Prof. Sebastien Betermier (McGill University) presents "Pre-Fund or PAYGO Retiree Benefits? Insights from US Retiree Health Care Plans" at the 2026 Pension Research Council Symposium “Public Debt and Retirement Security.”

As a proud founding partner of European Retirement Week, EFAMA hosted an online event on 25 November dedicated to effective national pension reform, a crucial step in scaling up Europe’s capital markets and tackling the growing pension gap. Patrick Augustin and Sebastien Betermier from McGill University presented the lessons learned from their comparative analysis of multiple EU and non-EU countries, explaining why many European countries lag behind in mobilising long-term savings and what can be learned from high-performing systems such as those in Sweden, Canada, and Australia. They were joined by Corinne Lamesch from ALFI, co-publisher of the report.

Professor Sébastien Betermier from McGill University examined how unfunded public pension liabilities can drive up bond yields and create risks for bond investors. Citing his GRI-supported research comparing U.S. public pension shortfalls and municipal bond yields during financial crises, Betermier spoke about a non-linear “hockey stick” effect whereby borrowing costs rise sharply only once pension gaps exceed roughly 100% of annual state revenue.