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Ageing in the Dutch and the Hungarian pension systems

Ageing in the Dutch and the Hungarian pension systems. Moniek Gatzen Budapest, July 5th 2007. The Dutch Pension System. 1. State Pension Scheme Requirements: resident of state / 65 years Pay-as-you go system Defined benefit scheme

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Ageing in the Dutch and the Hungarian pension systems

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  1. Ageing in the Dutch and the Hungarian pension systems Moniek Gatzen Budapest, July 5th 2007

  2. The Dutch Pension System 1. State Pension Scheme • Requirements: resident of state / 65 years • Pay-as-you go system • Defined benefit scheme • Payment flat-rate and depends on periods of insurance/ domestic situation. 2. Occupational Pension Schemes • Based on years of employment • Pay for own pension • Different forms 3. Private Benefit Plans: commercial insurance companies/ in own enterprise

  3. Ageing in Dutch Pension System Our (possible) solutions for the ageing problem: • Lower benefit rates • Raise pensionable age • Pensioning age more flexible • Broader financing basis of the AOW • AOW income related • Reconstruction of early exit pathways • Fixed upper limit of AOW-premium • Saving Fund AOW • New Plan

  4. Hungarian Pension System Three pillars: 1. Mandatory public pension • Minimum pension at age of 62 after 20 years insurance. • Pay-as-you go system • Swiss-indexation 2. Private funds • Insured pay 6 percent of their gross income • Swiss indexation • Annuities / one- time lump sums • Supervision by HFSA + guarantee fund 3. Voluntary pension funds

  5. Ageing in Hungarian pension system • High level of inactivity on the labour market • Old-age dependency ratio increased Solutions: • 1998: • retirement age 62 • Reformed pension system (mixed system) • Channels of early exit where partially closed • Measures to keep older people active longer: • higher pension when you work longer • less job-protection

  6. European view on the ageing process In Europe: trend of ageing population decrease of participation of elderly Lisbon 2000: goal: make fully use of potential capacity of everybody, especially older people EC treaty: Make use of the sufficient possibilities, Member States may decide how. Integrated approach is needed Stockholm: go on and elborate on this measures.

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