这种削减计划是有理由的：例如补贴对养老金提高的贡献微不足道。
Such cuts are defensible: the contribution subsidy raises pensions by a negligible amount, for example.
不幸的是，这个私人信息无论是对经济学家还是对养老金保险公司都被隐瞒了。
Unfortunately, this private information is as hidden from economists as it is from the annuity company.
对养老金的监管里就有一个范例，在那儿，企业方案按照市价调整，但是企业用来保持支付能力的现金款项则平分其间。
There is a precedent in pension regulation, where corporate schemes are marked to market but the cash payments companies make to keep them solvent are smoothed over time.
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