These two alternative institutional arrangements allocate the risk of unexpected changes in longevity in very different ways, although upon closer examination the differences appear less pronounced. Under a DC system, workers bear the risk that, prior to retirement, an upward revision in the expected longevity of their generation would increase the cost of purchasing an annuity at the moment of retirement.
I would especially like to thank the Honorable Minister for accepting our invitation to preside over this important event. Honorable Minister, you are most welcome. Private investment surveys are a valuable tool for enhancing our understanding of the economy and of some of the factors which determine economic growth.