Kies de Nederlandse taal
Course module: 323068-M-6
The Economics and Finance of Pensions
Course info
Course module323068-M-6
Credits (ECTS)6
CategoryMA (Master)
Course typeCourse
Language of instructionEnglish
Offered byTilburg University; Tilburg School of Economics and Management; TiSEM: Economics; Economics;
Is part of
M Quantitative Finance and Actuarial Science
M Econometrics and Mathematical Economics
M Economics
M Finance
Contact persondr. R.J. Mehlkopf
J.L.M. Bonekamp, MSc
Other course modules lecturer
prof. dr. C. van Ewijk
Other course modules lecturer
Coordinator course
dr. R.J. Mehlkopf
Other course modules lecturer
dr. R.J. Mehlkopf
Other course modules lecturer
prof. dr. T.E. Nijman
Other course modules lecturer
Academic year2019
Starting block
Course mode
Registration openfrom 07/10/2019 up to and including 24/01/2020

After completing this course, the students understand the main issues related to the design and reform of pension systems, have a good overview of the actual pension systems and main reform issues around the world, and know the links with the other courses in the Netspar tracks and specializations.




Students will become familiar with the concepts of Intergenerational distribution, Intragenerational distribution, and Risk sharing, in the context of pensions. More in particular, the students will become familiar with the following topics, related to the main issues:

Intergenerational distribution:

  • Funding versus pay-as-you-go financing
  • Saving behavior
  • Generational accounting
  • Overlapping generation models

Intragenerational distribution:

  • Actuarial neutrality and poverty alleviation
  • Labor markets and retirement decisions
  • Insurance of longevity risk
  • Tax treatment of pensions

Risk sharing:

  • Optimal sharing of systematic risks
  • Optimal saving and investment over the life cycle
  • Capital market imperfections and valuation of pensions
  • Defined-benefit and defined contribution schemes


  • Pension institutions around the world
  • Pension reform in the Netherlands

Type of instructions

3 hours lecture per week

Type of exams

Written exam (50%), Problem sets (30%), Presentation/essay (20%)
Course available for exchange students
Master level, conditions apply
Timetable information
The Economics and Finance of Pensions
Required materials
Recommended materials
N. Barr and P. Diamond, “Reforming Pensions: Principles and Policy Choices,” Oxford University Press (2008).
Written 50%

Final grade

Problem sets (four) 30%

Simulation exercise 20%

Kies de Nederlandse taal