Fully funded system is neutral because this pension system does not change an individual's disposable income in his career.

由于完全基金方式的年金制度不改变个人的生涯可支配收入，因此具有中性。

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Since Chile introduced a fully funded, privately managed defined contribution scheme in 1981, some two dozens countries have converted a portion of their pension system to this arrangement.

自从智利在1981年引进了全基金式的、由私营部门管理的固定缴费方案之后，二十多个国家已经把它们的部分养老金方案转变为这种方案。

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Overall, what the transition is really financing is the increased savings and investment involved in shifting from a pay-as-you-go system to a fully funded system, just as with eliminating the unfunded liabilities of any underfunded pension plan.

FORBES: A Personal Account Option For Social Security

What the reform involves is moving from a tax and redistribution, pay-as-you-go system, with no real savings and investment anywhere in the system, to a fully funded, savings and investment system.

FORBES: A Personal Account Option For Social Security

Such a pay-as-you-go tax and redistribution system does not earn the investment returns that a fully funded savings and investment system would.

FORBES: A Winning Plan For Social Security Reform