New models for private pensions

Abstract

The study analyzes the crisis in pension systems to protect increasing longevity, indicating the unsustainability of official pension schemes when measures are adopted only to increase the retirement age and contributions. Based on this premise, new models for private pension plans are studied, indicating new arrangements that can offer lifelong income in old age, considering the increase in longevity experienced worldwide. The aim of this study is to analyze types of private pension plans already adopted by other countries, such as collective defined contribution plans and tontines, which aim to provide forms of lifetime benefits or the receipt of amounts when the resources of the defined contribution plans are exhausted due to the increase in the longevity of populations around the world. After analyzing these models, the means by which the regulation of private pension plans can contribute to social well-being and offer greater social protection in old age through new arrangements are indicated.