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.
Policy measures to improve the quality of financial advice for retirement
This chapter looks at policy measures which can be taken to help ensure that consumers receive appropriate financial advice for retirement. The measures include duty of care standards, disclosure requirements, and remuneration limits in order to mitigate conflicts of interest, qualification standards to ensure that advisors are competent to provide advice, and ensuring that mechanisms are in place to facilitate dispute resolution for consumers. The chapter discusses the objectives and potential effectiveness of each of these measures, along with their potential impact on the affordability and availability of advice. Finally, it proposes approaches to improve the effectiveness of these measures and reduce the impact on the accessibility of advice.