This is done so through a comparative analysis of Latin American countries that have implemented pension policy reform.
As a consequence and since the more productive individuals would prefer a higher pensionable age, an efficiency criterion could implement a pension system with a positive level of intra-generational redistribution.
"The last employers to be required by law to implement workplace pension schemes will be those who don't have them - thereby losing out on cash - and by and large never did have them, while those going first will be those who, by and large, already have them and always have done," he says.
"We will implement this pension deal which is a fair and sustainable deal for NHS workers".
The majority voting process on the legal retirement age in the second stage may have such a crucial impact that governments placing more emphasis on efficiency than on equity could have incentives to implement a pension system with some level of redistribution.
The kind of "reforms" that they were referring to were those that the current Spanish government has already implemented or tried to implement: cutting pensions, weakening labor's collective bargaining rights, cutting public services.
As a result, Italy has started implementing labour, pension, and administrative reforms that were unthinkable in the past.
It is understood that BBC management expects to push ahead with implementing the pension changes, which it argues are even more "realistic, affordable and fair" than when they were first tabled given the recent licence fee settlement with the government that will lead to a funding cut of 16% in real terms over four years from April 2011.
On top of that, the initial costs of implementing the pension changes outlined in the ballot measure would costs cities and counties more in the short-term, when many cities are still working to pull themselves out of the recession.
In a letter sent to the European Stability Mechanism, which deals with financial crisis in the eurozone, Greece said it was prepared to "immediately implement" tax and pension-related measures in return for three more years of loans.
