The second pillar, if implemented, would compel citizens to take on a private pension scheme independently of any government involvement except its acceptance. I consider this to be conceptually faulty. It would be like imposing private medical insurance along with the national one due to the latter’s inadequacy.

Why not instead widen the latter’s scope while concurrently improving its performance?

Payments for contributory pensions need to be hived off from the all-inclusive social security ones into a special national pension fund. If they are no longer treated as taxes such payments could be calculated actuarially each year alongside the government’s Budget, and rates fixed accordingly, justifying any increase on the prevailing rates.

This is always better than the controversial second pillar. And then proceed with the third pillar.

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