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Financing benefits (2) (Comparison criteria (security (the ability to meet…

- - - - the system maturing
      - benefits change
      - the population ages
- - - - can be smoothed or equalised, where rates are fixed for a number of years (control period)
  - - - PV of all future expenditure (inc future new entrants)/
        PV total salaries of contributing population in all future years (incl future new entrants)
  - - - PV of benefits awarded in year t/
        PV of total salaries of the contributing population in year t