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OECD Pensions Outlook 2016

image of OECD Pensions Outlook 2016

The OECD Pensions Outlook 2016 assesses policy issues regarding strengthening pension systems and, in particular, funded pension plans.  It covers defined benefits and defined contribution pension plans; fiscal incentives to save for retirement; policy measures to improve the financial advice for retirement; annuity products and their guarantees; pension design and financial education; and the pension arrangements for public-sector workers, including a comparison with those for private sector workers.

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Policy considerations for life annuity products

This chapter discusses the issues that policy makers should consider to support life annuity products as a key instrument to finance retirement and protect individuals from the risk of outliving their assets. First, there is a need for consistency in the scope, definition and terminology used to refer to annuity products. There is also a need for coherence in the design of the framework of the pension system in order to further the role of annuity products to protect individuals from longevity risk. Continued innovation in product design highlights the need for regulatory requirements to adapt, but also for consumers and their financial advisors to be able to understand the complicated product features which may result. Finally, the appropriate incentives for annuity providers to mitigate the risks they face where necessary should be in place in order to ensure the sustainability of these products.

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