Public Pensions: Reconciling Fiscal Sustainability with Intergenerational Equity

ABSTRACT: In many developed countries around the world, public pension schemes have become fiscally unsustainable with rising life expectancies and declining birth rates (i.e., a decreasing old age support ratio). Reforming public pension systems to render them fiscally sustainable in the long-run could in theory entail cuts in benefits, increases in contributions, or increases in the eligibility age