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PubMed2000

Pension decisions in a changing economy: gender, structure, and choice.

OBJECTIVES: As responsibility for financial security in retirement becomes more individualized, understanding the distribution and determinants of savings behavior grows in importance. Employed men and women often gain access to their pension assets when they change jobs. In this study gender differences in pre-retirement access to and disposition of accumulated pension assets are examined. METHODS: The authors used data from the Health and Retirement Study to model pension participation, disposition of pension assets, and use of cash settlements derived from a pension plan in a previous job. Logit models provided estimates of gender differences in access to pensions and the preservation of pension funds for retirement. RESULTS: Women were less likely to have participated in employer-sponsored pension plans; more likely to cash out accumulated pension assets when they changed jobs; and, when job changes occurred at relatively young ages, equally likely to spend the settlement. However, by their late 40s, women were more likely to save the settlement, a net gender difference that increased with age at which the settlement was received. DISCUSSION: The structure of employment compensation continues to place women at a disadvantage. Gender differences in earnings and fringe benefits not only affect current financial status, but also cast a shadow over future financial security. Although the gender gap in pension coverage has been reduced, women with pensions have access to lower benefits and less in accumulated assets. As these continuing deficits are addressed, enhancing women's tendency to save pension assets for retirement can help them build financial security.

Age Factors↗
PubMed2003

[Disability retirement pension for patients with syndrome diagnoses. A registry study on the basis of data from the Social Appeal Board].

INTRODUCTION: Since the early 1990s, disability retirement pension may be granted on the basis of a syndrome diagnosis. Before the pension can be granted, local public authorities collect information on health and social matters and report to The Social Appeal Board. In 1998, a new diagnostic tool was introduced based on the International Statistical Classification of Diseases and Related Health Problems (ICD-10) diagnoses. The information available in The Social Appeal Board has made it possible to study the social consequences of a syndrome diagnosis. The purpose of the study was: 1) To estimate the incidence of patients granted disability retirement pension with the diagnoses whiplash, fibromyalgia, chronic pain disorder, chronic fatigue syndromee, chronic strain syndromee, and pelvic syndromee. 2) To estimate changes in the level of pension granted to patients with syndromee diagnosis. 3) To compare differences between patients with syndromee diagnosis granted disability retirement pension to patients with other diagnoses on the following parameters: sex, civil status, income when applying for pension, and attempts of rehabilitation. 4) To estimate comorbidity of psychiatric diagnosis in patients with syndromee diagnosis. MATERIAL AND METHODS: A register study of data on pension reported to The National Social Appeal Board in the period July 1st 1998 to December 31st, 2000. RESULTS: Of all patients granted pension in the period 8.3 per cent had a syndromee diagnosis, 11 per cent of the women and 5 per cent of the men. Both the relative and the absolute number of patients with syndromee diagnosis granted a pension were increasing. Comorbidity of psychiatric disorders was 3 per cent in the group with syndromee diagnosis. More patients with syndromee diagnosis than with other diagnoses had received sickness benefits and rehabilitation when pension was granted. DISCUSSION: The large number of patients with syndromee diagnosis granted pension calls for multidisciplinary prophylactic and treatment initiatives in order to reduce the number of patients in need of public support. The results are discussed in view of the new Pension's Act which will become effective as from January 1st, 2003.

Chronic Disease↗
PubMed1993

[When are young people awarded disability pensions for sociomedical indications? A study from the municipality of Copenhagen].

Since 1984 it has been possible in Denmark to receive disability pensions for combined social and health reasons. About 500 people under the age of 45 have been pensioned in this way every year in the municipality of Copenhagen. The records of 476 persons awarded pensions in 1989 were examined with the purpose of describing their social history and health and social status at the time of pensioning. There were more men (62%) than women (38%). One hundred and nine pensioners were under 35 years of age. Forty-one percent of the pensioners grew up in broken families, and 38% lived apart from their parents during childhood. Only one quarter had occupational training. The pensioners had on average been working for nine years. Nearly two-thirds had received social security for more than five years. Thirty percent had no flat of their own, and 76% were living alone. Rehabilitation was attempted in 53% of the cases. Of the men, 89% abused alcohol and/or drugs, of the women 63%. Twenty-six percent of the pensioners were opioid addicts. There was significant somatic disease in one-third of the cases. The social strain on the youngest pensioners (< 35 years old) was in many respects the worst. Disability pensioners for combined health and social reasons were characterized by underprivileged childhood, bad education and an early developed abuse of alcohol and drugs. If disability pensioning is to be avoided, the community must intervene much earlier in the social course. It is currently not realistic to abolish disability pensions for this group of people.

Adult↗
PubMed1999

Utilisation of health care system by chronic pain patients who applied for disability pensions.

The objective of this study was to investigate how economic compensation for disability (disability pensions) to chronic pain patients affected their utilisation of health care services. The study was carried out as a register investigation. Inclusion of 144 study patients was based on records from 1989 and 1990 of the Rehabilitation and Pension Board in the Municipality of Copenhagen. Only patients of Danish origin with chronic non-malignant pain were included. The study period was divided into three: Subperiod 1: The year preceding the submission of the application for a disability pension. Subperiod 2: The period from the submission of the application to the decision was made. Subperiod 3: The year following the final decision of the health authorities. The patients were divided into 4 Subgroups according to whether disability pensions was awarded or rejected, or whether the patients accepted or appealed the decision. Based on number and charges of visits to the GPs the total costs of care in the primary sector were calculated. By means of number of bed days, visits to outpatients clinics, operations, blood samples, and various investigations, the total costs of hospital care were calculated. We found that application for a disability pension in chronic pain patients significantly influenced the health care utilisation. Chronic pain patients had a significantly lower health care utilisation after receiving a disability pension than before the pension was awarded. Chronic pain patients who did not get a disability pension and those who were not satisfied with the level of the pension awarded, maintained their health care utilisation after the decision. The mean health care use by the patients who appealed the level of the pension was three times higher than the mean health care use by the patients who accepted the level of the pension awarded. The study may indicate that lack of or insufficient economic compensation from the social system in chronic pain patients contribute to an inexpedient pain behaviour resulting in increased expenses for the health care sector.

Adult↗
PubMed2000

State and local pension plans' equity holdings and returns.

This article explores recent trends in the size and performance of the equity investments of state and local pension plans. It also provides a context for the discussion about investing Social Security trust fund reserves in private equities. Equity holdings and returns for five of the largest private pension plans were compared with those of state and local pension plans. Key findings discussed in the article include: Equities were the largest investment in the aggregate portfolio of state and local pension plans in 1999 and represented 67 percent of the $3 trillion in aggregate state and local pension assets. Equity allocation of the five private plans resembled that of the aggregate. About 80 percent of state and local pension plan holdings were domestic equities in 1999. The five largest plans had about the same domestic/foreign allocation of equity investments during that same period. In 1999, state and local pension plans held about 11 percent of the U.S. equity market, which includes foreign equities held in the United States. State and local pension plans held about 10 percent of domestic equities in the U.S. equities market that same year. Returns on equity investments over a 10-year period were more than 17 percent for both private pensions and state and local pension plans. Although private plans tend to have slightly higher total returns, the difference stems from the higher equity asset allocation of the private pensions that were studied.

Aged↗
PubMed2003

[Socioeconomic risk indicators for disability pension within the Danish workforce. A registry-based cohort study of the period 1994-1998].

INTRODUCTION: The aim was to identify socio-economic risk indicators among the Danish work force (aged 18 to 59) for being granted disability pension. MATERIAL AND METHODS: A closed cohort study based on a random 10% sample of the Danish workforce defined in 1994 and followed in registers from 1995 to 98 for disability pension. The study population included 254,905 persons. Citizens in Denmark have a unique personal identification number so socio-economic data at individual levels from Statistics Denmark were linked with the Disability Pension Registry. All persons but 39 could be traced throughout the study or until the event of disability pension, emigration or death. Cox regression was used to calculate the hazard rate ratio of being granted disability pension. RESULTS: 4443 persons were granted disability pension. The risk of being granted disability pension increased significantly with low social class. Comparing unskilled workers to managers showed that workers had 1.6 (95% confidence interval: 1.4-1.9) times greater risk of disability pension. For female unskilled workers the risk was 1.9 (1.6-2.2). Men with seven years' schooling had 3.1 (2.3-4.3) times higher risk of disability pension than men with a university degree, and women with seven years' schooling had 3.8 (2.5-5.8) greater risk. Having been on sick leave more than 13 weeks compared to sick leave less than four weeks increased the risk by 11.5 (10.1-13.1) for men and 11.2 (9.9-12.8) for women. High age, unemployment, living alone and receiving social benefits were also risk indicators for disability pension. DISCUSSION: The study identified reliable estimates of socioeconomic risk indicators, e.g. low level of education, low social class, and unemployment for leaving the workforce with disability pension.

Adolescent↗
PubMed1992

Financial circumstances of the elderly in Denmark--now and in the coming years. Pension systems and other economic possibilities.

The situation concerning pensions in Denmark has been changing in recent years. There is a trend for the population itself has to pay into private pension to ensure a satisfactory financial situation after retirement. There are three categories of pensions and supplementary grants influencing the financial situation of the elderly: social-political grants, labour market political grants, and private arrangements. The national retirement pension is paid to everyone in accordance with certain rules. One condition is residence in Denmark for 40 years after reaching the age of 15. The pension age is 67 years. It is possible to receive early retirement pay or to obtain partial pension from the age of 60. This means that the age for retirement from the labour market on average is 62 years. Supplements to the national pension can be given as a net sum. Such a payment, however, makes it more difficult for the elderly person to overview his or her financial circumstances in retirement. The partial pension is a new form of pension which was introduced in 1986. About 2% of the 60-66 year-olds have taken advantage of this possibility, most of them independent trade men. In contrast, 105,000 wage earners are receiving early retirement pay, which is based on unemployment insurance. Certain considerations apply when the social pension is paid in a gross amount. This amount will not be free of tax. A number of special grants for the elderly will be included in the gross amount of the social pension. A system of that sort will make the financial circumstances of the retired person more clear.(ABSTRACT TRUNCATED AT 250 WORDS)

Age Factors↗
PubMed1988

Retirement-age women and pensions: findings from the New Beneficiary Survey.

This article examines the extent of employer-sponsored pension receipt and the amounts of pension benefits among a cohort of retirement-age women interviewed in the New Beneficiary Survey. These women reported relatively low levels of pension protection. Only 27 percent were receiving a pension in late 1982, either from their own employment or as survivors. This was one-half the rate of current pension receipt among a comparable cohort of men. An additional 17 percent of the women were expecting pensions of their own or had potential survivor protection through their husbands' pensions. Among those receiving a pension, women reported median monthly benefits of $250, compared with $460 among men. Pension benefits were a fairly important source of income for these women, particularly those who were unmarried. Almost one-half of the unmarried recipients depended on their pensions for one-third or more of their total incomes, and without their pension income 11 percent would have been below poverty income levels.

Aged↗
PubMed1989

Pension coverage among private wage and salary workers: preliminary findings from the 1988 survey of employee benefits.

Based on data for private wage and salary workers in May 1988, this article examined pension coverage under two types of employer-sponsored pension plans. Some of the factors associated with employer-financed pension coverage were also examined, and comparisons were made to findings on pension coverage of full-time workers in 1972, 1979, and 1983. "Covered" workers were defined as those actually participating in a pension plan. Among all private sector employees studied, 34 percent were covered by a "basic" pension plan (most of which, presumably, were defined benefit plans), and 14 percent were covered by a pretax retirement savings plan--a subtype of defined contribution plan. With 7 percent of the respondents covered by both types of plans, the total coverage rate under employer-sponsored plans was 41 percent. Twelve percent of the respondents reported that they had contributed to an IRA in 1987. The reported IRA usage was somewhat higher among those already covered by a pension plan than among noncovered workers. Six percent of the respondents were not covered by an employer-sponsored plan but were contributing to an IRA, yielding a total of 47 percent who were participating in either an employer-sponsored or an individual retirement plan. While it was assumed--as in previous studies--that all "basic" coverage was being funded by employers, only four-fifths of those in pretax retirement savings plans reported that employers were also contributing to these plans. The remainder of the analysis was restricted to coverage under employer-financed plans, and it was further restricted to full-time workers. A total of 46 percent of these workers were covered under employer-financed pension plans--33 percent covered only by a basic plan, 7 percent covered only by a pretax plan, and 6 percent dually covered. Among men, the coverage rate was 49 percent, compared with 43 percent among women. Several individual and job-related characteristics were found to be associated with employer-financed pension coverage among full-time employees. Coverage rates were quite low among workers under age 25, but were substantially higher among those aged 35-59. Pension coverage was also low among those with less than 5 years of employment on the job, but relatively high among those with 5 years or more of job tenure. Coverage rate differences by race were not substantial. Whites reported a coverage rate of 47 percent, compared with 42 percent among blacks and 45 percent among other races.(ABSTRACT TRUNCATED AT 400 WORDS)

Employment↗
PubMed1984

Invalidity pension after lumbar disc operation.

A total of 753 patients (328 women, 425 men) below 65 years of age and without previous pension living in the South-West of Finland, were operated on for the first time for lumbar disc herniation during the period 1975-1979. The frequency of a new invalidity pension was observed during a follow up period of two years. Of the 753 patients there were 100 new invalidity pensioners (13%) during one year and 133 (18%) during two years after the first operation. According to a statistical model for the impact of age and nature of work on invalidity pension the greatest risk of pensioning for women was associated with age, pensioning being more than five times higher in the age group 45-54 years than below 35 years. Moderate and heavy work by women constituted a minor risk factor, increasing the risk by less than two times compared with light work. In men the risk correlated clearly to both age and nature of work. Moderate and heavy work increased the risk nearly three times compared with light work. The frequency of pensions among 45-64 year old men was even 6-8 times higher, than the risk for men below 35 years. A second operation increased the risk on average two to three times. Cauda equina syndrome was not a risk factor for receiving an invalidity pension. The primary diagnosis for an invalidity pension was something other than lumbar disc herniation in 20%. Patients with unsatisfactory results after lumbar disc operations account for about 10% of all the new invalidity pensions due to some form of back disease in Finland.

Adult↗
PubMed2001

Pension prospects of minority ethnic groups: inequalities by gender and ethnicity.

Minority ethnic groups have low income in later life from private pensions, partly due to shorter employment records in Britain since migration. Yet disadvantage and discrimination in the labour market, as well as differences in cultural norms concerning women's employment, may lead to persistence of ethnic variation in private pension acquisition. Little is known about the pension arrangements made by men and women in minority ethnic groups during the working life. This paper examines the extent of ethnic disadvantage in private pension scheme arrangements and analyses variation according to gender and specific ethnic group, using three years of the British Family Resources Survey, which provides information on over 97,000 adults aged 20-59, including over 5,700 from ethnic minorities. Both men and women in minority ethnic groups were less likely to have private pension coverage than their white counterparts but the extent of the difference was most marked for Pakistanis and Bangladeshis. Ethnicity interacted with gender, so that Blacks showed the least gender inequality in private pension arrangements, reflecting the relatively similar full-time employment rates of Black men and women. A minority ethnic disadvantage in private pension coverage, for both men and women, remained after taking account of age, marital and parental status, years of education, employment variables, class and income. The research suggests that minority ethnic groups - especially women - will be disproportionately dependent on means-tested benefits in later life, due to the combined effects of low private pension coverage and the policy of shifting pension provision towards the private sector.

Adult↗
PubMed2000

Disability pensions in relation to traumatic brain injury: a population study.

From a Danish national register of hospitalizations, all patients were identified who had a discharge diagnosis of traumatic brain injury between the years 1979-1993 inclusive, at ages 18-66 years inclusive. These were classified as having suffered either a concussion (n = 74,398), a cranial fracture (n = 4,452) or a cerebral contusion (n = 8,141). Patients in each of these groups were then checked in annual registers of disability pension awards between 1979-1995. Disability pensions had been awarded to 16% of the concussion group, 18% of the fracture group, and 33% of the contusion group. Date of application, grounds for the application, and the pension level awarded were noted. Analysis of the date of application for the disability pension revealed that in all groups a high proportion of the pension applications had been made prior to the injury. Among the concussion group, the pension award appeared to be independent of the injury itself. Rather, being awarded a disability pension appeared to be related to conditions which themselves are risk factors for a traumatic brain injury, e.g. chronic skeletomuscular disease and psychiatric disorders including alcoholism. Comparison with population statistics revealed that the relative risk of being assigned a low or intermediate disability pension is markedly elevated among the concussion group, especially at younger ages and among males. For the fracture and contusion groups, a clear post-injury elevation in rate was detectable, especially for highest level pensions.

Adolescent↗
PubMed2002

Disability pensions in relation to stroke: a population study.

PRIMARY OBJECTIVE: This study aimed to establish prevalence levels of disability pensions among stroke patients within a national population. RESEARCH DESIGN: From a Danish National register of hospitalizations, 72 673 patients were identified who had a discharge diagnosis of stroke between the years 1979-1993 inclusive and were of pensionable age during that period. These patients were then screened in registers for death during the period 1979-1993 and for the award of disability pensions between the years 1979-1995. A total of 19476 (27%) patients had received a pension at some level. MAIN OUTCOMES AND RESULTS: Being in possession of a disability pension prior to stroke (n = 8565, 12%), rarely at the highest level, was not associated with elevated risk for stroke, or with elevated stroke mortality. It was, however, associated with a greater mortality subsequent to stroke. Disability pensions awarded following stroke (n = 10564, 15%), often at the highest level, were awarded equally to males and females in all age groups, but most commonly (ca 50%) at age 50-59. Disability pensions awards were also strongly related to duration of hospitalization. Among stroke sufferers hospitalized for over 90 days, the proportion ultimately awarded a disability pension rises to over 80%. CONCLUSIONS: The results show high levels of disability pensions awards to relatively young stroke patients probably reflecting pessimism concerning ability to return to employment in such patients. More recent development of stroke units and post-acute rehabilitation programmes may justify greater optimism.

Adult↗
PubMed2005

Disability pension despite vocational rehabilitation? A study from six social insurance offices of a county.

Many long-term sick-listed individuals move from vocational rehabilitation to pension, rather than reaching the goal of return to work. There is thus reason to consider whether rehabilitation resources are being used optimally. Individuals receiving disability pensions are consuming financial and personnel resources at the insurance offices and also consume a large amount of health care. The general objective of the study was to evaluate the proportion of individuals granted vocational rehabilitation but then obtaining temporary or permanent disability pensions. All persons receiving any kind of rehabilitation and attending one of six local national insurance offices in a county in Sweden in 1998 and 1999 were studied. A 2-year follow-up was carried out to assess changes in status among those who had received temporary disability pensions. Of all individuals receiving rehabilitation, 46.2% ended up with a disability pension allowance. In addition, a large portion of the temporary disability pensions was transformed to permanent disability pensions within 2 years. For clients with a temporary disability pension, the rate of resuming work was close to nil. Among rehabilitation measures, investigation showed the lowest figures of work resumption while job training showed the best outcome in this respect. The study concluded that a large portion of the financial and personnel resources allocated by the national insurance offices to rehabilitation resulted in disability pensions.

Adult↗
PubMed1998

Disability pension in Malmöhus county: aspects on long-term financial effects.

The purpose of this study was to estimate the financial costs of disability pension in order to compare the financial burden and the numerical distribution of disability pension by main diagnostic groups. During three months all new disability pensions (n = 944) granted in Malmöhus county were registered. During a follow-up of approximately two and a half years, 40 subjects died and 15 pensions expired. The predominating diagnoses were musculoskeletal diseases, mental disorders including alcohol dependence, cardiovascular and neurological diseases. To analyse whether these proportions changed when the extent of the pension, age at pension and the retirement allowance were considered, the present value of the total retirement allowances was calculated. The ranking of the four predominating diagnosis categories was not affected by the extent of the pension or the age at which the pension was granted. Thus, musculoskeletal diseases still predominated, although the proportion decreased. Among unemployed subjects, mental disorders made the largest contribution to the total expenditure. The results gained may be used in further research where alternatives to disability pension for different groups of patients and/or diagnoses are investigated.

Adolescent↗
PubMed2001

[Utilization of health care system by patients with chronic pain who apply for disability pensions. A registry study].

INTRODUCTION: Patients with chronic pain may be awarded a disability pension if their working capacity is reduced as a result of an illness. Patients with chronic pain very often consult several specialists in order to obtain proof of their illness. The aim of this study was to investigate how an application for disability pension affected the utilization of health care services by patients with chronic pain. METHOD: Patients with chronic pain who applied for a disability pension in 1989 and 1990 were entered. The study period was divided into three: the year preceding the submission of the application for a disability pension, the time from submission of the application to the making of the decision, and the year following the decision of the health authorities. The patients were divided into four subgroups according to whether the disability pension was awarded or rejected, and whether the patients accepted or appealed the decision. The total costs of care in the primary sector were calculated on the number of and charges for visits to GPs and the total costs of hospital care were calculated on the number of bed days, visits to outpatients clinics, operations, and investigations. RESULTS: Patients with chronic pain had a significantly lower health care utilisation after the case has been closed. Those who did not get a disability pension and those who were not satisfied with the level of the disability pension, continued their utilisation of health care after the decision. The mean health care used by patients who appealed the level of the disability pension was three times higher than that used by patients who accepted the level of the disability pension. CONCLUSION: The study indicates that lack of or insufficient economic compensation from the social system in patients with chronic pain may contribute to inexpedient behaviour leading to increased costs to the health care sector.

Chronic Disease↗
PubMed2002

[Medical and non-medical risk factor criteria for disability pension].

BACKGROUND: Non-medical factors may contribute substantially to the risk of becoming disabled, despite the common medically based criteria for disability pension. This study seeks to identify medical and non-medical determinants for the national medically-based disability pension in a Norwegian total population. MATERIAL AND METHODS: The baseline data were obtained through a comprehensive health screening programme, the Nord-Trøndelag Health Study in 1984-86 (HUNT I). Participants were people without disability pension, 20-66 years old in 1984-86. Information on disability pensioning was obtained from the National Insurance Administration database in 1995. Data analysis was performed by life table and Cox regression analysis. RESULTS: The incidence of disability pension showed great variations by age and gender; there was an increase over the follow-up period, especially among people below 50. We found a consistent pattern of increasing risk of disability pension with decreasing socio-economic status and education. Low educational level, low perceived health, occupational related factors, and any long-standing health problem were found to be the strongest independent risk factors for disability pension. INTERPRETATION: Non-medical factors are strong risk factors for disability pension. These factors are usually not addressed by individually based health or rehabilitation programmes. Thus, when it comes to addressing the causes of incidence of disability pension in the population, the results suggest a population approach.

Adult↗
PubMed1980

The occurrence of disability and early old-age pensions among members of the carpenters and cabinet makers' trade union.

The objectives of this study were to estimate the incidence of receiving an early retirement pension among a group of skilled workers and to examine the pattern of the major categories of diagnoses for which pensions were awarded. During the period April 1, 1971 to March 31, 1976, 589 union members were awarded disability pensions and 361 were awarded early old-age pensions. The incidence density of disability pensions is very low among young union members but is observed to increase with age. The Standard Disability Ratio also increases with age, indicating that the age-specific disability pensioning rate increases more rapidly among union members than among the standard population of all men in Denmark. The low rate of pensioning observed among young union members is probably due to healthy worker selection. Low Standard Disability Ratios are found for early old-age pensioners when a standard population of all men in Denmark is used. An examination was made of the diagnoses for which disability pensions were awarded in the two largest occupational sub-groups of the union, cabinet makers and carpenters. Carpenters were found to have high Standard Proportional Ratio for the category "accidents" while cabinet makers have high ratio for the category "diseases of the nervous system".

Adolescent↗