Europe’s pension system, like those in other developed countries, is underfunded. In the developed world, deficits in pay-as-you-go schemes vary between 40% and 250% of GDP because such schemes rely on an environment of strongly growing economies and few dependants versus a large number of contributors. However, this environment no longer exists as the developed world moves towards an ever-ageing population.
We know that Europe’s state pension schemes are in trouble and the same rationale applies to funded schemes.
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