We find that segments of society that have shorter life expectancy can expect a lower income from their pensions and lifetime utility due to the longevity of other groups participating in the same pension scheme. Linking the pension age to average life expectancy magnifies the negative effect on the lifetime utility of those who suffer low longevity. Furthermore, when the income of those with greater longevity increases, those with shorter life expectancy become even worse off. Conversely, when the income of those with shorter life expectancy increases, they end up paying more into the pension scheme, which benefits those who live longer. The relative sizes of the low‐ and high‐longevity groups in the population determine the magnitude of these effects. We calibrate the model based on data on differences in life expectancy of different socioeconomic groups and find that low‐income workers suffer from a 10–13% drop in pension benefits from being forced to pay into the same scheme as high‐income workers.

中文翻译：

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退休年龄和代际不平等的寿命调整

我们发现，由于其他参加相同养老金计划的人群的寿命较长，因此预期寿命较短的社会群体可以从其养老金和终生效用中获得较低的收入。将养老金年龄与平均预期寿命联系起来，会加大对低寿命人群的终生效用的负面影响。此外，当长寿者的收入增加时，预期寿命较短的人的状况会更糟。相反，当预期寿命较短的人的收入增加时，他们最终将向养老金计划支付更多的费用，从而使寿命更长的人受益。低寿命和高寿命人群的相对规模决定了这些影响的程度。