Pension reforms in the 1990s and during the financial crisis: More of the same? (2015)

Aaron G Grech


Many EU countries have been carrying out substantial pension reforms since the mid-1990s. This article studies whether the reforms that were carried out in ten EU countries before and after the financial crisis of 2008 are different. This is done through an analysis of the different elements of these reforms and also by comparing entitlements of statutory pension systems after each set of reforms. The main conclusion is that the pre-crisis reforms were much stronger and had a more negative impact on women than the post-crisis reforms. It is harder to determine whether this represents a temporary break in the reform process or a permanent change in the orientation of pension reforms in these ten countries.

University of Vechta Discussion Paper 21/2015