Eläkeikätyöryhmän muistio, SHV-harjoitustyö
The falling trend of mortality and thus increasing trend of life expectation have continued for a very long time. In Finland particularly the mortality of elderly has been falling dramatically during the last five decades. For instance life expectancy at age 65 has increased by one year per decade. When considering long-term pension expenditure a key factor is whether this trend is continuing, damping or stopping. If the trend of the last decades continues, a discussion of raising the general retirement age will start sooner or later. The aim of this paper is to sort out technical alternatives of raising the retirement age. The alternatives can be divided into two main groups. 1. Adjusting the accrued pension when granted according to the latest discovered mortality Two main technical alternatives are discussed. In the first alternative the task is to find a coefficient adjusting the accrued pension of the existing Finnish benefit-defined pension scheme to the latest discovered mortality. The starting point for defining the coefficient is that pension expenditure is not, from a fixed date onwards, allowed to increase because of falling mortality. In Sweden a new mainly notional premium-defined old age pension scheme is being implemented. In this scheme the latest discovered mortality is automatically taken into account when granting old age pensions. The second alternative is to examine the technical possibilities of introducing such a scheme in Finland. In both alternatives capital values based on discovered mortality are used to measure the effect of changes in mortality on pension cost. 2. Gradually raising the set retirement age The main technical alternative discussed in this section is raising the set retirement age by one month for each cohort. Different annual accrual factors are discussed. The main attention is paid to old age pensions but the effect of raising the retirement age on disability pensions is also examined. A brief review of the situation in other countries is also included.
|Artikkelin otsikko||Elinaika pitenee - miten käy eläkeiän?|
|Avainsanat||työeläkevakuutus, eläkeikä, elinajan odote, kuolleisuus|
|Keywords||Finnish statutory earnings-related pension scheme, retirement age, life expectancy, mortality|