Inégalités face à la mort et systèmes de retraite

In a model of overlapping generation with uncertain lifetime, we show that "pay-as-you-go" social security implies transfers of wealth from the low life expectancy groups to the others. It also implies that the former may saturate their liquidity constraint, meaning loss of welfare for them. Separation of risks and introduction of fully founded social security improve the properties of "Pay-as-you-go" social security according to welfare and social justice.