A key figure which can be applied to measuring inter-generational imbalances involved in existing public pension schemes is given by the implicit tax that is levied on each generation s life-time income through participation in these systems. The implicit tax arises from the fact that, quite...

A key figure which can be applied to measuring inter-generational imbalances involved in existing public pension schemes is given by the "implicit tax" that is levied on each generation's life-time income through participation in these systems. The implicit tax arises from the fact that, quite...