Pay as you go vs fully funded makes little difference - consumption goods such as nursing care cannot be carried over from one period to another. Unless France

Pay as you go vs fully funded makes little difference - consumption goods such as nursing care cannot be carried over from one period to another. Unless France is going to use the depleted pension fund as an excuse to cut benefits, being underfunded only makes a difference in terms of whether the next generation of workers transfers goods to retirees in the form of taxes or pension fund contributions.