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Or other period will depend from used in calculations it. If To use an index of a deflation of GNP becomes possible not only to compare

Levels of pensions during the various chosen periods but also to fix their fluctuations

Sizes at old system.

The reason of this phenomenon consists that at old system was not

The perfect mechanism of recalculation of pensions according to inflation and,

Hence, they could undergo fluctuations in real terms.

Even if to accept that such fluctuations of size of pensions could in some

Cases to go on advantage to investors, instability of a situation in any case

Led to negative consequences.

It is possible to refer, of course, to that, what is it does not concern defects of the system

Redistributions, and speaks features of insurance in the various

The periods. Probably, so it also was, but it would be desirable to underline that in

To distributive system which existed in Chile till 1981, pensioners Could incur losses only because mechanism of indexation of pensions not Existed.

Dynamics of the state grants in sphere of a provision of pensions is shown in

To table 1.18.

Years

Size of grants

In millions peso of 1989

In % to level of 1968

70.987,6

100,0

it/it

-

113.884,4

160,4

185.237,8

260,9

172.677,6

243,3

100.588,4

141,7

90.863,5

128,0

97.679,5

137,6

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