This paper defines a universal public pension scheme (UPPS) as a government mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to retirement. It discusses the differences in four UPPS designs designated as either defined contribution (DC)...

Recent history has shown that with tight public finances the costs associated with a transition from a PAYGO to a diversified pension system with funded and PAYGO components can be high. A number of countries backtracked on previously decided transitions, highlighting that the political risk of...

Due to ageing, governments have put into place parametric pension reforms during the last two decades. Consequently pension systems have become extremely complicated. Whether statutory, occupational or personal all pension forms are remarkably difficult to understand in depth. Nonetheless this...