a minimum pension and the state finances the difference. However, most of the structural reforms increased the years of contributions, which makes wining that right even more difficult. 47 Calculation of Pension To calculate the pension, in fully-funded(DC) systems the capital accumu­lated in the insured individual account is used as a basis—there is no explicit replacement rate(RR) guaranteed by law(Barr and Diamond, 2008). When retiring, the insured may normally choose between an annuity and a sched­uled retirement. In the annuity, the retiree receives a monthly payment for the rest of his/her life; the size of the pension is based: a) on the amount of the sum accumulated in the individual account, including its capital return, b) on the calculation made by the insurance company of the life expectancy at the time of retirement through mortality tables applied to the calculated sum—in eight out of the nine private systems/pillars, gender-differentiated mortality tables are used and the women’s table projects a longer life expec­tancy than that of men and, therefore, the female pension will be lower; and c) on what the insured estimates their life expectancy will be when retiring. If the pensioner lives less than the prediction of such life expectancy, the insurance company keeps the remainder of the estimated fund for the dura­tion of the pension; on the contrary, if the pensioner survives the estimated average number of years, then he/she will keep collecting the pension. In scheduled retirement, the sum accumulated in the individual account is divided by the agreed number of years and paid accordingly(with a decreas­ing amount to be adjusted to the minor needs of retirees). If the retiree sur­vives the agreed number of years, he/she will not have a pension. 48 Usually the RR is the percentage that results from dividing the monthly calculated pension by the last salary. 47 In six countries the years range between 24 and 30, whereas in the other three countries 20 years are required; except for Brazil, Argentina, and Paraguay, public systems require between 15 and 20 years(Table 5). 48 In El Salvador, the 2017 re-reform created a longevity benefit covering this situation. 69