This paper was prepared as Work Package IV of the AHEAD project – Ageing, Health Status and the Determinants of Health Expenditure – which has received financing from the European Commission under the 6th Research Framework Programme. The purpose of this work package was to build up a...

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...