Pensions for Aging Societies

Designing a pension system for an aging society requires balancing adequacy, fairness, incentives, and fiscal sustainability. Explain the main models for retirement provision—pay-as-you-go, funded accounts, employer-based schemes, and hybrid systems—and compare their strengths and weaknesses in a country with low birth rates and a large existing retiree population. Then outline what a politically durable reform package might look like, including how to communicate it to younger workers, current retirees, and employers.