In several OECD countries, public pay-as-you-go financed pension systems have undergone major reforms in which future retirement benefit promises have been scaled down. A consequence of these reforms is that especially in countries with a tight tax-benefit linkage, the retirement benefit claims...

In several OECD countries, public pay-as-you-go pension systems have undergone major reforms in which future retirement benefit promises have been scaled down. A consequence of these reforms is that, especially in countries with a tight tax - benefit linkage, the retirement benefit claims of...