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The pension systems of Sweden and Singapore are compared in this thesis paper using the most recent developments in welfare-regime analysis. The author examines how the two countries’ policy systems are responding in light of Esping- Anderson’s welfare regime theory because the researcher thinks it will be fascinating and challenging also to compare the pension systems of the aforementioned countries. This paper will be helpful to students and scholars looking for public policy recommendations in the area of pensions for senior citizens. Additionally, the author will provide professionals with references if they need a summary of public pension policy and finance in terms of comparative research studies. The author discovers that both nations’ pension policies are performing adequately though there is some error to solve; also finds there are significant differences between the two nations’ institutional infrastructures. As the Swedish system demonstrates a lower degree of independence and long-term public control over pension policy. Conversely, the Singaporean system has a higher degree of independence and is firmly committed to a free market system.

Thesis advisor: John B. Williamson / This study assesses the influence of old-age pension policy on older adults' life satisfaction, and examines factors that shape this relationship. It theorizes that two distinct dimensions capture variation in the type of pension policy: individualization of risk (as opposed to socialization, or pooling, of risk) and redistribution of resources (that is, poverty prevention through income redistribution mechanisms such as non-contributory pensions). To empirically evaluate the presence of these two dimensions and to assess their influence of life satisfaction among older adults, this study analyzes data for 126,560 adults age 45 and over living in 91 countries over the period 1981-2008. Using principal component factor analysis, it finds support for the two-dimensional model of pension policy. Next, using three-level hierarchical linear regression, this study assesses the effects of pension policy individualization and redistribution on life satisfaction, generating three additional major findings. First, redistribution increases life satisfaction, but individualization--on average--has no significant effect on life satisfaction. Thus, the potential impact of individualization (whether positive or negative), and of the associated increased risk, choice, and opportunities for return, has been clearly overstated in theoretical debates on pension policy privatization. Second, the relationship between pension policy and life satisfaction is contingent on the macro-social context. Specifically, individualization that takes place in more affluent societies has beneficial impact on life satisfaction, while individualization unfolding in contexts of material scarcity has detrimental impact on life satisfaction. Further, the overall beneficial effects of redistribution on life satisfaction are substantially higher in the context of traditional cultures and lower in the context of secular-rational cultures. A third finding is that governmental commitment to social security (i.e., government expenditures on social security as a percentage of total government expenditures) also shapes the relationship between the type of pension policy and life satisfaction: Higher government commitment to social security substantially improves the life satisfaction outcomes of individualization. Findings from this study are used to integrate and advance theory on comparative public policy and the larger macro-social context shaping subjective well-being. Policy implications for pension reform are discussed, highlighting redistribution of resources and alleviation of need as more efficient avenues to increase older adults' life satisfaction than privatization or pooling of risk. / Thesis (PhD) — Boston College, 2009. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Sociology.

This study had two basic objectives. The first was to determine the stock market reactions to the pension policy deliberations. The second was to further our understanding of the significance of the FASB's due process. The author selected 13 critical events that preceded passage of SFAS No. 87 and designed a quasi experiment to examine the stock market reaction around the above events. Two portfolios were constructed to test the hypotheses. The first portfolio consisted of firms in the experimental group (firms sponsoring a defined benefit pension plan) and the second portfolio consisted of firms in the control group (firms sponsoring a defined contribution pension plan). The two portfolios were matched on the basis of SIC code, debt to equity ratio and assets.

In der Bundesrepublik hat sich die Überzeugung durchgesetzt, angesichts des bevorstehenden demographischen Wandels sei eine Stärkung kapitalgedeckter Elemente in der Altersvorsorge notwendig. Die Riestersche Rentenreform des Jahres 2001 stellt einen Schritt in diese Richtung dar. Zunächst wird dargelegt, dass die demographisch induzierten Schwierigkeiten der gesetzlichen Rentenversicherung (GRV) wahrscheinlich ebenso überschätzt werden wie das Problemlösungspotential einer verstärkten privaten Vorsorge. Daher wird anschließend untersucht, wie sich die Gewissheit von der Notwendigkeit kapitalgedeckter Vorsorge politisch durchsetzen konnte. Hierbei wird auf theoretische Ansätze einer Wissenssoziologie der Politik zurückgegriffen. Anhand ausgewählter rentenpolitischer Bundestagsdebatten der Jahre 1957 bis 2001 werden die Deutungen politischer Akteure hinsichtlich der Probleme der GRV, der Problemlösungen und der dabei vorgesehenen Rolle kapitalgedeckter Elemente untersucht. Gezeigt werden soll, dass die Rentenreform 2001 nicht einfach auf Grund demographischer oder ökonomischer Zwänge verstanden werden kann. Entscheidend sind vielmehr die politischen Deutungen solcher Sachverhalte und deren langfristiger Wandel. Erst aus der Verknüpfung von spezifischen Deutungen der langfristigen demographischen Entwicklung, der kurzfristigen Wirkung der Lohnnebenkosten auf die Arbeitslosigkeit und der Funktionsgrundlagen der GRV ergibt sich im politischen Prozess die „Notwendigkeit“ einer zusätzlichen privaten kapitalgedeckten Altersvorsorge.

In der Bundesrepublik hat sich die Überzeugung durchgesetzt, angesichts des bevorstehenden demographischen Wandels sei eine Stärkung kapitalgedeckter Elemente in der Altersvorsorge notwendig. Die Riestersche Rentenreform des Jahres 2001 stellt einen Schritt in diese Richtung dar. Zunächst wird dargelegt, dass die demographisch induzierten Schwierigkeiten der gesetzlichen Rentenversicherung (GRV) wahrscheinlich ebenso überschätzt werden wie das Problemlösungspotential einer verstärkten privaten Vorsorge. Daher wird anschließend untersucht, wie sich die Gewissheit von der Notwendigkeit kapitalgedeckter Vorsorge politisch durchsetzen konnte. Hierbei wird auf theoretische Ansätze einer Wissenssoziologie der Politik zurückgegriffen. Anhand ausgewählter rentenpolitischer Bundestagsdebatten der Jahre 1957 bis 2001 werden die Deutungen politischer Akteure hinsichtlich der Probleme der GRV, der Problemlösungen und der dabei vorgesehenen Rolle kapitalgedeckter Elemente untersucht. Gezeigt werden soll, dass die Rentenreform 2001 nicht einfach auf Grund demographischer oder ökonomischer Zwänge verstanden werden kann. Entscheidend sind vielmehr die politischen Deutungen solcher Sachverhalte und deren langfristiger Wandel. Erst aus der Verknüpfung von spezifischen Deutungen der langfristigen demographischen Entwicklung, der kurzfristigen Wirkung der Lohnnebenkosten auf die Arbeitslosigkeit und der Funktionsgrundlagen der GRV ergibt sich im politischen Prozess die „Notwendigkeit“ einer zusätzlichen privaten kapitalgedeckten Altersvorsorge.:Einleitung; Alterssicherung – demographische Alterung und Finanzierungsverfahren; Die Akteursebene – wissenssoziologische Grundlagen; Die Konstruktion eines demographischen Problems der GRV in Konkurrenz mit anderen Problemen; Die Bearbeitung des demographischen Problems bis zum RRG 1999; Die Rolle kapitalgedeckter Altersvorsorge; Resümee

As demographic and economic contexts have shifted, the need for pension systems to reform has increased. Often, however, these systems have proved difficult to change – especially in continental Europe. Despite this, Germany, by many considered particularly reform resistant, succeeded in reforming its pension system; while France, with its strong executive power, has not. As research has yet to find a consensus on what factors makes welfare retrenchment possible, this field requires more attention. Therefore, the aim of this thesis is to analyse the developments of the German and French pension systems, from 1990-2010, and to unearth what factors made successful reform possible in Germany while it failed in France. Using a comparative case study, all major pension reforms in the two countries during the time period, are analysed from four institutionalist perspectives. The results point to three main factors explaining Germany’s successful reform. Firstly, the shock brought on by the reunification of East and West Germany forced politicians to act. France on the other hand, experienced no such shock. Secondly, the subduing of the unions removed the main veto player against reform. In contrast, the French unions, whose political power lies in their ability to call for manifestations and shift public opinion, could not be outflanked. Lastly, the new liberal ideas that permeated German politics around the turn of the century provided a locus for change that was lacking in France. These results suggest the importance of external pressure, veto players and ideational factors to major welfare reform.