Continuous longevity improvements and population ageing have led countries to modify national public pension schemes by increasing standard and early retirement ages in a discretionary, scheduled, or automatic way, and making it harder for people to retire prematurely. To this end, countries have adopted alternative retirement age strategies, but our analyses show that the measures taken are often poorly designed and consequently misaligned with the pension scheme's ultimate goals. This paper discusses how to implement automatic indexation of the retirement age to life expectancy developments while respecting the principles of intergenerational actuarial fairness and neutrality among generations of the respective policy scheme design. With stable demographic conditions, we show in policy designs in which extended working lives translate into additional pension entitlements, the pension age must be automatically updated to keep the period in retirement constant. Alternatively, policy designs that pursue a fixed replacement rate are consistent with retirement age policies targeting a constant balance between active years in the workforce and years in retirement. Under conditions of population ageing, the statutory pension age will have to increase at a faster rate to meet the intergenerational equity criteria. The empirical strategy employed a Bayesian Model Ensemble approach to stochastic mortality modelling to address model risk and generate forecasts of intergenerationally and actuarially fair pension ages for 23 countries from 2000 to 2050. The findings show that the pension age increases needed to accommodate the effect of longevity developments on pay-as-you-go equilibrium and to reinstate equity between generations are sizeable and well beyond those employed and/or legislated in most countries. A new wave of pension reforms may be at the doorsteps.

持续的寿命延长和人口老龄化导致各国修改国家公共养老金计划，以自行决定、按计划或自动的方式提高标准年龄和提前退休年龄，使人们更难过早退休。为此，各国采取了替代退休年龄策略，但我们的分析表明，所采取的措施往往设计不当，从而与养老金计划的最终目标不一致。本文讨论了如何实现退休年龄与预期寿命发展的自动指数化，同时尊重各代政策方案设计中代际精算公平和中立的原则。在人口条件稳定的情况下，我们在政策设计中表明，延长工作寿命转化为额外的养老金权利，养老金年龄必须自动更新以保持退休期限不变。或者，追求固定替代率的政策设计与旨在实现劳动力活跃年限和退休年限之间持续平衡的退休年龄政策是一致的。在人口老龄化的条件下，法定养老金年龄必须以较快的速度提高，才能满足代际公平的标准。该实证策略采用贝叶斯模型集成方法进行随机死亡率建模，以解决模型风险并生成 23 个国家 2000 年至 2050 年代际和精算公平养老金年龄的预测。研究结果表明，为适应长寿发展对现收现付均衡的影响以及恢复代际公平所需的养老金年龄增长幅度相当大，远远超出了大多数国家就业和/或立法规定的年龄。新一波养老金改革可能即将到来。