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To imagine a situation, at which pension fund means completely

Are put in purchase of the promissory notes which are let out by treasury that meant

Return back in treasury for financing of pensions of the same means, which Have been taken from it as a result of reform.

Illustrating an extreme case. It is enough to notice that similar replacement

Occurs as private savings distract from others Channels.,

It is absolutely unessential, That growth of the private Savings it was accompanied by equal reduction on size state, that all sum of a pension fund has been enclosed in

The state debt papers. This situation is an example

The unique serious difference would consist that instead of To return to treasury in a type of tax, these means would return in a kind Debts.

Alternative variant of financing of the budgetary arising during reform

Deficiency consists in reduction of the expenses connected with job of the pension

Funds. If the volume of the state is possible to reduce these expenses essentially,

Savings can remain invariable. In this case increase in savings,

Means formed at the expense of accumulation in a pension fund, would represent

Itself a pure increment of cumulative savings in the country.

In case of pension reform of 1981 financing of transition from one system to Another occurred by a combination of growth of the state debts and

Decrease in current expenses. Thus, as a whole there was a growth of the cumulative


_3. Long-term consequences _

At comparison of old and new pension systems it becomes clear that the sizes Capital accumulation in new system will be more than at distributive To system.

This conclusion has following bases. According to rules of job it, Investors should accumulate savings during all labour activity, That, having retired, to use them. This accumulation of means in shape Savings leads it to capital accumulation. At distribution system Such accumulation of means it is not required, as a provision of pensions

It is financed actually at the expense of the latent contract between investors of the different

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Database Icon Set Database Icon Set brings you lots of stylish and colorful icons for database application development. The images are provided in all the common icon sizes and file formats include ICO, PNG, GIF and BMP.

Delicious Love Icons Speed up creation of online dating Web sites and applications with pre-made Delicious Love Icon Set. The collection contains more than sixty love images and pffers lots of symbols and objects typical to Web sites about human relationships.

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24x24 Free Pixel Icons 24x24 Free Pixel Icons set contains everything that are necessery for your web project or software toolbar.