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Reforming PensionsPrinciples and Policy Choices$
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Nicholas Barr and Peter Diamond

Print publication date: 2008

Print ISBN-13: 9780195311303

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780195311303.001.0001

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Core Purposes of Pension Systems

Core Purposes of Pension Systems

Chapter:
(p.25) 2 Core Purposes of Pension Systems
Source:
Reforming Pensions
Author(s):

Nicholas Barr (Contributor Webpage)

Peter Diamond (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195311303.003.0002

The primary objective of pensions is economic security in old age, achieved through consumption smoothing, insurance, poverty relief, and redistribution. The primary objective of pension design is to optimize old-age security, including the cost of providing it. The objectives are best approached through a mix of voluntary and mandatory arrangements. The chapter also discusses some analytical errors.

Keywords:   consumption smoothing, insurance, pension system, pensions, poverty relief, redistribution

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