Devesa, Enrique; Doménech, Rafael - In: Economic challenges of pension systems : a …, (pp. 81-103). 2020
In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between … the potential benefits of mixed systems in which a PAYG system with notional accounts is complemented by a funded pensions … system. The main findings are as follows. Firstly, the redistribution of income among individuals makes the PAYG system an …