The Dutch pension system is often praised as one of the best in the world: it is efficient, it provides certainty to participants and it preserves cohesion and solidarity among workers and pensioners. This book presents these benefits in detail, supported by quantitative evidence. It also discusses the aspects of the system that are less favourable, however, such as implicit value transfers from younger to older generations that limit mobility of labour. The analyses of both benefits and costs will help pension fund managers, boards of trustees, supervisors, and researchers to understand and to improve pension systems currently in place around the world.

1 Introduction

 S.G. van der Lecq and O.W. Steenbeek

Part I. The concept of solidarity

2 Solidarities in collective pension schemes

 J.B. Kune

3 Solidarity: who cares?

 P.P.T. Jeurissen and F.B.M. Sanders

Part 2. Quantifying solidarity

4 Operating costs of pension schemes

 J.A. Bikker and J. de Dreu

5 Optimal risk-sharing in private and collective pension contracts

 C.G.E. Boender, A.L. Bovenberg, S. van Hoogdalem, and

 Th.E. Nijman

6 Intergenerational value transfers within an industry-wide pension fund - a value-based ALM analysis

 R.P.M.M. Hoevenaars and E.H.M. Ponds

7 Intergenerational solidarity in the uniform contribution and accrual system

 T.A.H. Boeijen, C. Jansen, C.E. Korfleve, and J.H. Tamerus

8 Everyone gains, but some more than others

 K. Aarssen and B.J. Kuipers

Part 3. Mandatory participation

9 Why mandatory retirement saving?

 P.J.A. van Els, M.C.J. van Rooij, and M.E.J. Schuit

10 Mandatory participation for companies

 P.H. Omtzigt

Part 4. Conclusion

11 Macroeconomic aspects of intergenerational solidarity..

 J.P.M. Bonenkamp, M.E.A.J. van de Ven, and

 E.W.M.T. Westerhout

12 Summary and conclusions

 S.G. van der Lecq and O.W. Steenbeek

About the authors

Subject Index