Team Leader:
Ron Anderson - Pension transition problems, annuities markets.

Other researchers in the team and areas of interest:
Timothy Besley - Governance of pension schemes; the future of the Third Pillar
Monika Bütler
Jan Krahnen

Administrator: Claudette Schala

Team Leader:
Pierre Pestieau - Shift form PAYG to fully funded systems, social security and retirement age, equity aspects of pensions reforms

Other researchers in the team and areas of interest:
David De La Croix - Intergenerational transferts, overlapping generations models with endogeneous demographics
Jacques Drèze - Role of fully-funded systems for smoothing demographic shocks, design of suitable assets for pension funds
Jean Hindriks - Social insurance : normative and positive approaches
Alain Jousten - Private pensions and bequests
Jean-marie Lozachmeur - Incidence of social security and income taxation on the retirement decision
Maurice Marchand - Normative approaches of social insurance, distributive effects of pension reform

Administrator:

Team Leader: Helmuth Cremer
Other researchers in the team: Bruno Biais, Catherine Casamatta, Georges Casamatta, Philippe De Donder, Barbara Lipszyc, Jean-Charles Rochet
Administrator: 

Team Leader:
David Webb - Analysis of the switch from DB to DC schemes
Other researchers in the team and areas of interest:
Sudipto Bhattacharya
David Blake - Design and working of DB and DC schemes
Roman Inderst - Agency problems and pension fund financing
Robert Kosowski -  Pension fund performance measurement; asset-liability management.
Paola Lopes: Annuities; Pension Choice between DB and DC schemes
Alex Michaelides - Dynamics of saving and portfolio choice in general equilibrium; simulation of transition paths.
Andrea Prat
Joachim Inkmann: Liability Valuation and Optimal Asset Allocation for DB Pension Plans
Ian Tonks - Performance measurement; accounting standards; market impact of pension fund behaviour.

Administrator:

Team Leader: Frank de Jong
Other researchers in the team: Roel Beetsma, Casper van Ewijk, Paul Sengmueller and Enrico Perotti
Administrator:

Team Leader:
Marco Pagano - Price impact of pension fund trading. Management and regulation of risks of pension finance. Pension fund development and investor activism.

Other researchers in the team and areas of interest:
Alberto Bennardo
Salvatore Capasso - Capital formation and economic growth
Marcello D'Amato - Management and regulation of pension funds
Raquel Fonseca - The impact of shocks to pension fund wealth on household portfolios and labor participation. Distributive incidence of pension reform
Tullio Jappelli - Household portfolio choice. Tax incentives to saving and borrowing
Riccardo Martina - Regulation of pension funds
Annamaria Menichini - Pension funds development and shareholder monitoring
Marco Pagnozzi
Thomas Steinberger - Optimal wealth accumulation and portfolio allocation over the life-cycle in the presence of labour market risk and imperfections in financial markets.

Administrator: Ms Lia Ambrosio

Team Leader: 
Xavier Freixas - The industrial organization of pension funds: subsidies and maket power

Other researchers in the team and areas of interest:
Giovanni Cespa - Shareholder activism and trading activity of private pension funds
Vicente Cuñat - The corporate governance of pension funds: ownership, performance and management
Lluisa Fuster - Quantitative general equilibrium analysis of social security systems
Juan Pedro Gomez - Risk, return and corporate governance of pension funds: 'A comparative study of defined benefit versus defined contribution plans: implications for strategic asset allocation'
Manuel Moreno - Derivative pricing and management of risks related to long-term movements in stock prices
Michael Reiter - Numerical solution of dynamic stochastic general equilibrium models with heterogenous agents
Jose Penalva - Insurance and finance in general equilibrium: the effect of limited liability and default in insurance market structure 
Ernesto Villanueva - Public Finance: the role of intergenerational links in capital formation

Administrator: