Adjustments of public pension schemes in twelve industrialized countries: possible answers to population ageing

"This article analyses the impact of population dynamics on future public pension expenditure in twelve industrialized countries. Whereas previous studies have mainly emphasized ageing effects, this study looks into the consequences of changing marital status structures as well. Old age pensions, disability, and survivor's pensions are investigated. Various sets of demographic and pension scenarios are formulated for the projections, dealing with changes in demographic, labour force and pension system variables in the future. The analyses show that there can be no adequate demographic response to rising pension costs caused by population ageing at the horizon 2030. Neither an increase in fertility nor an inflow of migrants can rejuvenate national populations, unless fertility and/or migration reach unrealistically high levels. Instead, substantial reductions of the public pension burden have to be sought in socioeconomic measures." (SUMMARY IN FRE)