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Abstract:
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Debates around pension policy are often couched in terms of rights, while
corresponding responsibilities associated with these rights are often
regarded as onerous and oppressive. This is an unsatisfactory basis for
designing pension institutions, since rights cannot be sustained without
responsibilities. Social commitments, such as the commitment implied
in the Social Security Act, reflect an intergenerational covenant that must
be protected by younger generations who will only see benefits if future
generations remain committed to the same responsibilities. The contract
between America and its elders is not a real-time contract but one in which
carrying out one’s duties precedes collecting one’s entitlements. Each
right lays a claim on someone; and if that person does not honour the
responsibilities of that claim, there can be no regime of rights. In short,
the design of pensions around rights requires the public authority to
address their corresponding responsibilities. |