The aim of this paper is to estimate the relative importance of annuities and transfers in Greek retirement benefits and to assess their impact on intergenerational and intragenerational equity. We analyse a large sample of private sector workers retiring in 2008. Adopting a longitudinal approach, we compute the net present value of contributions paid and benefits received by individuals over their life course. We define the difference between the two as the implicit transfer, which can be either positive or negative. Lifetime retirement benefits are calculated both according to the rules in place at the time of retirement, and after the spending cuts introduced in 2010-2013. Our findings suggest that for the vast majority of retirees pension benefits are heavily subsidized, i.e. exceed the actuarially fair level paid for by social contributions. Austerity policies have reduced but not eliminated this subsidy.

中文翻译：

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解开年金和转移：希腊退休福利的案例

本文的目的是估计年金和转移支付在希腊退休福利中的相对重要性，并评估它们对代际和代内公平的影响。我们分析了 2008 年退休的私营部门工人的大量样本。采用纵向方法，我们计算了个人在其整个生命历程中所支付的捐款和收到的福利的净现值。我们将两者之间的差异定义为隐式转移，它可以是正的也可以是负的。终身退休福利是根据退休时的现行规则以及在 2010-2013 年实施的支出削减之后计算的。我们的研究结果表明，绝大多数退休人员的养老金福利得到了大量补贴，即超过了社会缴款所支付的精算公平水平。