Terms of existing pension system influences magnitude of feasible reforms to shift balance between public and private provision Length of time system has operated Nature of promised benefits in public system (replacement rate; indexation; spouse, survivors, disability benefits Magnitude of accrued pension rights Existing cultural/social biases and beliefs Where no pension system exists (China, India etc) and expectations of state's role less apparent, govt has freer hand; constrained only to the extent there is a view that Govt must act, in welfare role, to prevent destitution of the elderly.
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