On The Sustainability of the UK State Pension System in the Light of Population Ageing and Declining Fertility
分析英国国家养老金体系在人口老龄化和生育率下降下的可持续性，指出提高退休年龄和引入移民是维持当前养老金水平的必要措施，但经济持续增长可减少移民需求并允许养老金适度增长。
As a result of population ageing and declining fertility, the UK state pension system is unlikely to continue to be able to deliver the current level of pensions without some combination of a higher state pension age and a steady inflow of young immigrant workers from abroad. However, with prudent economic management and continuing economic growth, the need for additional immigrants can be contained and modest real increases in pensions are also a possibility. Higher economic activity rates among older people, including deferred retirement, will to some extent compensate but not eliminate these pressures. If fertility picks up over the next few years, this will also help, but not until after 2030. Copyright 2006 Royal Economic Society.