Akropolis - Innovative project solves the world pension problem

Pension: The Next Financial Crisis

Are governments making promises about pensions that they might not be able to keep? According to an analysis by the world Economic Forum (WEF), there was a combined retirement savings gap in excess of $70 Trillion in 2015, spread between eight major economies.

The WEF says the deficit is growing by $28 billion every 24 hours- and if nothing is done to slow the growth rate, the deficit will reach $400 trillion by 2050, or about five times the size of the global economy today. The group of economies studied: Canada, Australia, Netherlands, Japan, India, China, the United Kingdom, and the United States.

Mind the Gap

Since social security programs were initially developed, the circumstances around work and retirement have shifted considerably. Life expectancy has risen by three years per decade since the 1940s, and older people are having increasingly long life span. With the retirement age hardly changing in most economies, this longevity means that people are spending longer not working without the savings to justify it.

This problem is amplified by the size of generations and fertility rates. The population of retirees globally is expected to grow from 1.5 billion to 2.1 billion between 2017- 2050, while the number of workers for each retiree is expected to halve from eight to four over the same time frame.

The WEF has made clear that the situation is not trivial, likening the scenario to “financial climate change”:

“The anticipated increase in longevity and resulting ageing populations

Is the financial equivalent of climate change” says Michael Drexler, Head of financial and Infrastructure systems, WEF.

Like climate change, some of the early signs of this retirement savings gap can be “sandbagged” for the time being — but if not handled properly in the medium and long term, the adverse effects could be overwhelming.

Other problems, as identified at Akropolis include the following:

Mismanagement: The big economies of Europe operate the traditional pay as go pensions. What it means is that, when government is supposed to be saving for the future, it is paying for the present pension obligations. The future is not factored in this arrangement and that is a serious problem right there. In Europe and the United States, there are two categories of pension operators: State pension funds and the ones operated by private firms. The tragedy here is this, both are exposed to mismanagement.

Fraud: Another problem identified is that of fraud and it’s becoming common than previously thought.

How Akropolis is Solving the Problem

With the use of technology, Akropolis brings on the scene a more sustainable future, so that retirement does not end in poverty.

• Creates a transparent system of pension management via blockchain and tokenization
• Seeks a future where users are in firm control of their destinies, removing the over reliance on third-parties.

How it works: A Smart Pensions Infrastructure

By using blockchain, Akropolis ensures accountability, transparency and unchangeability (immutability) because human agency is minimally involved. This helps curb fraud.

Another aspect of the smart pension infrastructure is that individual users are served through a mobile app that has features, encouraging easy saving. Akropolis in addition, has a technical architecture platform which is a combination of on- chain and off- chain architecture.

What Akropolis does in a nutshell is remove the flaws that have plagued the pension scheme through a transparent smart- control — contract- based pension infrastructure. What is being envisaged is nothing short of a revolution in that sector.

Conclusion

Akropolis's strongest point is its team of professionals and experienced consultants in this field.
The project already has many serious partners (figure below), thanks to the innovative idea and prospects of the project. With the full implementation of the project will be able to solve a really huge financial problem of all mankind.

Team

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