ABSTRACT
Pensions are part of the support system that has evolved in western countries over the last half-century. The present value of the future stream of expected old-age benefits is known as the implicit public pension debt, corresponding to the entitlements people believe they have acquired. People pay their social security contributions and therefore expect to receive a particular benefit in return. In respect to the unfunded liabilities of the basic public pension systems in twelve European Union-countries, wide disparities exist by country. There are substantial differences as to the scope of those systems and the degree to which benefits are related to the earnings history of workers. For insured employees and for self-employed a old-age pension is payable on retirement age. The pension is earnings-related and dependent on the period of qualifying service years. The French social security pension scheme provides a pension contingent upon the period of contributions paid.
