their working lives. Second, they would pay minimal extra costs, and third, they would not be subject to the whims of …

pension funds’ assets fell below levels needed to meet regulatory requirements. Insufficient funding raises solvency issues …, which could eventually lead to large fiscal costs in case of bail-outs. In response to the crisis, most funds were required … by the regulator to draw up recovery plans to restore their funding over five years. This has raised concerns that the …

retirement. Pension systems can be financed through pay-as-you-go (PAYG) or through pre-funding. PAYG pension schemes finance old …- age retirement benefits in one particular period with the contributions of the working- age population. Pre-funding, on …

expenditures. However, some countries combine funding and pay-as-you-go within the first pillar. This article studies a mixed …, diversification is unattractive when pay-as-ou-go and funding are positively correlated for the ex-post case …