Revisiting the Market for Social Insecurity

The Swedish national pension system has been thoroughly revised. The new old age pension system is basically earnings-related, but contains a guaranteed minimum pension for those who have no or only a low earnings-related pension. The level of that minimum pension was fairly high when introduced in 1994, though its relative value has already diminished and will continue to gradually, but significantly, do so in the future due to its being indexed according to the cost of living rather than to wage development. The earnings-related scheme consists of two parts, a pay-as-you-go NDC (notional defined contribution) part and a fully funded FDC (funded defined contribution) premium reserve part. We wrote an article on the revised national pension system which was published in the Scandinavian Insurance Quarterly in December 2002 (NFT 2002:4). Many articles written by Swedish and international experts have followed.

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