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Two Decades of Pension Reform: What has been Achieved and What Remains to be Done?

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Author Info

  • Edward Whitehouse

    (OECD, rue Andr� Pascal 2, 75775 Paris Cedex 16, France)

  • Anna D'Addio

    (OECD, rue Andr� Pascal 2, 75775 Paris Cedex 16, France)

  • Rafal Chomik

    (OECD, rue Andr� Pascal 2, 75775 Paris Cedex 16, France)

  • Andrew Reilly

    (OECD, rue Andr� Pascal 2, 75775 Paris Cedex 16, France)

Abstract

The past two decades have seen a wave of reforms to retirement income systems around the world. This paper describes the reform packages that have taken place in 38 industrialised economies, some of them involving incremental changes to existing provision, others, an overhaul of the entire retirement income system. The changes had many objectives. First, improved coverage of the pension system, especially of voluntary private pensions, was a common goal. Second, some reforms aimed to improve the adequacy of retirement benefits to combat old age poverty. Third, the pressure of population ageing and the maturing of pension schemes meant that fiscal sustainability of public pensions – primarily through reductions in future benefits – were very common. Often, the improvement to long-term finances will be achieved through encouraging people to work longer, through increases in pension eligibility ages and adjustments to pension incentives to retire. Finally, some reforms aimed at streamlining the administration of retirement income provisions and to improve the security of benefits in the face of different risks and uncertainties.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

Volume (Year): 34 (2009)
Issue (Month): 4 (October)
Pages: 515-535

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Handle: RePEc:pal:gpprii:v:34:y:2009:i:4:p:515-535

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Cited by:
  1. Goulão, Catarina & Gouveia, Miguel, 2011. "Are we doing enough to discourage early retirement?," TSE Working Papers 11-220, Toulouse School of Economics (TSE).
  2. T. Buyse & F. Heylen & R. Van De Kerckhove, 2012. "Pension reform in an OLG model with heterogeneous abilities," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/810, Ghent University, Faculty of Economics and Business Administration.
  3. Tim Buyse & Freddy Heylen & Renaat Van de Kerckhove, 2013. "Pension reform, employment by age, and long-run growth," Journal of Population Economics, Springer, vol. 26(2), pages 769-809, April.
  4. Luca Marchiori & Olivier Pierrard & Henri R. Sneessens, 2011. "Demography, capital flows and unemployment," BCL working papers 69, Central Bank of Luxembourg.
  5. T. Buyse & F. Heylen & R. Van De Kerckhove, 2011. "Pension reform, employment by age, and long-run growth in OECD countries," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/719, Ghent University, Faculty of Economics and Business Administration.

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