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Are Pension Systems between the UK, Germany and Sweden Converging? Focusing on Benefit Adequacy and Financial Sustainability

  • Korea Social Policy Review
  • Abbr : KSPR
  • 2016, 23(2), pp.1-24
  • DOI : 10.17000/kspr.23.2.201606.1
  • Publisher : Korean Association of Social Policy
  • Research Area : Social Science > Sociology > Medical / Welfare / Social policy
  • Published : June 30, 2016

Jung, Changlyul 1 Kwon Hyeok Chang 2

1단국대학교
2경남과학기술대학교

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ABSTRACT

This paper examines whether the pension systems of the western countries which was traditionally classified into the Beveridgean and Bismarckian pension regime will converge after recent pension reforms in the financial sustainability and adequacy perspective by comparing between UK, Germany and Sweden. As a result of pension reforms for the last 20 years, the gap between the Beveridgean and Bismarckian pension regime will be likely to decrease and, in particular, the tendency to convergency in adequacy is found. Even though it is not jumped to a conclusion that public pension expenditure between the three countries is likely to converge, the tendency to convergency in financial sustainability is also found if the difference of demographic aging between countries is considered. The paper suggests that it is necessary to make agreement between the range of pension expenditure and replacement ratio that western countries suggest in pension debate in Korea, instead of hitherto useless controversy between financial sustainability and adequacy.

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