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Pensions are a major form of income transfers in all developed countries. Pension systems differ starkly as to what extent pension benefits depend on past earnings. In Bismarckian systems, pension benefits are related to past earnings. In Beveridgean systems, such a link is much weaker. Against a background of aging populations, dealing with pension liabilities is a major challenge. This DICE field provides an overview of pension rules, financing and spending, and how these have changed and are forecast to change.

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