Portugal is ageing, and this is a major challenge for the long-term sustainability of its public finances. How to reform its overwhelmingly pay-as-you-go public pension system has dominated the policy debate in the last two decades. But demographic pressures are not the only concern. Far from mature, the full effects of an expanding and often generous coverage are yet to be felt. Also, political manipulation, multiple subsystems, and a very complex set of rules are all troublesome in terms of financial sustainability and economic efficiency. This book has a comprehensive account of how the...