The buffer fund of the NDC system
- The system of financial accounts
- To choose or not to choose
- Enormous losses in absolute terms – small losses in relation to the total public notional pension capital
- Guaranteed pension – a remaining DB component in the new system
- The dilemma of guaranteed pension – work incentives
- Annual information – Sweden’s “orange envelope”
- Administrative issues and costs
- Automatic balancing and the annual report of the NDC system14
- Any conclusions?