Abstract
Public provision of pensions to the general population comes in a variety of forms. Systems designed around a benefit formula and systems designed around a contribution rate differ in their economic implications and differ in their political settings. Canada has a defined benefit system with fallback automatic adjustment of tax rates. This paper contrasts the Canadian system with the Chilean (privatized) defined contribution system which has received a great deal of attention worldwide. The paper discusses three approaches to cutting benefits if the currently anticipated tax increase is larger than is desired.
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