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The practice of pension design: experiences from OECD countries 年金制度設計： OECD 諸国の経験

The practice of pension design: experiences from OECD countries 年金制度設計： OECD 諸国の経験. Chris de Neubourg Tokyo 2014. TIAS, School for Business and Society , Tilburg University Maastricht Graduate School of Governance , Maastricht University

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The practice of pension design: experiences from OECD countries 年金制度設計： OECD 諸国の経験

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  1. The practice of pension design: experiences from OECD countries 年金制度設計：OECD諸国の経験 Chris de Neubourg Tokyo 2014 TIAS, School for Business and Society, Tilburg University Maastricht Graduate School of Governance, Maastricht University EPRI, Economic Policy Research Institute, Cape Town Voettekst van presentatie

  2. The practice of pension design and the European experience 年金制度の設計とヨーロッパの経験 Chris de Neubourg TIAS, School for Business and Society, Tilburg University Maastricht Graduate School of Governance, Maastricht University EPRI, Economic Policy Research Institute, Cape Town Tokyo, May 2014

  3. Objectives　目的 Form　形式 Financing　財源 Actuarial Basis　保険数理基準 Management　運営 Decisions to be made…

  4. Objectives Overall: mitigating the risk of longevity by actions of public authorities

  5. 目的 全般的な目的：公的機関による長寿リスクの軽減

  6. The Overview; the usual combinations but not the only possible combinations一般的な組み合わせ；しかし唯一の組み合わせとは限らない 特徴 公的プラン 職業プラン 個人貯蓄 任意か必須か 必須 任意 or 必須 任意 or 必須 再分配 便益が拠出にリンク 確定便益か確定拠出か リスク 政治 破産 投資 割賦方式　or 基金 公的　or 私的

  7. The Overview; the usual combinations but not the only possible combinations一般的な組み合わせ；しかし唯一の組み合わせとは限らない 特徴 公的プラン 職業プラン 個人貯蓄 任意か必須か 必須 任意 or 必須 任意 or 必須 再分配 便益が拠出にリンク 確定便益か確定拠出か リスク 政治 破産 投資 割賦方式　or 基金 公的　or 私的

  8. Institutional Design　制度設計 マルチピラーシステム 公的年金 職業プラン／個人貯蓄 任意貯蓄プラン 必須 必須 任意

  9. Pension Structure: Pillars 年金システムの構造：柱（ピラー） The structure of pension systems 年金システムの構造 Third Pillar 第3の柱 Savings/ Co-insurance 貯蓄/共同保険 Voluntary 任意 Private 私的 Second Pillar 第2の柱 Insurance Level 保険レベル Mandatory 必須 Public/ Private* 公的/私的 First Pillar 第1の柱 Redistributive Level 再分配レベル Mandatory 必須 Public 公的 Defined Benefit* 確定便益 Personal Savings 個人貯蓄 Targeted 対象者 DefinedContribution* 確定拠出 Basic (flat rate) 基礎的　（均一レート） Points ポイント制 Employer Provided 雇用主が提供 Notional Account 国家会計 Minimum 最小レベル Defined Credits 確定控除

  10. Pension Structure: Objectives 年金システムの構造：その目的 First Pillar 第１の柱 To ensure that pensioners achieve some absolute, minimum standard of living 年金加入者の最低限の生活水準を確保 Second Pillar 第2の柱 To achieve a target standard of living for retirement 定年後の一定の生活水準を実現 Third Pillar 第3の柱 Savings 貯蓄

  11. 11 Voettekst van presentatie

  12. All OECD countries have programs to prevent poverty in old age 全てのOEDC加盟国は高齢時の貧困を防ぐための取り組みがなされている Resource-tested or targeted plans benefit the poor テスト年金や対象者プランは貧困層に便益がある The value of the benefit depends on income or income plus assets 便益は所得と所得に資産を足した額を元に算定 6 OECD countries have resource-tested pension plans OEDCの６カ国でテスト年金を実施 Pension Structure: OECD CountriesOECD諸国の年金制度First Tier

  13. Basic pension schemes are either flat rate of depend on years of work 基礎年金制度は均一レートまたは就業年数をもとに算出 Never depend on past earnings 過去の所得に準拠しない Nor depend on additional income in retirement 定年時の追加所得も考慮されない 13 OECD countries have a basic pension scheme OEDC13カ国で基礎年金制度を実施 Pension Structure: OECD CountriesOECD諸国の年金制度First Tier

  14. Minimum pensions share many features with resource-tested plans 最低保障年金はテスト年金制度と似た特徴を持つ The value of the entitlement is however solely based on pension income 給付額は年金所得のみに準拠 Not affected by income from savings or assets 貯蓄や資産といった所得には影響されない Minimum pension schemes are found in 16 OECD countries 最低保障年金はOECD16カ国で実施 Pension Structure: OECD CountriesOECD諸国の年金制度First Tier

  15. Defined-benefit plans are publicly provided in 17 OECD countries 確定給付制度はOEDC１７カ国で公的に実施 Retirement income under such plans depends on the number of years of contribution and on individual earnings この制度では定年退職時の所得は拠出年数と所得額をもとに算定 Private (occupational) DB plans are mandatory or quasi-mandatory in 3 OECD countries OECD3カ国にて私的（職業）確定給付制度は必須もしくは準必須 The Netherlands, Iceland and Switzerland オランダ、アイスランド、スイス Pension Structure: OECD CountriesOECD諸国の年金制度Second Tier

  16. Defined-Contribution schemes are mandatory in 8 OECD countries 確定拠出制度はOECD8カ国で必須 Contributions flow into individual accounts 拠出は個人会計に Contributions and investment return are converted into a pension-income stream 拠出と投資リターンは年金所得に換算 Operated by the private sector 民間部門が運営 Pension Structure: OECD CountriesOECD諸国の年金制度Second Tier

  17. Notional-account schemes exist in 3 OECD countries 国家会計制度はOECD3カ国で実施 The public pension plans of Sweden, Italy and Poland スウェーデン、イタリア、ポーランドの公的年金制度 Contributions are recorded in an individual account 拠出は各個人のアカウントに記録 The accumulated notional capital is converted into a pension-income stream 積立てられた資金が年金所得に換算 “Notional” in that both the contributions made and interest rates charged only exist on the books 拠出と金利は会計簿上のみに存在する Mimic the design of DC schemes 確定拠出制度の制度設計を模倣 Pension Structure: OECD CountriesOECD諸国の年金制度Second Tier

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  20. Minimum pensions are found in 16 countries Basic schemes are also found in 13 countries In Japan, Korea, the Netherlands and the UK such schemes contribute to 40-60% of the total pension promise In Australia is the only country where the whole first-tier provision is means-tested Pension Structure: OECD Countries

  21. The second tier accounts for 95% or more in more than half of the OECD countries Because of high target replacement rates in the second tier In case of Austria, Italy, Poland, Spain and Turkey Because redistribution is carried out by the second tier Switzerland and the US There are no second tier, mandatory pensions in Ireland, New Zealand and the UK Pension Structure: OECD Countries

  22. 23 OECD countries have public, earnings-related schemes They tend to provide almost all of the benefits in Austria, Finland, Germany, Greece, Italy, Portugal, Spain, Turkey and the US Private pensions are mandatory or quasi-mandatory in 11 OECD countries They rely on DB in Iceland, the Netherlands and Switzerland They are DC in most cases Private pensions account for 50% of the total mandatory pension package in Australia, Denmark, the Netherlands, Poland and the Slovak Republic Pension Structure: OECD Countries

  23. Redistribution effects of defined-benefit, Pay-As-You-Go systems: 確定給付、割賦制度における再分配効果 Intentional redistribution 意図的な再分配 Unintentional redistribution 意図的でない再分配 Intergenerational distribution 世代間の再分配 Pension Structure: Redistribution年金制度の構造：再分配

  24. Three mechanisms3つのメカニズム: Minimum Pension 最低保障年金 But individuals must contribute before they may receive this minimum pension 個人は最低年金を受け取る前に拠出する必要がある Progressive benefits formula 累進給付方式 Indicates a declining replacement rate as income increases 所得が上がるにつれ、replacement rateが低下 Front-loaded benefit formula Front-loaded給付方式 Where the first 10-15 years of service are awarded higher benefits 給付開始後10-15年間は高い給付額を支給 Raises incentive issues インセンティブの問題 Pension Structure: Redistribution年金制度の構造：再分配Intentional Redistribution　意図的な再分配

  25. Mechanisms: Averaging period of wages 賃金期間の平均化 When it is less than the full career, redistribution is involved 生涯給与より少ない場合に再分配 The shorter, the more redistribution from future workers to current pensioners and to high-income pensioners 期間が短いほど将来の加入者と高所得の加入者への再分配が増える Life expectancy differential between income classes 所得クラス間の平均寿命の差 Makes the system more regressive, since high income individuals tend to live longer 高所得者は長生きする傾向にあるため、制度が逆累進的に Life expectancy differential between men and women 男女間の平気寿命の差 Causes an automatic redistribution from men to women 男性から女性へ再分配 Pension Structure: Redistribution年金制度の構造：再分配Unintentional Redistribution　意図的でない再分配

  26. The redistribution effect in DB schemes tends to be larger between cohorts 確定給付制度における再分配効果は集団間で高い DB schemes are rarely actuarially fair 確定給付制度は保険数理上は公平でない場合が多い Fiscal deficits are then fixed by raising contribution rates and reducing benefits 財政赤字は拠出レートの引き上げや給付の削減により調整 Pension Structure: Redistribution年金制度の構造：再分配Intergenerational Distribution：　世代間の再分配

  27. Pension Incomes and Old-Age Poverty

  28. Pension policy-making involves balancing 2 objectives: 年金政策の目的は以下2つの課題の平衡化： Provide adequate levels of retirement income 引退時の収入の確保 Ensure that pension incomes do not depart from former living standards 年金収入が現役時の生活水準と乖離しない Incomes of Older People高齢者の所得

  29. 32 Voettekst van presentatie

  30. Important considerations regarding the interpretation of these results include: 考慮する上で重要な点： Retirees do not have to pay costs associated with working 定年者は働くことに関するコストを払う必要はない Housing costs can be very different 住宅コストが大きく変わってくる Older people generally have greater financial assets 高齢者は大抵の場合、資産が多い A focus solely on cash income ignores the important role of in-kind transfers 現物支給を無視し現金収入のみを考慮 Incomes of Older People高齢者の所得

  31. Across OECD countries, “younger” old have higher incomes on average than “older” old OECD諸国では、「若い」高齢者の所得は「より高齢の」高齢者より高くなっている People aged 65-75 have incomes of about 86% of the population average 65-75歳の所得は平均賃金のおよそ86％ People aged 75+ have incomes of about 78% of the population average 75歳以上の所得は平均賃金の75％ Several reasons for this: 理由としては： Cohort or generational effects 集団間や世代間の影響 Real earning have been growing very rapidly 所得が急速に増加 Age effects 年齢の影響 Due to the way in which pension payments are indexed 支給スライド Compositional effects 構成上の影響 Women predominate; tend to have lower pensions or depend on the provision of survivors’ benefits 女性が優位：　女性は給付額が低い年金に加入している場合や遺族年金に頼っている場合が多い Richer people tend to live longer; means that widows at older age were generally married to men with low pensions 高所得者は長く生きる傾向に：高齢の未亡人は、給付額の低い年金に加入していた男性と結婚している場合が多い Incomes of Older People高齢者の所得

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  33. On average public transfers make up 60% of older people’s income in OECD countries Highest in France and Hungary Just 15% in Finland (due to mandatory occupational plans) Also low in Korea (pension scheme was only established in 1988) In Japan and Korea work provides a very large proportion of retirement income 44% in Japan and 59% in Korea Probably reflects the fact that many people lack full contribution histories Income from work accounts for less than 10% percent in France, the Netherlands and Sweden Income from capital plays the largest role in Australia, Canada, Denmark, the Netherlands and Sweden – accounts for 30% on average Incomes of Older PeopleSources of Income

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  36. 13,3% of older people (>65) are income poor on average in OECD countries One of the main drives of old-age poverty is the level at which old-age safety nets (first-tier schemes) are set Income inequality during working lives persists into retirement Old-age Income Poverty

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  38. The population poverty rate generally lies below the old-age poverty rate in OECD countries Older people are less likely to be poor than the population as a whole in 11 countries Older people are least likely to be poor in the Czech Republic, Luxembourg and the Netherlands Difference is particularly large in Canada, New Zealand and Poland Old-age Income Poverty

  39. Older women are generally confronted with higher poverty rates than men The largest differences in old-age poverty between men and women can be found in Ireland, Finland and Norway Also large in Austria, Italy, Japan, The Slovak Republic and the US Exceptions are Iceland, Luxembourg and New Zealand Are countries with low overall poverty rates for older people Old-age Income Poverty

  40. On average 27% of the people aged over 65 are working in OECD countries Working households at retirement age have much lower poverty rates Old-age Income PovertyWorking Status

  41. Public spending on services have an influence on the costs of living and thus on the amount of disposable income needed to survive

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