The Swedish pension reform: a good model for other countries?

In this article I will discuss the Swedish Pension reform in the light of the international debate. My main point is that the core issue in a pension reform is to uphold an open and transparent generational contract, with a fair balance between active and retired today and in the future, and to maintain a political responsibility for monitoring the contract. The new Swedish pension system has transferred all financial and demographic risks onto the individual and is meant to function automatically for an indefinite future. Hence, it does not fulfil this basic task of a public pension system and it has simply become the latest example of an attempt to avoid the realities of the dilemma facing aging societies. It is not a good model for other countries.

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