Demographic changes and social transformations affect the design of public pension systems. Population ageing and factors such as the progressive reduction in fertility rates and the increase in longevity have a direct impact on the sustainability of public pensions, especially in...

Recent reforms of public pension systems implemented in various countries, including Spain, have sought to ensure the sustainability of benefits. However, achieving a structural budget balance (i.e. long-run equality between income and expenditure) may result in a decrease in the replacement...