This Pension Review provides an assessment of Portugal’s retirement income provision from an international perspective and focuses on the capacity of the pension system to deliver adequate retirement income in a financially sustainable way. The review highlights OECD best practices for the design of pensions by covering all components of pension systems: public, occupational and personal plans as well as schemes for public sector employees. The analysis is based on both OECD flagship pension publications, Pensions at a Glance and Pensions Outlook, and country-specific sources and research.

The report was prepared by a team of pension analysts from the OECD’s Directorate for Employment, Labour and Social Affairs and Directorate for Financial and Enterprise Affairs: Pablo Antolin, Boele Bonthuis, Hervé Boulhol, Diana Hourani, Ananita Kusumaningsih, Marius Lüske and Stéphanie Payet. Editorial assistance was provided by Liv Gudmundson and Lucy Hulett.

The OECD is very grateful to numerous public officials in the Portuguese Ministry of Labour, Solidarity and Social Security – particularly, José António Vieira da Silva (Minister), Mariana Trigo Pereira (Chief Economist), Tiago Prequiça (Head of Cabinet) and Rogério Silveira (Technical Advisor) – for their invaluable help and input. The OECD would also like to thank the Portuguese Insurance and Pension Funds Supervisory Authority, particularly Sofia Frederico who provided useful data and comprehensive comments. The report benefited greatly from discussions with a wide range of experts and officials during the OECD mission in Lisbon in July 2018, with officials from the Directorate-General for Employment, Social Affairs and Inclusion at the European Commission and with Delegates of the OECD Working Party on Social Policy.

The authors are very grateful to Stefano Scarpetta (ELS Director), Mark Pearson (ELS Deputy Director), Monika Queisser (ELS Head of Social Policy Division) and Christian Geppert, Maciej Lis and Andrew Reilly (ELS Pension Analysts) for their useful comments. The Review was written under the overall supervision of the OECD Secretary-General, Angel Gurría, and the Special Counsellor to the Secretary-General, Gabriela Ramos.

The OECD gratefully acknowledges the financial support from the European Commission. The opinions expressed and arguments employed herein should not be taken to reflect the official views of the Portuguese government, the European Union or its member countries.

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