Pension Schemes Comparison between EEC Countries*

Abstract. A lot of research has been made on macroeconomic spending on the financing of retirement, most of it taking into account demographic evolution. On the other hand, little research has gone into international comparisons that shed more light on the standards of living that are guaranteed after retirement, and on the flexibility and accessibility of public pension schemes. It is a study of this type that we have carried out for 11 member-states of the EEC (Greece having been left out because of its lack of statistics). In this article, we construct an index that reflects the levels of protection that are offered to the aged by the “first pillar” and under the most general conditions. On the basis of a series of important criteria (conditions for access, flexibility, intervention levels, etc.), we calculated an average of the scores for each criterion. These averages are then used to obtain a general score for each country, ranking them against each other relative to the quality of their respective pension schemes.