“Dall’uniformità dei tassi di sostituzione all’uniformità dei rendimenti individuali: alcune riflessioni sull’equità e la sostenibilità del modello NDC”

The paper enquires into the analytical properties of the Notional Defined Contribution pension model, with particular reference to its pursuit of actuarial fairness, intended as uniformity of individual rates of return on old-age compulsory savings, which the paper contrasts with the tendency of the traditional defined-benefit schemes to produce uniform replacement rates across individuals. The paper focuses also on the sustainability of the new scheme both from a financial and a social viewpoint, emphasizing the need for a clear-cut separation between the role of redistributive policies during individuals’ active phase of their life and the role of the pension system.