down. Depending on the relative returns from public pensions and private savings as well as on the elasticity of compliance … rate is more likely to be positive when the median income is low and when the return from public pensions dominates that of … private savings. The level of the Bismarkian pillar will now be chosen so as to account for increased political support, for …

retirement and regret their insufficient savings decisions. Henceforth, when voting they tend to commit themselves into forced …

optimal savings and therefore the level of unintended bequests. While those bequests may have no value to the retirees, they …