any extra costs and, third, once retired they would not be subject to the whims of government or other pension fund …

and value of benefits; its fiscal costs; and its regressive impacts on the overall income distribution. The proposal … itself is presented, as well as a simulation of prospective fiscal costs implied in the transition. The conclusion is that …

their working lives. Second, they would pay minimal extra costs, and third, they would not be subject to the whims of …

any extra costs and, third, once retired they would not be subject to the whims of government or other pension fund …

pension funds’ assets fell below levels needed to meet regulatory requirements. Insufficient funding raises solvency issues …, which could eventually lead to large fiscal costs in case of bail-outs. In response to the crisis, most funds were required … by the regulator to draw up recovery plans to restore their funding over five years. This has raised concerns that the …