Robert Meneu Gaya
University of Valencia
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International Social Security Review | 2018
Juan José Alonso Fernández; José Enrique Devesa Carpio; Mar Devesa Carpio; Inmaculada Domínguez Fabián; Borja Encinas Goenechea; Robert Meneu Gaya
English Abstract: The main objective of this article is to determine, based on internal data, replacement rates for a defined benefit pension system, with two aims: the adequacy of pensions – measured in terms of the expenditure of retirees – and the sustainability of the system. For this purpose two instruments are used: the internal rate of return, and techniques based on systems of notional accounts. These figures, derived from internal data, will serve, by comparison with the replacement rate of the system, to assess whether the system tends more towards adequacy or sustainability. The system studied is that of Spain. French Abstract: Cet article vise principalement à déterminer, à partir de données internes, les taux de remplacement d’un régime de retraite à prestations définies permettant de répondre au double objectif de l’adéquation des pensions – mesurée en fonction du niveau de dépenses des retraités – et de la viabilité du régime. Pour ce faire, deux instruments sont utilisés: le taux de rendement interne du régime et des techniques basées sur les systèmes de comptes notionnels. Ces éléments chiffrés, obtenus à partir de données internes, permettent, par comparaison avec le taux de remplacement effectif du régime, de déterminer si ce dernier est davantage orienté vers l’objectif de l’adéquation ou vers celui de la viabilité. Cette étude s’appuie sur le régime de retraite espagnol.
Applied Economics | 2018
Robert Meneu Gaya; José-Enrique Devesa Carpio; Inmaculada Domínguez Fabián; Borja Encinas Goenechea; Juan-José Alonso Fernández
ABSTRACT The Spanish pension system has been recently reformed as a response to the demographic challenge and with the objective of ensuring the sustainability of the pension system in the long-term. The overall reforms include changes in the majority of the system parameters, a new indexation rule and a sustainability factor that links life expectancy and the first pension amount. The aim of this work is to analyse how these reforms affect two important features of a pension system: fiscal sustainability and adequacy. For this purpose, the real internal rate of return (IRR) of the lifetime contributions and benefits and the prospective gross theoretical replacement rate (TRR), both before and after the reforms, have been computed. The calculations are case-study based, for a few hypothetical workers who are sufficiently representative of the earnings and retirement patterns in Spain. The results show that the real IRR is 0.7 p.p. lower and the prospective gross TRR is 18 p.p. lower after the reform process for the base case of a man with an uninterrupted career of 40 years with average earnings and a retirement age of 65. In addition, pension reform process in Spain has different effects among the individuals depending on the gender, level of earnings, retirement age and career length.ABSTRACTThe Spanish pension system has been recently reformed as a response to the demographic challenge and with the objective of ensuring the sustainability of the pension system in the long-term...
Universia Business Review | 2016
José Enrique Devesa Carpio; Mar Devesa Carpio; Juan José Alonso Fernández; Inmaculada Domínguez Fabián; Robert Meneu Gaya; Borja Encinas Goenechea
The inclusion of the Expected Return into the rules governing the insurance regulation in Spain may be considered as an important step to improve the transparency of the insurance system. The implementation of the Expected Return will allow to carry out the comparison, in terms of profitability, between insurance products offered by different companies. One of the objectives of this paper is to propose the methodology that should be followed for the calculation of the Expected Return, so that this indicator fulfills its main purpose: to compare different insurance products. The second contribution of this paper will allow to analyze the impact that the change in the premium value has on the Expected Return, so that it can become a new element to be considered by insurance companies.
Economía Española y Protección Social | 2013
Robert Meneu Gaya; José Enrique Devesa Carpio; Mar Devesa Carpio; Inmaculada Domínguez Fabián; Francisco Borja Encinas Goenechea; Amparo Nagore García
Revista De Economia Aplicada | 2015
José Enrique Devesa Carpio; Mar Devesa Carpio; Robert Meneu Gaya; Inmaculada Domínguez Fabián; Borja Encinas Goenechea
Papeles de economía española | 2017
José Enrique Devesa Carpio; Mar Devesa Carpio; Inmaculada Domínguez Fabián; Francisco Borja Encinas Goenechea; Robert Meneu Gaya
Universia Business Review | 2016
José Enrique Devesa Carpio; Mar Devesa Carpio; Juan José Alonso Fernández; Inmaculada Domínguez Fabián; Robert Meneu Gaya; Borja Encinas Goenechea
Unión Europea Aranzadi | 2015
Juan José Alonso Fernández; José Enrique Devesa Carpio; Mar Devesa Carpio; Inmaculada Domínguez Fabián; Francisco Borja Encinas Goenechea; Robert Meneu Gaya
Unión Europea Aranzadi | 2015
José Enrique Devesa Carpio; Mar Devesa Carpio; Inmaculada Domínguez Fabián; Francisco Borja Encinas Goenechea; Robert Meneu Gaya; Juan José Alonso Fernández
Harvard Deusto Business Research | 2014
Enrique Devesa Carpio; Mar Devesa Carpio; Inmaculada Domínguez Fabián; Borja Encinas Goenechea; Robert Meneu Gaya; Amparo Nagore García