PENELOPE : Luxembourg tool for pension evaluation and long-term projection exercises
This document presents the structure of PENELOPE, a macro-accounting tool aimed at examining the long-run sustainability of the Luxembourg pension system. PENELOPE complements othermodels studying the Luxembourg pension systemby proposing a disaggregated pension analysis in which demographic changes affect macroeconomic variables. The results of PENELOPE’s reference scenario are compared with those of other studies, while additional simulations focus on (i) the effects of different population projections and assumptions on cross-border worker inflows, (ii) the implications of the 2012 pension reform and of alternative proposals, as well as (iii) the evolution of the pension reserve under different scenarios.
Keywords: Pension expenditure projections, demographic trends, labor inflows, pension reform
JEL-Codes: H55, H68, J11
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