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This paper analyzes the restructuring of private, occupational pensions in the Netherlands, Denmark and Switzerland. Despite the institutional similarities of all three systems (extensive pre-funding, collectively organized pensions, near-universal coverage), the three systems differ in important ways in terms of governance. The paper investigates the ways in which these variable governance structures shaped responses to the stock market downturn in 2001-2002. The Dutch occupational pension system experienced substantial retrenchment (shift from career earnings to average earnings formulae in defined benefit (DB) schemes as well as increased contributions) whereas the Danish and Swiss schemes sustained fewer cutbacks. The paper argues that the DB structure of Dutch pensions as well as the specifics of the regulatory framework forced a drastic adaptation to changes in financial markets, whereas the flexible defined contribution (DC) framework in Denmark and Switzerland facilitated a more modest adaptation to the market downturn.

What explains the origins and pattern of retrenchment dynamics in Swedish old-age pensions and unemployment insurance during the 1990s? Although the economic crisis created pressure to scale back both programs, the author argues that retrenchment only occurred when and where the Social Democratic Party and some segments of the labor movement supported change. This finding suggests that the political importance of organized labor in retrenchment politics depends on the relationship between welfare-state programs and interest group structure. When interest group structure is characterized by solidaristic, centralized, encompassing organizations, the old class-based power resource model has more explanatory bite than Pierson's new politics of the welfare-state approach.

SUMMARYThis paper analyzes the impact of international reform advocacy on national pension reforms. We analyze European Union (EU) reform advocacy in two EU member states: Greece and Hungary. Although the EU has articulated a fairly coherent template for sustainable pensions, its use of soft coordination to influence national reforms has repeatedly collided with resistance to reform in the member states. As a result, EU soft law initiatives have had limited impact on pension reforms. In contrast, the sovereign debt crisis that began in 2009 provided a new push for EU reform advocacy because it gave the "troika" (the European Commission, European Central Bank and International Monetary Fund) substantial influence on pension reform in two countries affected by the debt crisis: Greece and Hungary. Analysis of the two countries' pension reform trajectories allows us first to determine to what extent Greek and Hungarian pension reforms conform to the EU's reform template and, second, how the troika conditionality has a causal impact on the content of reforms in both countries. Copyright © 2014 John Wiley & Sons, Ltd.