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MIDAS, the dynamic microsimulation model that focuses on the social sustainability of pensions, has undergone a major revision in recent years to improve the validity of the projections. This Working Paper not only reports on this revision, but also describes some important new modules.
The Commission for Pension Reform 2020-2040 proposed an adjusted pension system which calculates pensions based on collected points. An important aspect of that system implied that past wages should be adjusted on the basis of the average wage increase. This Working Paper investigates who will be the winners and the losers when this adjustment mechanism is introduced by means of a points system in the salaried workers' scheme, and why. We show that people with low pensions, low-skilled workers, tenants and women nowadays have certain career features which make sure that they gain more often from such an operation than people with high pensions, highly skilled workers, owners and men. This also underlines the importance of minimum schemes in the impact of such a reform.