social welfare by anticipating citizens’ shortsighted reaction to the transfer rules. The resulting income redistribution is … include the socially optimal pension contribution rate, retirement age, and redistribution programs. The author concludes by …

a number of questions on the future of pensions and on the underlying principles of redistribution between generations … redistribution seems inadequate and how, in discussing the future of such redistribution, there are new forms of life cycle … organization and redistribution of worktime and compensated inactivity across this life cycle that need to be considered. This …