Ayuso, MercedesBravo, Jorge MiguelHolzmann, Robert2020-06-032020-06-0320172291-4951https://hdl.handle.net/2445/164061This paper demonstrates that the link between heterogeneity in longevity and lifetime income across countries is mostly high and often increasing; that it translates into an implicit tax/subsidy, with rates reaching 20 percent and higher in some countries; that such rates risk perverting redistributive objectives of pension schemes and distorting individual lifecycle labor supply and savings decisions; and that this in turn risks invalidating current reform approaches of a closer contribution-benefit link and life expectancy-indexed retirement age. The paper suggests and explores a number of interventions in the accumulation, benefit determination, and disbursement stages to address longevity' heterogeneity21 p.application/pdfengcc-by (c) Ayuso, Mercedes et al., 2017http://creativecommons.org/licenses/by/3.0/esPensions a la vellesaLongevitatRisc (Economia)Old age pensionsLongevityRiskinfo:eu-repo/semantics/article6799382020-06-03info:eu-repo/semantics/openAccess