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Buttonwood recently pointed out that any pension, even funded ones, is really a claim on future workers' output.
A fund invested entirely in equities depends on future workers to generate the profits needed to make those equities valuable.
As populations age, the cost of pay-as-you-go state pension schemes (ie, schemes where pensions are financed out of current taxes) will explode, implying a big increase in the tax burden on future workers.
A pension scheme that is not fully funded implicitly depends on future workers and taxpayers to make up the shortfall.Other systems have dealt with higher pension costs in different ways.
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This blog, being financial, has tended to focus on the pensions aspect; pensions are a claim on the incomes of future workers, whether in the form of taxes (state schemes) or claims on financial assets such as equities and property (corporate schemes).
Pension benefits, whether funded or unfunded, are a postdated cheque on the income of future workers.
A pension is a claim on the earnings of future workers.
But all pension schemes have a pyramid-like element in that they represent a claim on the incomes of future workers.
Whilst further research is needed, the present study contributes a novel insight regarding the implications of HA education on the intentions of future workers.
This removes all subjectivity for future workers attempting to identify units in our measured sections on the outcrop.
Third, the tougher terms on those future workers actually help present workers, in this instance by requiring pension contributions from day one of employment that, it appears, can be used to pay off future pension obligations owing to current workers.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com