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date: 25 August 2019

Abstract and Keywords

This article first describes the nature of these public defined benefit (DB) pension schemes and how they operate. The second section focuses on the financing of these plans, which generally operate on a pay-as-you-go basis. The third section uses Germany and France as examples to explain how today's public pension schemes emerged in their current form. The fourth section explores the demographic, economic, and political risks faced by DB schemes. The fifth section discusses the fundamental ways that governments can respond to the challenges of financing DB pensions. The conclusion is that the options are limited and difficult.

Keywords: defined benefit, pension scheme, political risk, demographic risk, DB pension

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