At the same time, because projections are surrounded by a high degree of uncertainty, pension systems should be designed to be robust to uncertainty. They should also be resilient to the economic and political pressures that demographic changes are likely to engender. 2  See also Morcaldo (2007). 3  See Lee and Carter (1992) and Tuljapurkar, Li and Boe (2000).
Rather, it makes more sense in this case to think of the Committee’s reaction function as being something that is not entirely predetermined and that will naturally tend to evolve over time.