Fig. 8From: Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agentsWelfare effects (consumption equivalents)—subcohorts according to productivity. Note: In all the displayed simulation results, we keep δ=1 and ϕ=1. Gradual immediate increase: a DB and b DC. Gradual delayed increase: c DB and d DC. Rapid delayed increase: e DB and f DCBack to article page