until 2050. To quantify the effects on pensions, taxes and social contributions, we use an overlapping generations model … capita income to less than 6%. …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate … of return and income risks and also upon the actuarial fairness of annuity contracts. …

corporations and government as an employer. This paper extends this to unfunded public pensions with the help of "implicit tax" in …

importance of unfunded, state pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of … return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where aging … is rapid and unfunded pensions are currently generous. …

pensions. Present and future public subsidies may at the same time be reduced. We propose a quantitative analysis of the 2008 … reform of the Paris Metro pensions. Focusing on the case of train drivers, we show that the reform should save public funds …

public pension payments. This reform did not change the level of pensions, but only provided information to individuals about … direct way to increase public pensions, increase after receiving the letter. …

rules, such as a link between life expectancy and pensions or retirement age, the tax regime shift can be used to improve …