Across industrialised and developing countries public pension systems have been heavily reformed during the last two decades. The major concern relates the sustainability of pay-as-you-go (PAYG) pension schemes. To solve public pension system crisis many proposals were issued to privatize social...

Across industrialised and developing countries public pension systems have been heavily reformed during the last two decades. The major concern relates the financial sustainability of pay-as-you-go pension schemes. The proposals to privatize social security lead to the creation of a multipillar...