We suggested strengthening the revenue side of the actuarial imbalance by increasing the property incomes of the private sector pension regime through better management of the reserves (which is being implemented in the aftermath of a law adopted in May 2004 but with a rather conservative strategy) and through increasing reserves to reach a fully funded system according to the Modigliani/Muralidhar reform proposal.
The latter proposal would request a prefunding effort to step up present reserves to the needed present value of future  10  BIS Review 16/2008  outlay. The trade-off between the speed of adjustment and intergenerational fairness inherent in this proposal seems however to crash into a “political wall”.