The civil service pension scheme (CSPS) in Malaysia is a defined benefit (DB), non-contributory system directly funded from the budget. An aging population, rising life expectancy, and ballooning pension payments underscore the need for reform. An annual pension deficit model was used to estimate the pension deficit over a period of 75 years under eight scenarios that compare the current scheme with changes in the pension deficit when three policy variables—retirement age, contribution rate, and replacement rate—are manipulated. We found the current scheme will not be financially sustainable. By increasing the retirement age, introducing employee contributions, and reducing the replacement rate, it is possible to delay the emergence of deficits and lengthen the period of sustainability of the scheme. However, a radical makeover is necessary to be fully sustainable and this might not be politically feasible.

中文翻译：

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马来西亚公务员退休金计划的长期财务可持续性

马来西亚的公务员退休金计划 (CSPS) 是一项固定福利 (DB)，非缴费型系统，直接由预算资助。人口老龄化、预期寿命延长和养老金支付激增，凸显了改革的必要性。年度养老金赤字模型用于估计 75 年期间在 8 种情景下的养老金赤字，将当前计划与在操纵三个政策变量（退休年龄、缴费率和替代率）时养老金赤字的变化进行比较。我们发现目前的计划在财务上是不可持续的。通过提高退休年龄、引入员工缴费、降低替代率，可以延缓赤字的出现，延长计划的持续时间。然而，