Pension Privatisation: Benefits and Costs
研究OECD国家转向私人管理养老金计划带来的风险转移和不平等问题，发现从待遇确定型转向缴费确定型以及从公共管理转向私人管理，都增加了员工风险并加剧了性别和收入不平等。
Abstract During the last 10 years, many OECD countries introduced reforms which included automatic enrolment or mandatory participation in privately managed pension schemes. The current article aims to reveal the benefits and costs of privately managed pension schemes. The article uses a study of pension schemes’ bylaws in Israel to study the degree to which the shift to privately operated DC schemes results in the transfer of risk from capital to labour and in the entrenchment of gender and income inequalities. The article shows that the shift of pension provision from defined benefit (DB) to defined contribution (DC) entails a significant shift of risk from capital to labour. Moreover, separately from the DB to DC shift, moving from public management to private management increases employees’ pension risks. Lastly, the paper shows that the combination of the shifts from DB to DC and from public to private management involves a shift in governance, which exposes pension scheme members to a high likelihood of lower returns as well as to gender and income inequalities.