Preparations are underway to revise national accounting to implement actuarial recording of pension liabilities for corporations and government as an employer. This paper extends this to unfunded public pensions with the help of "implicit tax" in pension contributions. The clearest advantages of...

The paper examines pension reforms under population ageing. The concepts of implicit pension debtʺ, implicit taxʺ and internal rate of returnʺ are first introduced with the help of a three-period model. Using stylised facts, ageing is traced to low fertility and increasing longevity....