UNDERSTANDING PENSIONS IN EUROPE (UNPIE)

Understanding Pensions in Europe

Erasmus+ Project 2016-2019: In this project we developed online courses to bring essential pension-finance knowledge to European citizens and higher-education students through accessible online courses and hands-on web applications.

An Erasmus+ initiative. Improving financial literacy with regard to pensions in Europe

  • • Two target groups: the general public and higher-education students.
  • • Modular learning from basics to advanced topics.
  • • Interactive apps to support understanding of complex topics.
Supported by Erasmus+

Project

Our goal is to transfer crucial knowledge about pension finance to the public and to students in related fields (finance, economics, business). Understanding pension systems requires elements of finance (discounting, annuities), insurance, demographics, and institutions. With demographics evolving and private savings becoming more important, informed individual decisions matter. We address this need through free, modular online courses and a suite of interactive applications that let users explore savings and retirement scenarios.

Project Events

Conference on Pension Finance and the Teaching of Pension Finance

University of Liechtenstein, August 29, 2019. Paper session with contributors from leading institutions; plenary by Prof. Michael Hanke and Dr. Sebastian Stöckl; keynote by Prof. Mogens Steffensen; presentation of the online courses developed in this project.

Program & Photos

Program

  • Session 1 — The Teaching of Pension Finance
  • 09:00–09:40 Mental Accounting, Fiscal Accounting, or Pensions as Piggy Banks? Pre-Retirement Pension Leakage — John Turner (Pension Policy Center, Washington, USA) — with Bruce W. Klein.
  • 09:40–10:20 Intergenerational Altruism and Transfers of Time and Money: A Life-cycle Perspective — Uta Bolt (UCL & IFS) — with Eric French, Jamie Hentall Maccuish, Cormac O’Dea.
  • 10:40–11:20 Bounded rationality and optimal pension design. Evidence from a life-cycle experiment — Wiebke Szymczak (Durham University, UK) — with Martin Angerer, Michael Hanke, Ekaterina Shakina.
  • 11:20–12:00 Saving Regret — Tabea Bucher-Koenen (Max Planck Institute for Social Law and Social Policy, MEA) — with Axel H. Börsch-Supan, Michael D. Hurd, Susann Rohwedder.
  • Session 2 — Pension Finance
  • 12:50–13:30 Transparency on Defined Benefit Obligations? Introducing Financial Theory to Financial Accounting — Ute Merbecks (Hochschule Rhein-Waal, Germany).
  • 13:30–14:10 Save or Pay-As-You-Go: The Effects of Ageing on Optimal Retirement Funding — Christian Hott (Helmut-Schmidt-Universität Hamburg, Germany).
  • 14:30–15:10 The Politics of Aging and Retirement: Evidence from Swiss Referenda — Piera Bello (USI, Switzerland), with Vincenzo Galasso (Bocconi; Dondena; IGIER; CEPR; CESifo).
  • Plenary Lectures (open to the public)
  • 15:45–16:25 Key Decisions to be Made by the Insured in Liechtenstein’s Pension System — Michael Hanke (University of Liechtenstein).
  • 16:25–17:05 Presentation of Online-Courses Developed in the E+ Project “Understanding Pensions in Europe” — Sebastian Stöckl (University of Liechtenstein).
  • Keynote
  • 17:05–18:00 Epiphanies in Pension Design and Valuation — Mogens Steffensen (University of Copenhagen).
Download program (PDF)

Group photo

UNPIE Conference 2019 — Group photo
UNPIE Conference, University of Liechtenstein, Aug 29, 2019

Final Project Meeting in Vaduz

Vaduz, August 28, 2019. Presentation of the final outputs (three online courses on courseware.uni.li), discussion of dissemination and next steps.

Photos

Agenda

  • Outcomes review, platform demos, overall project success

Group photo

UNPIE Final Meeting — Group photo
UNPIE Final project Meeting, University of Liechtenstein, Aug 29, 2019

Project Team & Partners

Free University of Bozen–Bolzano

Free University of Bozen–Bolzano

Co-development of online courses; pedagogical design and assessment.

Show team
Keylane / Schantz

Keylane (Schantz)

Industry expertise and pension-planning software; integration with course modules.

Show team
Kourosh Rasmussen

Kourosh Rasmussen

Project Member

Outcomes

Online Courses (MOOCs)

Two modular MOOCs: (1) an accessible course for citizens (German and English) and (2) an advanced course for students.
Status: content consolidation in progress; one course is currently piloted on Coursera to test delivery and engagement.

Interactive Web Applications

A suite of webR-powered tools that let users simulate savings paths, pensions, longevity effects, and ruin probabilities. These apps are embedded in the courses and freely accessible.

Apps

Overview: Explore and Filter all Apps

Contact

Liechtenstein Business School, University of Liechtenstein
Fürst-Franz-Josef-Strasse, 9490 Vaduz, Liechtenstein
Project Director: Prof. Dr. Michael Hanke  •  Project Coordinator: Prof. Dr. Sebastian Stöckl