Pensions Reform — Pay-as-you-go vs Funded vs Hybrid

Step into Costaria National Insurance Institute as the working-to-retiree ratio falls toward 2.4:1. Build the three canonical pension architectures (PAYG, fully funded, multi-pillar hybrid), test them against four decades of reform evidence (Chile 1981, Sweden 1998 NDC, Argentina 1994/2008, Germany Riester, Netherlands, Australia, Singapore), and design a Costaria reform package — with explicit allocation of the transition cost across cohorts. Apply the Aaron-Samuelson rule, the PAYG sustainability identity, and the World Bank multi-pillar framework to a 30-year fiscal projection.