Perenniality

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Perennial is an outdated term for permanence.

Today the term is mainly used for pension institutions in Switzerland . It is assumed that an institution will continue to exist forever.

Perennity enables a pay-as-you-go system in which old-age pensions are paid directly from contributions for the current period without having to build up a capital stock. This also means that social security can be introduced within a short period of time.

An example of an insurance organized according to the principle of perenniality is old-age and survivors' insurance .