“…The measurement of lifetime redistribution from an individual's perspective can be investigated through the difference between an individual's lifetime contributions and lifetime retirement benefits in this way, we would capture the money's worth of participation in the pension system (Börsch-Supan and Reil-Held, 2001;Bonenkamp, 2009;Belloni and Maccheroni, 2013). However, we use a variant based on the principle of relative equivalence, called the benefit to cost ratio (or present value ratio) defined as the ratio between the present value of benefits paid during retirement and the contributions paid during their working career (Brown, 2002(Brown, , 2003Liebman, 2002;Borella and Coda Moscarola, 2006;Barnay, 2007;Mazzaferro et al, 2012;Belloni and Maccheroni, 2013). Thus, the ratio shows how much the benefit system returns to the participant for each Euro paid.…”