Agnew, J. (2013), “Australia’s retirement system: strengths, weaknesses, and reforms”, Center for Retirement Research Working Paper No.5, Boston College, April.
Alessie, R. Been, J. Caminada, K., Goudswaard, K., Kalwij, A. and M. Knoef (2014), “Measuring retirement savings adequacy: developing a multi-pillar approach in the Netherlands”, Journal of Pension Economics and Finance, 11(2), pp.203-222.
Ambachtsheer, K. (2014), “Taking the Dutch pension system to the next level – A view from the outside”, Netspar Occasional Paper.
Bodie, Z., Marcus, A.J. and R.C. Merton (1988), “Defined benefit versus defined contribution pension plans: what are the real tradeoffs”, NBER Working Paper No.1719, October.
Boelaars, I., Bovenberg, L., Broeder, D. Gortzak, P., Kocken, T., Lever, M., Nijman, T., Tamerus, J. and S. van Hoogdalem (2014), “Towards sustainable Dutch occupational pensions”, Netspar, November 14.
Bovenberg, L., Mehlkopf, R. and T. Nijman (2014), “The promise of defined ambition plans: lessons for the United States”, World Pension Summit Paper.
Bovenberg, L. and T. Nijman (2015), “Personal pensions with risk sharing – Affordable, adequate and stable private pensions in Europe”, Netspar Discussion Papers No.3, March.
Bovenberg, L. and T, Nijman (2017), “New Dutch pension contracts and lessons for other countries”, Netspar Academic Series, DP 09/2017-014, September.
Chomik, R. and J. Piggot (2012), “Pensions, ageing and retirement in Australia: long-term projections and policies, Australian Economic Review Vol.45, No.3, pp.350-361.
Collinson, D. (ed) (2001) “Actuarial methods and assumptions used in the valuation of retirement benefits in the EU and other European countries”, European Actuarial Consultative Group, December.
Durand, O. and S. Gaille (2013), “Switzerland: current retirement system and future prospects”, Life and Pensions Newsletter No.52, The Geneva Association, March.
Gerber, D.S. and R. Weber (2007), “Aging, asset allocation and costs: evidence for the pension fund industry in Switzerland”, IMF Working Papers 07/29, International Monetary Fund, February.
Guardiancich, I. (2010), “Denmark – Current pension system: first assessment of reform outcomes and output”, European Social Observatory Country Report, May.
Impavido, G. (2011), “Stress tests for defined benefit pension plans – A primer”, IMF Working Paper 11/29, International Monetary Fund, February.
International Monetary Fund (2011), “Technical note – Pension sector issues” in Financial Sector Assessment Program Update – Kingdom of the Netherlands-Netherlands, IMF Country Report 11/209, International Monetary Fund, July.
International Monetary Fund (2017), “Technical note – Insurance and pension sector” in Financial Sector Assessment Program Update – Kingdom of the Netherlands-Netherlands, IMF Country Report 17/94, International Monetary Fund, April.
Ionescu, L. and J. Yermo (2014), “Stress testing and scenario analysis of pension plans”, IOPS Working Papers on Effective Pensions Supervision No. 19, March.
Khamis, M. (2006), “A comparison of the Swiss, Dutch, and U.K. pension systems, with emphasis on the occupational pension pillars” in Switzerland: Selected Issues, IMF Country Report 06/203, International Monetary Fund, June.
Kocken, T. (2011), “Why the design of maturing defined benefit plans needs rethinking”, Rotman International Journal of Pension Management, Vol.4, Issue 1, Spring.
Kocken, T. (2012), “Pension liability measurement and intergenerational fairness”, Rotman International Journal of Pension Management, Vol.5, Issue 1, Spring.
Kooiman, T. and J. Parleviet (2015), “Wealth formation of Dutch households: a policy assessment”, De Nederlandsche Bank Occasional Studies, Vol.13, No.1.
Organization for Economic Co-operation and Development (2014), Ageing and employment policies: Netherlands, working better with age.
Rocha, R., Rudolph, H.P. and D. Vittas (2010), “The payout phase of pension systems – A comparison of five countries”, World Bank Policy Research Working Paper No.5288, The World Bank, April.
Weaver, K. and A. Willen (2013), “The Swedish pension system after twenty years: mid-course corrections and lessons”, OECD Journal on Budgeting No.3.
Appendix – Data sources and actuarial formulas used to stress test the Dutch collective pension schemes
I am grateful to Dutch counterparts at De Nederlandsche Bank (DNB) and the Centraal Planbureau (CPB) for insightful exchanges, and to Anvar Musayev for excellent research assistance.
We do not take into account the situation of so-called “deferred members”, namely workers that have accumulated benefit rights but do not participate anymore in their previous pension plan after migrating either to other schemes or to self-employment, because we assume that these transitory situations only marginally affect total membership.