Need For Pensions Research Articles

On pessimism and optimism by forward looking agents and the need for pensions

We study whether pessimism and optimism about the future by forward looking agents provides a rationale for pensions. We first distinguish between an agent’s true and pessimistic preferences and then analyze whether this agent’s level of saving depends on the pessimism parameter (π) and how welfare measured by the agent’s true preferences depends on π. Next, we examine whether it is possible for pessimism to increase the agent’s true utility and then show that this kind of pessimism does not provide a rationale for pensions. Moving on to optimism, we study the need for a pay-as-you-go (PAYG) pension system when the agent is optimistic about the generosity of the PAYG system. This optimism is modeled with a parameter (ω). In this setting, we first study the impact that an increase in ω has on the agent’s saving and then examine whether this agent’s welfare increases or decreases in ω. Finally, we show that this kind of optimism does not justify the presence of the PAYG pension system.

Zusammenhang zwischen Selbstwirksamkeitserwartungen und sozialmedizinischem Status bei Patienten mit anhaltender somatoformer Schmerzstörung (ICD-10: F45.4)

The object of this study was to investigate the connection between self-efficacy and socio-medical status as well as the connection between changes in both areas in patients with somatoform pain disorder. In the framework of a naturalistic design, a total of n = 316 patients with somatoform pain disorder were investigated at the beginning and end of psychosomatic in-patient rehabilitation regarding self-efficacy (Aachener Selbstwirksamkeitsfragebogen - ASF) and socio-medical status (application for pension, subjective need for pension, periods of sick leave, pain chronicity). The data were analysed by linear structural equation models in confirmatory factor analyses with cross validation. The postulated model for correlation between self-efficacy and socio-medical status at the beginning of the in-patient treatment could be confirmed and showed a significant correlation coefficient between both areas. The postulated model for correlation between changes in self-efficacy and socio-medical status from beginning to end of the in-patient treatment could also be confirmed and showed a high correlation coefficient between both areas. In patients with somatoform pain disorder self-efficacy showed a significant correlation with the socio-medical status. Moreover, high correlations were found between changes in both areas. The increase of self-efficacy should therefore be a major goal in all therapies.

The changing role of employers in pensions provision

Employers have traditionally provided occupational pensions as part of a package to recruit and retain employees. Governments over the years have forced employers to improve pensions in ways that greatly increase the cost but do little to encourage recruitment and retention. Occupational pensions have become an unattractive channel of remuneration, and are likely to continue to decline at a time when the need for pension saving is increasing strongly.