1

2 “... f the pension system. Retirement-income systems are about social protection, but this paper shows...”

3 “.... However, the degree of protection offered by these policies, and therefore the exposure of individuals...”

4 “...). In this context, the report highlights the value of capital guarantees that protect the nominal value...”

5 “..., notably safety-nets to protect retirees from poverty, will by definition not fulfil the conditions...”