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Pensions refer to payment made to a person (or their dependants) after retirement. Pension systems vary across countries and no single model fits all. Generally, there is a mix of public and private pension provision. Public pensions are statutory, most often financed on a pay-as-you-go basis (where current contributions pay for current benefits) and managed by public institutions. Private pensions are in some cases mandatory, but more often are voluntary, funded, employment-based pension plans or individual retirement savings plans. Pensions may also be supplemented by housing wealth, personal financial wealth, and publicly provided services.

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Keywords:  retirement, pension, subsidy, allowance, retiree, benefits

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Net pension wealth is the present value of the flow of pension benefits, taking account of the taxes and social security contributions that retirees have to pay on their pensions. It is affected by life expectancy and by the age at which people take their pensions, as well by as indexation rules. This indicator is measured as a multiple of annual net earnings by gender.

Also available in French
Keywords:  life expectancy, old age, earnings, taxes, benefits, elderly, net pension wealth, retirement, income, pension age, pensioners
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