TY - JOUR
T1 - A universal fully funded pension scheme
AU - HO, Lok Sang
PY - 1997/7/1
Y1 - 1997/7/1
N2 - This paper puts forward a public pension scheme that is fully funded for each cohort and covers everybody. The scheme is an application of the generational accounting concept. As compared to pay-as-you-go schemes, it is free of the vagaries of uncertain demographic changes. Because payouts for each cohort are directly related to contributions, it is also free of political pressures to increase benefits. The paper looks at various refinements to the scheme and compares it with the Mandatory Private Provident Fund, which has become popular in recent years.
AB - This paper puts forward a public pension scheme that is fully funded for each cohort and covers everybody. The scheme is an application of the generational accounting concept. As compared to pay-as-you-go schemes, it is free of the vagaries of uncertain demographic changes. Because payouts for each cohort are directly related to contributions, it is also free of political pressures to increase benefits. The paper looks at various refinements to the scheme and compares it with the Mandatory Private Provident Fund, which has become popular in recent years.
UR - http://commons.ln.edu.hk/sw_master/408
U2 - 10.1111/j.1465-7287.1997.tb00473.x
DO - 10.1111/j.1465-7287.1997.tb00473.x
M3 - Journal Article (refereed)
SN - 1074-3529
VL - 15
SP - 13
EP - 20
JO - Contemporary Economic Policy
JF - Contemporary Economic Policy
IS - 3
ER -