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This article analyzes the redistribution of the public pay-as-you-go pension system, both from an intergenerational and intratemporal perspective, and how population aging and demographic changes can affect redistribution. The expected increase in the dependency ratio will result in changes in the tax effort or benefit rates of the system. Intergenerational redistribution will also be affected by the progressivity of the pension system, differences in life expectancy, gender gaps, and heterogeneity in contribution regimes of some occupations. Comparative evidence for OECD economies shows that intragenerational and intergenerational redistribution reduces the poverty risk rate and income inequality among the 65+ population over the past decade, shifting the risk of poverty from older to younger individuals. Based on this starting point, the demographic changes expected in the coming decades will further increase income redistribution from younger to older generations

Devesa, J.E. and R. Doménech (2023). «Demografía y pensiones: Análisis de los efectos redistributivos». Cuadernos Económicos de ICE n.º 105: 197-219.