Abstract:The new pension system was introduced in 1999; it applies to people born in 1949 or after. The new public scheme is based on a system of notional accounts. People under 30 (born in 1969 and after) at the time of the reform must also participate in the funded scheme; people aged 30‐50 (born between 1949 and 1968) could choose the funded option. However, the choice had to be made in 1999 and it was irrevocable.
Document Type: Review Article
Publication date: June 1, 2007