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LINKING RETIREMENT AGE TO LIFE EXPECTANCY
- What happens to working lives and income distribution?

Authors: Jukka Lassila, Niku Määttänen and Tarmo Valkonen.

Book analyses how pension policy reforms that aim at extending working lives affect working lives, income distribution, and fiscal sustainability of both the earnings-related pension system and overall public finances.

The research focuses on the economic impacts of increasing the statutory retirement age and establishing a link between the retirement age and longevity. Raising the earliest eligibility ages for old-age pensions, part-time pensions and the unemployment pathway to retirement by two years would extend the average working lives by about six months. Another change increases the statutory retirement age initially by 10 months and in the future by about two thirds of the increase in life expectancy, resulting in an increase of one month per year, were the most recent population projection to come true.

The reform also eases the current longevity adjustment of pensions and converts the current accelerated accrual rate from age 63 to an increase for deferred retirement. This reform would lower the pension contribution rate by one and a half percentage points on average and reduce the sustainability gap of public finances by 0.9 percentage points.

Book is a joint venture with Finnish Centre for Pensions.

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2014 104 s. (Tuotekoodi B260) ISBN 978-951-628-599-6.

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