replacement rates. An international comparison shows that, despite being quite influential when established, it is now delivering … low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics … rates and the retirement age would significantly improve replacement rates and lower fiscal costs associated with the system …

the affiliate level, we project replacement rates in the defined benefit (DB) and defined contribution (DC) pillars over … the contribution base and/or an increase in contribution rates would help increase replacement rates relative to the …