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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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The role of financial education in supporting decision-making for retirement

Ageing populations and fiscal pressures have led many governments to reform their pension systems in ways that are making individuals increasingly responsible for managing their retirement wealth, as well as investment and longevity risks. This chapter starts by providing an overview of the main challenges people face when they take decisions for retirement. The chapter then looks at the role of financial education in addressing people’s lack of financial literacy for retirement, analysing how financial education needs for retirement vary across different features of pensions systems and discussing the main existing initiatives. It concludes with practical tools to support policy makers.

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