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_2. Short-term consequences _
As it was already told, the mechanism of transition from distribution system to system
Accumulation it is inevitably connected with negative consequences for the budget
Public sector. Really, as old establishments, having ceased
To receive payments from insured, passed in new system, nevertheless,
Are obliged to continue to finance pension of the idle members, absolutely
Obviously, should is what is it negative affect the state budget.
From this point of view that after 1981 has occurred in Chile in the relation
The state budget, completely corresponds to forecasts and consequently is not a surprise.
Deficiency will take place until will be executed all
Obligations of old system concerning financing of pensions already
To idle investors and in the form of payment it pension payments.
Short-term negative consequences for the state budget represent not
That other as expenses on reform, also justify in process of their indemnification
Contributions on the future pensions. From the point of view of the taxation they correspond
To the net savings accumulated at transition from system of distribution to
To accumulation system.
_3. Long-term consequences _
At new system the state basically is not engaged in its financing, so
As pensions are paid for the bill of accumulation on a personal abacus. The only thing
Exception is that the state guarantees minimum pension,
Established by the law which provides that the state
Gives the missing sum if the insured have no on personal to the bill
The means necessary for reception of the minimum pension,
At old system the state, besides guarantees of granting of the minimum
Pensions, the obligation to finance pension of the idle bore also
Pensioners when payments of working investors appeared
Insufficient for their payment. If eventually a parity between
Payments working and pensions of the idle falls, it inevitably leads
To state connection to financing of system or to reduction of the size
Told it is possible to illustrate on an example of insurance cash desk SSS. In I960 in
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