In search of financially sustainable pension systems: three benchmark models

By Ekaterina Cuéllar, Daniel Gamboa & Waldo Tapia  One of the great dilemmas facing countries around the world is to define a pension system that is financially sustainable in the face of increasing life expectancy, falling fertility rates and the consequent lack of generational replacement. Globally, pension reforms in countries with more advanced aging processes have focused on implementing parametric reforms and incorporating automatic adjustments of the main parameters to share productivity, financial and demographic risks. In this article we present the advantages...