A reserve fund holding government bonds is an accounting asset rather than real prefunding

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Pay-as-you-go financing means this year's contributions pay this year's retirees with no fund set aside 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 Raising the contribution rate and raising the retirement age solve the same cost from opposite sides Withdrawing from a multiemployer plan can trigger a liability payment that a small contractor cannot survive The three-pillar model splits a public scheme occupational plans and private savings into separate jobs The PBGC guarantees the monthly benefit up to a statutory cap if a single-employer plan runs out of money 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