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- Title
Pension financialization and collective risk sharing in Canada and Finland.
- Authors
Liukko, Jyri; Doyle, Aaron; Lehtonen, Turo‐Kimmo
- Abstract
This article contributes to the debate concerning pension financialization and how countries are adapting their pension systems to respond to demographic ageing. We do so by examining the statutory pension systems of Canada and Finland, which diverge interestingly from current international trends. The Canadian and Finnish public pension schemes reflect two tendencies often associated with pension financialization: an increasing reliance on financial markets and an investment policy with a diversified asset allocation. However, unlike in many other countries, this has not resulted in heightened individual risks in old‐age income security caused by a shift from defined benefit to defined contribution pensions – an otherwise common trend internationally.
- Subjects
CANADA; FINLAND; PENSION financing; RISK sharing; POPULATION aging
- Publication
International Social Security Review, 2023, Vol 76, Issue 3, p91
- ISSN
0020-871X
- Publication type
Article
- DOI
10.1111/issr.12336