Countries with developed pension systems traditionally have relied on the PAYG (pay-as-you-go) scheme, which still in effect in Western Europe, where it is badly strained.

养老金体制发达的国家传统上一直依赖现收现付方案，后者仍然在本身受到严重制约的西欧发挥着作用。

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China has had a generous pension scheme that is largely unfunded and runs on a pay-as-you-go (PAYG) basis.

中国一直采取慷慨的养老金方案。该方案在很大程度上没有基金储备，以现收现付的形式运作。

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There is no unsustainable progression driving the mechanism of a pay-as-you-go pension system and so it is not a pyramid or Ponzi scheme.

量入为出系统里面并不存在不可持续的进程，因此它不是庞氏或金字塔式骗局。

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It is desirable for everyone to have some share of their pension income derived from a pay-as-you-go scheme, argues David Miles, an economist at Imperial College, because it provides an insurance against unpredictable downturns in asset markets.

ECONOMIST: Pensions: What am I bid? | The