But even in a sound, durable pension system, under-funding can never be ruled out altogether or only at a very high cost. Should an unhoped-for financial disaster take place, a customised plan, which takes into account the fund’s efforts to prevent under-funding, and ensures that the interests of the participants are best served will take effect.
13 D. Bursian and E. Faia (2018), Trust in the monetary authority, Journal of Monetary Economics, Vol. 98, pp. 66–  79. 14 U. Malmendier and S. Nagel (2016), Learning from Inflation Experiences, The Quarterly Journal of Economics,  Vol. 131, pp. 53–87.