Pay-as-you-go financing means this year's contributions pay this year's retirees with no fund set aside

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A reserve fund holding government bonds is an accounting asset rather than real prefunding Automatic balancing mechanisms cut accruals or indexation when a system's reserve falls below a set ratio Sweden credits a notional return on contributions and then divides by cohort life expectancy at retirement Withdrawing from a multiemployer plan can trigger a liability payment that a small contractor cannot survive The PBGC guarantees the monthly benefit up to a statutory cap if a single-employer plan runs out of money The three-pillar model splits a public scheme occupational plans and private savings into separate jobs Raising the contribution rate and raising the retirement age solve the same cost from opposite sides Means-tested top-ups cut old-age poverty but erode the return on a lifetime of contributions A minimum pension guarantee tops up a small entitlement and then phases out against other income France raised its retirement age from 62 to 64 with a phase-in by birth year