Before revision:  Counterfactuals show that under the current mechanism, private information about costs harms only these high savers . Implementing English auctionsand prohibiting the use of risk-ratings lead to higher pensions , but only for these high savers .
After revision:  Counterfactuals show that under the current mechanism, private information about costs harms only these high savers . Implementing English auctions prohibiting the use of risk-ratings lead to higher pensions , but only for these high savers .