have a negative effect on their utility, through a substantial decrease in wages and rate of return on capital and thus … are beyond the scope of the this paper. Some social welfare implications are also considered, when social welfare is …

The literature has addressed the problem of pensions and has reached an almost unanimous conclusion that increased … not be the cause of the problem of pensions. The real challenge for the sustainability of pension systems lies in a series … converting them to a funded system seems to solve the problem of sustainability and adequacy of pensions due to the various …