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Pension schemes in the European Union: challenges and implications from macroeconomic and financial stability perspectives

Author

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  • Sánchez Serrano, Antonio
  • Peltonen, Tuomas
Abstract
Pension schemes have a significant influence on the saving and consumption decisions of households. Similarly, contributions to pension arrangements are substantial expenditures for national governments and also for corporations, depending on the prevailing pension system. Beyond this, pension schemes play an important role in the economy, channelling savings into investments through capital markets. However, demographic factors and the macroeconomic environment (low interest rates, low growth and low productivity) are raising concerns about the sustainability of pension schemes over the long term, in particular for those of a defined benefit type. Their impact on pension schemes and the way to adjust to them have been under the consideration of national and international institutions for some time. In principle, Pillar 1 pension schemes (i.e. those sponsored by the government) would be more affected by demographic factors, whereas the macroeconomic environment would pose a larger challenge to Pillar 2 and 3 pension schemes (i.e. those where the employer and employees contribute to the scheme, and the residual category, respectively). JEL Classification: G23, G28, D15, H55, J32

Suggested Citation

  • Sánchez Serrano, Antonio & Peltonen, Tuomas, 2020. "Pension schemes in the European Union: challenges and implications from macroeconomic and financial stability perspectives," ESRB Occasional Paper Series 17, European Systemic Risk Board.
    • Handle: RePEc:srk:srkops:202017
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    File URL: https://www.esrb.europa.eu//pub/pdf/occasional/esrb.op17~554f755910.en.pdf
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    Citations

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    Cited by:

    1. Bouteska, Ahmed & Sharif, Taimur & Abedin, Mohammad Zoynul & Ghouli-Oueslati, Jihene, 2023. "Relocating investments by Tunisian insurance and pension funds towards alternative assets opportunities," Journal of Policy Modeling, Elsevier, vol. 45(3), pages 609-629.
    2. Muhammad Saleem Ashraf & Fiaz Ahmad Sulehri & Momina, 2023. "Impact of Asset Quality on Financial Stability of Islamic Banks in Pakistan: A Moderating Role of Corporate Image," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 12(3), pages 268-277.
    3. Lorena Škuflić & Ana Pavković & Dora Walter, 2023. "Pension System Reforms As A Prerequisite For Increasing The Competitiveness Of Eu Member States," Shaping Post-COVID World – Challenges for Economic Theory and Policy, in: Aleksandra Praščević & Miomir Jakšić & Mihail Arandarenko & Dejan Trifunović & Milutin Ješić (ed.),Shaping Post-COVID World – Challenges for Economic Theory and Policy, chapter 8, pages 159-181, Faculty of Economics and Business, University of Belgrade.
    4. repec:beo:swcetp:23-08 is not listed on IDEAS

    More about this item

    Keywords

    ageing population; financial stability; interest rates; pensions;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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