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OECD Pensions Outlook 2018

image of OECD Pensions Outlook 2018

The 2018 edition of the OECD Pensions Outlook examines how pension systems are adapting to improve retirement outcomes. It focuses on designing funded pensions and assesses how different pension arrangements can be combined taking into account various policy objectives and risks involved in saving for retirement. It looks at how countries can improve the design of financial incentives, and presents policy guidelines on aligning charges and costs of providing funded pensions.

This edition also draws lessons from nationally significant investment institutions on strengthening the governance, investment policies and investment risk management of pension funds. It provides guidelines on improving retirement incomes considering behavioural biases and limited levels of financial knowledge, and discusses the implications of mortality differences on retirement incomes across different socioeconomic groups. Lastly, it examines whether survivor pensions are still needed.

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The role of supplementary pension provision in retirement

This chapter considers the growing role of supplementary pensions in supporting retirement outcomes across the OECD. It sets out the principal objectives that pension systems may aim to meet and the various risks that individuals face in saving for retirement. The chapter then examines how different design features of supplementary pensions can be deployed to achieve different objectives and offset individual and collective risks, in light of the features of the national pay-as-you-go (PAYG) public pension system. It outlines the trade-offs faced by policy makers as the role of supplementary pensions increases, and discusses the advantages and disadvantages of different features of PAYG and funded, defined benefit and defined contribution, and public and private pension provision.

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