A group of pensioners sit on a bench in a Madrid park watching the world go by, without a care in the world, knowing that their pensions are paid promptly into the bank accounts at the beginning of each month. However, the experts who calculate the future of pensions are warning that the “Year of the Beast” is fast approaching. By 2015, there will be so many old age pensioners that the government will have to start dipping its hand into the Reserve Fund in order to pay them all. However, demographic experts point out that by then there will be enough immigrants paying taxes to keep up those regular pension payments without touching reserves.


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