Abstract
In <b>The Top Three Pension Systems: <i>Denmark, Finland, and the Netherlands</i></b>from the Fall 2020 issue of <b><i>The</i></b><b><i>Journal of Retirement</i></b>, authors <b>Svend E. Hougaard Jensen</b>(of <b>Copenhagen Business School</b>), <b>Jukka Lassila, Niku Määttänen, Tarmo Valkonen</b>(all of the <b>Research Institute of the Finnish Economy</b>), and <b>Ed Westerhout</b>(of <b>Tilburg University</b>) analyze the three top-rated pension systems from the 2018 Mercer Global Pension Index. All three systems share common strengths: mandatory participation, a minimum guaranteed old-age income, a high income-replacement rate, and robust fiscal sustainability. They also have privatized elements (like decentralized management and market-based investing) and rely on social partners (employee and employer representatives) to help get public buy-in for policies. However, all three pension systems face similar challenges–like legitimacy issues (since social partners are elected by a shrinking number of union members) and the fact that mandatory pension contributions can preempt savings for shorter-term goals. Policymakers worldw study these pension systems to help find solutions to problems in their own systems. Policymakers in the United States can find valuable information on issues like privatizing Social Security, eligibility changes, and getting public buy-in for reforms designed to increase the system’s sustainability. <b>TOPICS:</b>Retirement, social security, pension funds, wealth management
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