Assessing Input Legitimacy of Occupational Pensions in Europe

• 成果类型: Article
• 署名作者: Mayer, Thomas; Wiss, Tobias
• 署名单位: Johannes Kepler University Linz
• 刊物名称: REGULATION & GOVERNANCE
• ISSN/ISSBN: 1748-5983
• DOI: 10.1111/rego.12647
• 发表日期: 2025
• 页码: 1086-1100
• 关键词: DECISION-MAKING; public-policy; financialisation; governance; DEMOCRACY; POLITICS; beliefs; output; state; EU

摘要

As private asset-based welfare like funded occupational pension schemes gain importance, legitimacy concerns arise due to financial market downturns and low investment returns. This paper assesses their input legitimacy by distinguishing between individual-direct and collective-representative input possibilities in decision-making processes. We argue that individual-direct input possibilities decrease while collective-representative input possibilities increase with occupational pensions' compulsion. To test these hypotheses, we compare voluntary occupational pension schemes in Austria, Spain, and Ireland with (quasi-)mandatory schemes in the Netherlands and Denmark, using Germany as a test case due to recent reforms enhancing their importance. Our institutional analysis and novel survey reveal that compulsory occupational pensions are associated with lower individual-direct and higher collective-representative input possibilities. These findings underscore the critical role of participatory procedures in establishing legitimacy in private governance, suggesting they may strengthen public trust and satisfaction with non-state governance.