The influence of longevity risk on the sustainability of pension systems
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
Year by year people are living longer and longer. Not only the life expectancy at birth increases, but also, and for the developed countries in particular, life span 65 plus. Longevity risk, and its unpredictability, has a number of consequences for the sustainability of pension systems. Higher costs, extended time of retirement, make pension systems no longer effective. It is necessary to introduce solutions adjusting pension systems to changed world. Among the most important described in the article are: linking retirement age to pension systems, the privatization of pension systems, and different methods of transferring longevity risk to the capital market.
Authors and Affiliations
Joanna Adamska-Mieruszewska
Keywords
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