Note 2-22

(22) A study of the tax system of public pensions in major countries shows that in the United States, for example, though pension benefits are nontaxable for people with less than a certain amount of taxable income, pension contributions are not income tax deductible. In the U.K., public pension contributions are not deductible from income and the whole amount of pension benefits are subject to taxation. In Germany, pension contributions are eligible for insurance premium reduction but pension benefits are subject to taxation. In France, pension contributions are eligible for insurance premium deduction and pension benefits are deductible to a certain extent.