the most structural reformer in the region was hungary which in effectively closed down the systems of individual accounts implemented in calvoetal in latin america argentina also ended the private system of individual accounts in to return to a fully public defined benefit and payg pension model arza b however since women are more dependent on public support in old agetheyare likely to suffer most from pension cuts including less generous indexation rules because they live longer receive benefits for a longer period and thus face higher risks of benefit depreciation over time