pensions. Present and future public subsidies may at the same time be reduced. We propose a quantitative analysis of the 2008 … reform of the Paris Metro pensions. Focusing on the case of train drivers, we show that the reform should save public funds …

-as-you-go system while ensuring financial sustainability and accounting for changes in life expectancy. This implies that the value of …

, Spain, the UK and the US - under population aging. Two main aspects of the aging process are relevant to the analysis. First … towards future pensions with more private savings. Second, an aging electorate leads to larger systems, since it increases the … aspect dominates in all countries, albeit with some differences. Spain, the fastest aging country, faces the largest increase …

between giving enough incentives to make individuals actually delay retirement and giving little increase in pensions in order …